But after the Senate received his ethics paperwork this week, Puzder’s confirmation hearing was rescheduled for Feb. 16, according to a spokesman for Sen. Lamar Alexander (R-Tenn.), the chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee.
Puzder said in the ethics agreement that if confirmed, he would also give up between $1 million and $5 million worth of CKE holdings that are still not vested, meaning his ownership is contingent upon him continuing to work at the company until a later date. Puzder may also have to give up his 2016 bonus, which is also valued at between $1 million and $5 million, if he does not receive it before he is sworn in.
The nominee also noted that he plans to step down from his roles at CKE if made labor secretary and that he would not receive any severance or deferred compensation as part of the move.
Puzder has already started to remove himself from some of his business roles. Last month, he resigned from his position with the International Franchise Association, an industry trade group. He also resigned from the American Enterprise Institute, a conservative think tank. If made labor secretary, he would be barred from taking part in any cases related to either of those groups for at least one year.
If confirmed, Puzder also would not participate in any cases related to CKE during the time that he is in office, said his spokesman George Thompson.
It may take as long as six months for Puzder to completely separate himself from his various investments, according to the documents. While he may sell the vast majority of his holdings within 90 days, it may take up to 180 days for him to offload some of his real estate and private equity holdings, which are less liquid, according to the agreement.
The disclosures also show that Puzder owns a substantial number of California municipal bonds. His wide stock holdings include several oil and gas pipeline companies, including shares of Energy Transfer Partners, owner of the controversial Dakota Pipeline.