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President Donald Trump now personally holds sweeping veto power over U.S. Steel’s decisions in key areas, according to an amended corporate charter filed with the Securities and Exchange Commission.
U.S. Steel says Trump holds what the White House calls a “golden share” in the Pittsburgh-based company. The amended charter, however, does not reference future presidents. Instead, it says the veto power passes to the Treasury and Commerce Departments as representatives of the U.S. government after Trump leaves office, according to the SEC filing.
A White House official told CNBC Thursday that future presidents can either designate someone to hold the golden share, or assume direct veto power themselves, as Trump has done.
“President Trump can also designate someone else for this role but is choosing to hold it himself,” the official said.
