Michelle Schultz
The data on this page comes from a financial disclosure filed by Michelle Schultz, who was picked to be: Member, Surface Transportation Board. 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. |
|---|---|---|---|
| Estate of G. Ronald Albright | Co-executor, 12/2023 - Present | Filer's co-executor position is uncompensated. | 1 |
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. |
|---|---|---|---|---|---|
| Southeastern Pennsylvania Transportation Authority Defined Contribution Plan | 1 | ||||
| BNY Mellon Dynamic Value Fund Class I Shares (DRGVX) | $50,001 - $100K | None (or less than $201) | 1.1 | ||
| American Funds EuroPacific Growth Fund Class R-6 | $100K - $250K | None (or less than $201) | 1.2 | ||
| Eagle Mid Cap Growth Fund (IS Platform) | $15,001 - $50,000 | None (or less than $201) | 1.3 | ||
| Small Cap Value/Victory Fund | $50,001 - $100K | None (or less than $201) | 1.4 | ||
| JP Morgan Investment Mgmt Large Cap Growth | $50,001 - $100K | None (or less than $201) | 1.5 | ||
| PGIM Total Return Bond Fund (IS) | $15,001 - $50,000 | None (or less than $201) | 1.6 | ||
| Prudential Stable Value Fund | $1,001 - $15,000 | None (or less than $201) | 1.7 | ||
| Southeastern Pennsylvania Transportation Authority, defined benefit plan (value not readily ascertainable --eligible for $1,866.00 monthly payments at age 62) | None (or less than $201) | 2 | |||
| Tamarack Four (passive member of closely- held LLC)) | The commercial real estate held by Tamarack Four was sold as part of a larger transaction, which had one, unattributed purchase price, and some portion of the cash proceeds from the single, purchase price was deposited in the bank account at line 3.2. | 3 | |||
| Commercial real estate, Hanover, PA | None (or less than $1,001) | $50,001 - $100K | Capital Gains Rent or Royalties | The "capital gains" income is a good faith estimate. However, given that the sale of the commercial real estate was part of a larger transaction with one purchase price, and given that the transaction has not been fully accounted for, an accurate attribution of the income to Tamarack Four LLC as part of the single purchase price will be prepared by April, 15, 2026. | 3.1 |
| U.S. Bank (Cash) | $50,001 - $100K | None (or less than $201) | 3.2 |
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. |
|---|---|---|---|
| Southeastern Pennsylvania Transportation Authority Defined Contribution Plan | I will continue to participate in this defined contribution plan. The plan sponsor ceased making contributions at my separation. (2006-08-01) | 1 | |
| Southeastern Pennsylvania Transportation Authority, defined benefit plan | I will continue to participate in this defined benefit plan. (2006-08-01) | 2 |
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. |
|---|---|---|---|---|---|
| U.S. Brokerage account | 1 | ||||
| American Funds Growth Portfolio Class A (GWPAX) | $50,001 - $100K | $201 - $1,000 | 1.1 | ||
| American Funds Moderate Growth and Income Portfolio Class A (BLPAX) | $50,001 - $100K | $201 - $1,000 | 1.2 | ||
| Virginia529 College Plan - Dependent Child 1 | 2 | ||||
| American Balanced Fund | $250K - $500K | None (or less than $201) | 2.1 | ||
| Virginia529 College Plan - Dependent Child 2 | 3 | ||||
| American Balanced Fund | $250K - $500K | None (or less than $201) | 3.1 | ||
| Northwest Mutual Whole Life Insurance | $15,001 - $50,000 | $1,001 - $2,500 | Interest | 4 | |
| US BANK #1 (cash) | $1M - $5M | $15,001 - $50,000 | Interest | 5 | |
| IRA Rollover Account | 6 | ||||
| ISHARES GOLD TR ISHARES (IAU) | $1,001 - $15,000 | None (or less than $201) | 6.1 | ||
| Ishares Core S&P Mid-Cap ETF (IJH) | $1,001 - $15,000 | None (or less than $201) | 6.2 | ||
| ISHARES Core S&P Small-Cap ETF (IJR) | $1,001 - $15,000 | None (or less than $201) | 6.3 | ||
| iShares Edge MSCI USA Value Factor ETF (VLUE) | $1,001 - $15,000 | None (or less than $201) | 6.4 | ||
| VanguardEmerging Markets Stock Index Fund ETF Shares (VWO) | $15,001 - $50,000 | None (or less than $201) | 6.5 | ||
| Fidelity Advisor Real Estate Income Fund Class I Shares (FRIRX) | $1,001 - $15,000 | None (or less than $201) | 6.6 | ||
| Van Eck Constant Maturity Commodity (CMCYX) | $1,001 - $15,000 | None (or less than $201) | 6.7 | ||
| IShares TR MSCI USA Value Factor ETF (VLUE) | $1,001 - $15,000 | None (or less than $201) | 6.8 | ||
| SPDR S&P 500 ETF TRUST (SPY) | $15,001 - $50,000 | None (or less than $201) | 6.9 | ||
| Vanguard Intl FD FTSE Developed Markets (VEA) | $15,001 - $50,000 | None (or less than $201) | 6.10 | ||
| Vanguard Total Bond Market Index Fund ETF Shares (BND) | $1,001 - $15,000 | None (or less than $201) | 6.11 | ||
| Fidelity Total Bond ETF (FBND) | $1,001 - $15,000 | None (or less than $201) | 6.12 | ||
| PIMCO Income Fund Class I-2 Shares (PONPX) | $1,001 - $15,000 | None (or less than $201) | 6.13 | ||
| Estate of G. Ronald Albright (Total Value Not Readily Ascertainable) | None (or less than $201) | 7 | |||
| U.S. Bank #2 (Cash) | $50,001 - $100K | $2,501 - $5,000 | Interest | 8 | |
