Stephen Carmel
The data on this page comes from a financial disclosure filed by Stephen Carmel, who was picked to be: Administrator United States Maritime Administration, Department of Transportation. It is part of a collection of thousands of ethics documents ProPublica has been collecting from across the Trump administration.
Roles Outside Government
Officials are required to disclose paid or unpaid positions they hold or recently held outside the federal government, including roles as officer, director, trustee or employee. (Form 278e, Part 1)
| Organization | Position held | Endnote | Line No. |
|---|---|---|---|
| US Marine Management | President, 9/2023 - Present | 1 | |
| Maersk Line Limited | Senior Vice President, 9/1997 - 9/2023 | 2 | |
| Hampton Roads World Affairs Council Board of Directors | Board of Directors, 4/2020 - Present | Position with the organization terminated subsequent to filing. | 3 |
Employment Assets
Officials are required to disclose assets associated with their employment, including salary, retirement accounts, stocks, intellectual property and awards or prizes. (Form 278e, Part 2)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| US Marine Management, marine transportation | $1.7M | Salary/Bonus | 1 | ||
| IRA | 2 | ||||
| Vanguard Target Retirement 2025 Fund Investor Class Shares (VTTVX) | $100K - $250K | None (or less than $201) | 2.1 | ||
| American Century Ultra Fund Class C Shares (TWCCX) | $50,001 - $100K | None (or less than $201) | 2.2 | ||
| Vanguard Total Stock Market Index Fund Institutional Class Shares (VITSX) | $250K - $500K | None (or less than $201) | 2.3 | ||
| PIMCO Total Return Fund Institutional Class Shares (PTTRX) | $100K - $250K | None (or less than $201) | 2.4 | ||
| US Marine Management, 401(k) plan | 3 | ||||
| BlackRock U.S. Debt Index Fund (WBRURX) | $15,001 - $50,000 | None (or less than $201) | 3.1 | ||
| Washington Mutual Investors Fund Class F2 Shares (WMFFX) | $15,001 - $50,000 | None (or less than $201) | 3.2 | ||
| American Century Growth Fund Investor Class Shares (TWCGX) | $50,001 - $100K | None (or less than $201) | 3.3 | ||
| US Marine Management, anticipated severance payment | $15,001 - $50,000 | None (or less than $201) | 4 | ||
| Maersk Line Limited | $195K | Salary | 5 | ||
| Maersk Line Limited, Vested Restricted Stock Units | $15,001 - $50,000 | $43,053 | Cash Payout | 6 |
Employment Agreements
Officials are required to disclose agreements relating to other jobs, including what will happen with any small businesses they own during government service and any continued health care coverage, planned leaves of absence, severance or bonuses. (Form 278e, Part 3)
| Organization | Agreement | Endnote | Line No. |
|---|---|---|---|
| Maersk Line Limited | This is a long-term incentive plan that I have largely cashed out of. Maersk Line, Limited will accelerate the unlocking of my vested restricted stock units. I will forfeit restricted stock units valued over and above $10,000 and will be awarded only up to $10,000 in Maersk stock prior to assuming my position as Administrator. I will divest my interests in Maersk as soon as practicable but not later than 90 days after my confirmation. (2021-01-01) | Approximate date. | 1 |
| US Marine Management | I will continue to participate in this defined contribution plan. The plan sponsor will not make further contributions after my separation. (2023-09-01) | 2 | |
| US Marine Management | Pursuant to my employment agreement, I will receive a severance payment upon my separation from US Marine Management. The amount of the payment is determined at the discretion of the owners and has already been fixed by the company. This payment will be paid to me prior to assuming the duties of the position of Administrator or I will forfeit it. (2023-09-01) | 3 |
Compensation
Officials are required to disclose the sources of any compensation above $5,000 in a year. (Form 278e, Part 4)
Spouse’s Assets
Officials are required to disclose their spouse’s assets, including salary and retirement accounts worth more than $1,000. (Form 278e, Part 5)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| Maersk Line Limited, defined benefit plan (value not readily ascertainable) | retirement payments | 1 |
Other Assets and Income
Officials are required to disclose other assets and sources of investment income belonging to them, their spouse or their dependent children. These include annuities, bonds, cash, college savings plans, farms, precious metals, real estate, stocks, trusts and wills. (Form 278e, Part 6)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| Virginia 529 plan, no remaining assets | $17,000 | Cash Distribution | This account was closed out in Spring 2025 from my son's 529 College Savings Plan because he graduated from college. | 1 | |
| U.S. Bank (Cash) | $50,001 - $100K | $201 - $1,000 | Interest | 2 | |
| John Hancock, fixed annuity | $1M - $5M | $62,289 | cash payments | 3 |
Liabilities
Officials are required to disclose their liabilities totaling more than $10,000, as well as any linked to their spouse or dependent children. These include mortgages, credit card debt and student loans. The interest rates and loan repayment terms are also required. (Form 278e, Part 8)
| Creditor | Description | Endnote | Line No. |
|---|---|---|---|
| Wells Fargo & Company | type: Mortgage on Personal Residence, amount: $100,001 - $250,000, year-incurred: 2014, rate: 4%, term: 30 year | Mortgage was paid off in February of 2025. | 1 |
| FirstBank | type: Mortgage on Personal Residence, amount: $250,001 - $500,000, year-incurred: 2025, rate: 7%, term: 15 years | 2 |
About the Data
Most political appointees and senior officials in the executive branch are required by law to file public financial disclosure reports. These are documents that detail their financial holdings, positions they hold outside government, their spouse’s holdings, their liabilities and their recent financial transactions (such as buying or selling stock) during a defined reporting period.
The most senior officials file their disclosures with an agency called the Office of Government Ethics, and others file them with a designated ethics official within their agency. The Ethics in Government Act allows members of the public and the press to request these documents.
We’re publishing this information to give the public an important glimpse into the financial ties of a powerful and often hidden cadre of presidential appointees within the federal bureaucracy.
The main document type included in the database is the OGE Form 278e, which appointees must file when they are nominated (for Senate-confirmed appointees) or when they enter government (all others), and then annually while in the position. Another common document included is the OGE Form 278-T, also known as a periodic transaction report, which all public filers must submit within 30 days of a transaction. We are also making other ethics documents available, such as ethics agreements, certificates of divestiture and other documents we have obtained under the Ethics in Government Act.
