Personal financial disclosure filings from congressmen were due Wednesday – the first such annual filing by Tennessee’s four freshmen as members the U.S. House of Representatives (though they had a filing as candidates). Here’s a rundown on some of the reporting.
Black Reports $16.5 Million in Assets
First-term Republican Rep. Diane Black is the wealthiest member of Tennessee’s congressional delegation, according to the Daily News Journal after a review of her personal financial disclosure form.
(Congress members) must list assets worth more than $1,000, excluding private homes, but values are reported in such wide ranges that it is impossible to determine exactly how much a member of Congress is worth. Black and her husband, David, listed assets totaling at least $16.5 million.
The Blacks’ largest asset is their interest in Aegis Sciences Corp., the Nashville forensic chemical and drug-testing laboratory that David Black founded. They sold between $25 million and $50 million in company assets in 2010 and bought between $5 million and $25 million.
That sale explains why Black’s assets appear to have dropped since 2009, said her spokeswoman, Stephanie Genco. Black’s 2009 disclosure statement showed assets of at least $33.8 million and placed her among the wealthiest members of Congress.
Fincher Clarifies Farm Finances
Freshman Rep. Stephen Fincher, who was elected despite some controversy over his personal finances, has clarified the value of his family farm and his debts, reports The Tennessean.
Fincher’s 2010 personal financial disclosure form, released Wednesday, lists Stephen and Lynn Fincher Farms as the Frog Jump, Tenn., Republican’s only asset, worth between $500,000 and $1 million. Farm income amounted to $103,882 in 2010, according to the form.
His previous statement, in 2009, reported no assets and about $60,000 in income, raising questions as to how the farmer and gospel singer was able to lend his campaign $250,000 last year. That led to a Federal Election Commission investigation, which is pending.
Fincher’s new report also listed between $1.1 million and $2.5 million in liabilities, mostly for loans on farm equipment. His 2009 report listed no liabilities. Fincher’s campaign lawyer, Eliot Berke, called the omissions on the 2009 report an “honest misunderstanding” of the reporting requirements for businesses. He said Fincher submitted amendments to that report when he filed his 2010 statement.
Fleishmann Makes Millionaire’s Club
Despite spending nearly $700,000 of his own money to help win his congressional race last year, Republican U.S. Rep. Chuck Fleischmann, of Chattanooga, still had enough assets to qualify him for Congress’ millionaires’ club, reports the Chattanooga TFP.
In personal financial disclosures for 2010…the 3rd Congressional District freshman lawmaker reported assets of between $1.66 million to $3.41 million. He reported no liabilities.
Fleischmann, an attorney, disclosed holdings including an interest in his and his wife’s law firm, Fleischmann & Fleischmann. He valued his interest at between $50,001 to $100,000. He also reported $163,144 last year in income from the law firm. As a congressman, he now makes $174,000 annually but cannot continue to practice law. Spouses are required to list income sources but not amounts.
…Among the assets he listed was between $500,001 to $1 million invested with “Wells Fargo Investments.” His annual disclosure listed income of between $15,001 to $50,000 in dividends, interest and capital gains from the sale of part of the investment, which was unspecified.
He reported total unearned income such as interest, dividends and sales for all holdings at between $28,705 to $83,500.
DesJarlais Less Than $1 Million in Assets
U.S. Rep. Scott DesJarlais, of Jasper, reported assets of between $403,009 to $945,000 last year. (From the same Action Andy’s report in the Chattanooga TFP covering Fleishmann.)
The 4th Congressional District lawmaker, who is a physician, says in his disclosure that he earned $148,905 from his practice and had unearned income such as interest as well dividends and other income of between $5,002 to $15,200.
He valued his medical practice at between $100,001 to $250,000. He owns a commercial lot in South Pittsburg, Tenn., valued at between $50,000 to $100,000. He had two Pacific Life annuities valued at between $50,000 to $100,000 each.
DesJarlais reported selling two stock funds with Morgan Stanley during last year’s GOP primary at a loss.
His liabilities were pegged at $95,004 to $250,000. Among other debts, he owes between $15,001 to $50,000 on his Bank of America Mastercard. He has a business line of credit at $15,001 to $50,000 with First Southern Bank of Scottsboro, Ala.
DesJarlais spokesman Robert Jameson did not respond to request for information about the congressman’s net worth nor whether he had sold his doctor’s practice.