Navy Secretary Nominee
The Senate Armed Services Committee (SASC) recently held a confirmation hearing for Richard Spencer to Secretary of the Navy. Spencer, a financier and former Marine Corps officer, was nominated for the post on June 2 after months of speculation. Former Navy Secretary and Senator John Warner (Va.) introduced him to the SASC. Ten former Secretaries of the Navy signed onto a letter of support for this nominee. He is the second pick for the job. President Trump’s first choice, financier Philip Bilden, withdrew due to difficulty untangling his finances.
According to an ethics agreement and financial disclosure posted by the Office of Government Ethics, Spencer will effectively shut down his venture capital firm, Fall Creek Management. If confirmed, he will resign his positions with 17 separate companies and nonprofit groups as well as divest stock from 45 different corporations.