| Oxford Holdings I (S Corp) | This is an S corporation jointly owned by filer and her sibling created to hold cash distributed from the estate for the purpose of paying certain account payables outstanding as part of the sale of the business from the estate. | 9 | |||
| U.S. Bank (Cash) | $15,001 - $50,000 | None (or less than $201) | 9.1 | ||
| Oxford Holdings II (S Corp) | This is an S corporation jointly owned by filer and her sibling created to hold cash distributed from the estate for the purpose of paying certain account payables outstanding as part of the sale of the business from the estate. | 10 | |||
| U.S. Bank (Cash) | $15,001 - $50,000 | None (or less than $201) | 10.1 | ||
| Gettysburg Concrete Company (Common stock of closely held, family company) | None (or less than $1,001) | $100K - $1M | Capital Gains Rent or Royalties | The filer's stock in Gettysburg Concrete Company, a closely held family business, was sold as part of a larger transaction with one purchase price. Given that transaction has not been fully accounted for or attributed among affiliated companies, the "capital gains" income is a good faith estimate. An accurate attribution of the income from the single purchase price to this company will be made for the April 2026 tax filing. | 11 |
| Trenton Group Inc. (Common stock of closely- held, family company)(ready mix concrete manufacturer) | None (or less than $1,001) | $100K - $1M | Capital Gains Dividends | The filer's stock in Trenton Group Inc., a closely held family business, was sold as part of a larger transaction with one purchase price. Given that transaction has not been fully accounted for or attributed to affiliated companies, the "capital gains" income is a good faith estimate. An accurate attribution of the income from the single purchase price to this company will be made for the April 2026 tax filing. | 12 |
| IRA Distributed from Estate | $25,000 | Cash Distributions | 13 | ||
| Brandes International Small Cap Equity Fund ETF (BINC) | $1,001 - $15,000 | None (or less than $201) | 13.1 | ||
| Baird Aggregate Bond Fund Institutional Class Shares (BAGIX) | $50,001 - $100K | None (or less than $201) | 13.2 | ||
| Vanguard Core Bond Fund Admiral Class Shares (VCOBX) | $50,001 - $100K | None (or less than $201) | 13.3 | ||
| Avantis U.S. Large Cap Value ETF Avantis U.S. Large Cap Value ETF (AVLV) | $15,001 - $50,000 | None (or less than $201) | 13.4 | ||
| Dimensional International Value ETF (DFIV) | $15,001 - $50,000 | None (or less than $201) | 13.5 | ||
| Invesco QQQ Trust, Series 1 (QQQ) | $15,001 - $50,000 | None (or less than $201) | 13.6 | ||
| iShares Core S&P 500 ETF (IVV) | $100K - $250K | None (or less than $201) | 13.7 | ||
| iShares Edge MSCI Intl Quality Factor ETF (IQLT) | $15,001 - $50,000 | None (or less than $201) | 13.8 | ||
| iShares Core MSCI International Developed Markets ETF (IDEV) | $15,001 - $50,000 | None (or less than $201) | 13.9 | ||
| WisdomTree US Quality Dividend Growth Fund (DGRW) | $15,001 - $50,000 | None (or less than $201) | 13.10 | ||
| LSV Small Cap Value Fund Institutional Class Shares (LSVQX) | $1,001 - $15,000 | None (or less than $201) | 13.11 | ||
| PzenaEmerging Markets Value Fund Institutional Class Shares (PZIEX) | $15,001 - $50,000 | None (or less than $201) | 13.12 | ||
| Seafarer Overseas Growth and Income Fund Institutional Class Shares (SIGIX) | $15,001 - $50,000 | None (or less than $201) | 13.13 | ||
| WCM Focused International Growth Fund Institutional Class Shares (WCMIX) | $15,001 - $50,000 | None (or less than $201) | 13.14 | ||
| Longleaf Partners International Fund (LLINX) | $15,001 - $50,000 | None (or less than $201) | 13.15 | ||
| Oberweis Small-Cap Opportunities Fund Institutional Class Shares (OBSIX) | $1,001 - $15,000 | None (or less than $201) | 13.16 | ||
| PGIM Jennison Mid-Cap Growth Fund Class R6 Shares (PJGQX) | $1,001 - $15,000 | None (or less than $201) | 13.17 | ||
| Touchstone Sands Capital Emerging Markets Growth Fund Class R6 (TSRMX) | $1,001 - $15,000 | None (or less than $201) | 13.18 | ||
| Touchstone Mid Cap Value Fund Institutional Class Shares (TCVIX) | $1,001 - $15,000 | None (or less than $201) | 13.19 | ||
| Cion Ares Diversified Credit Fund (CADUX) | $15,001 - $50,000 | None (or less than $201) | 13.20 | ||
| Gotham Enhanced Return Fund Institutional Class Shares (GENIX) | $50,001 - $100K | None (or less than $201) | 13.21 | ||
| iShares Core S&P 500 ETF (IVV) | $250K - $500K | None (or less than $201) | 13.22 | ||
| ISHARES US TREASURY BOND ETF (GOVT) | $15,001 - $50,000 | None (or less than $201) | 13.23 | ||
| U.S. bank money market account (cash) | $50,001 - $100K | None (or less than $201) | 13.24 |
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. |
|---|---|---|---|
| TD BANK | type: Mortgage on Personal Residence, amount: $500,001 - $1,000,000, year-incurred: 2021, rate: 3.250%, term: 30 years | 1 |
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.
Join us on Wednesday, April 8 for a walkthrough of ProPublica's new database of financial disclosures from Trump appointees and any potential conflicts they reveal. Register here.
