The Ethics in Government Act of 1978 requires that members of Congress file annual financial disclosure statements that detail the “ source, type, amount or value” of their household income and assets.
Because congressional disclosure rules simply mandate that filers report income and asset values within broad ranges —“$500,000 to $1 million” or “$1 million and over,” for example — it’s impossible to rely strictly on the annual reports to determine how much each elected official and his or her family is worth. The greatest benefit derived from the reports can be found in the sections that reveal the sources of income and assets.
The disclosure statements represent a flawed attempt to promote government transparency. They provide very general glimpses at the wealth held by federal elected officials and their family members.
The disclosure statement filed Aug. 13 by U.S. Rep. Chellie Pingree, a Democrat seeking re-election to a third term representing Maine’s 1st District, leaves no doubt that her household’s financial resources increased significantly as a result of Pingree’s June 2011 marriage to hedge fund manager S. Donald Sussman. The Hill now lists Pingree as the 12th-wealthiest member of Congress.
After filing a three-page disclosure statement that listed no outside income and one asset for 2010, Pingree submitted a 12-page document that included 77 items denoted as Sussman’s assets in 2011.
The Maine Republican Party pounced on the fact that some of Sussman’s business holdings have links to China. “ I think this heavy investment in China is just another example of Pingree being out of touch with the average Mainer,” Republican spokesman David Sorensen wrote in a release titled “The Manchurian Candidate.”
It’s fair and appropriate to question how a politician’s personal financial dealings could influence votes and policymaking. It’s also reasonable to do so about a spouse if evidence exists to connect the spouse’s dealings to the elected official’s record or positions. That’s the intent of disclosure rules.
However, if the Maine Republican Party believes that Sussman’s interest in firms that do business in China undermines Pingree’s ability to represent Maine’s 1st District, they should support that argument with evidence.
Walmart, Apple and many other companies that fuel the U.S. economy make money from commerce with China. To give the argument credence as anything more than a political shot, the GOP would need to offer specifics on how Sussman’s investments negatively affect Maine or Pingree’s integrity as an elected official.
In the culture of Washington, D.C., power attracts — and often marries — power.
Senate Minority Leader Mitch McConnell, R-Ky., is married to former Secretary of Labor Elaine Chao, who works for the Heritage Foundation and serves on corporate boards. Massachusetts Sen. John Kerry’s net worth approaches $200 million, largely as a result of his marriage to Theresa Heinz Kerry, a member of the family that owns Heinz Ketchup. House Minority Leader Nancy Pelosi’s husband and House Majority Leader Eric Cantor’s wife both hold influential positions on the boards of multiple national corporations, according to Politico. Other examples of influential political spouses abound.
Marrying a powerful person doesn’t disqualify one from governing. Proof that either an elected official or spouse abused that power would.
I am a member of the legistorm website and reviewed Congresswoman Pingrees financial disclosures. Of $10million dollar plus which she has invested approximately $6million is invested in Chinese companies.This is not her husbands investments, these are her investments. Imagine how many jobs could have been created in Maine with $6million. She represents the Chinese more than Maine. Would you vote for a Congresswoman who helps the Chinese while Maine is suffering?
If BDN wants evidence go to Legistorm.com and look at the personal financial statement of Congresswoman Pingree. It’s there and there is no denying the truth.
The purpose of investing is to make money. She is being diversified in her investments. Its just smart financial management
I am on the opposite political spectrum from Pingree, but I don’t care a whit about how much money Pingree has or how she invests it as long as the investments are legal. The Maine Republican Party allegations that her investments in China prove she is out of touch with Mainers is bogus and just politics.
What really bothers me is that wealthy democrats are never charged with having earned their money “on the backs of the little people” while if you happen to be wealthy and republican we are to believe that you are scum and looking to put black people back in chains.
I am an independent. I do not care about Republicans politics. My question is, if Pingree is representing Maine people why didn’t she invest in Maine businesses and Maine jobs.
Very, very true and a question well worth asking. Invest in what you know and where you live. That’s what’s called having confidence in your constituent’s and their abilites and effort’s.
Mitt Romney has bag fulls of money in the Cayman Islands, Switzerland and Bermuda think what that could have don’t in job creation in the USA. Do we want a president who doesn’t even want to keep his money in the USA?
Not only that he shipped jobs to China. Can you spell HYPOCRISY? Do you know what it means?
So you believe evrything the media tells you. Pingree invests $6million in Chinese companies. That is a fact (go to legistorm.com) for Pingrees financial disclosure). Obama appoints Jeffrey Inmelt to head his Jobs commission. While he is serving he moves 2 GE divisions to China. GE paid no taxes. GE transferred avionics technology to the Chinese goes into a partnership with GE to build commercial airliners competing with Boeing. Obama has the audacity to stand in front of a bridge in KC MO and claim Americans need infrastructure jobs, knowing full well the Chinese are building the Oakland Bay bridge and Alexander Hamilton bridge with Chinese labor and Chinese steel. (go to ABC news reports for verification).
WHere is your proof that Romney shipped jobs to China? Where is your proof that Romney has offshore accounts? Where is your evidence that Romney is a hypocrite. Look at my proof and give me yours.
I am fine with Pingree or anybody investing in any company as long as it is legal. The R’s have made it so easy for jobs to go overseas there is nothing that can be done about GE, the same with the taxes, the loop holes that have been included in the tax laws by both parties leaves these large companies with very little taxes they even get credit for moving jobs out of the country.. Now the Republicans want to give more cuts to the corporations and rich. The California bridges are being built with state money not federal so blame the state not the federal gov.
For proof of off shore accounts just google Romney’s taxes and you will see bank accounts in Switzerland, investments in the Cayman Islands and Bermuda. For Bain jobs being shipped overseas see http://www.mediaite.com/online/factcheck-alert-boston-globe-reports-mitt-romney-was-at-bain-until-2002/
Romney has flip flopped on so many things -that it is easy–pro choice v pro abortion there are many others see PolitiFact for many others. Plus money out of the country rather than in the USA seems rather hypocritical to me.
By the way Romney can legally invest out of the country but as a person that is running for president doesn’t seem to smart to me.
Just because someone is listed as a board member on SEC filings does not mean they are still on the job. Romney stepped down in either 1998 or 1999. He remained on the board until 2002. There are many board members who are CEO’s of other companies. It does not mean they are on the job at Bain. I did not see anything where Romney had offshore accounts.
Most of the Oakland Bay bridge was built using federal funds, however the eastern span was built with state funds. It seems kind of funny that the approaches were built with federal funds and then they decide to build a portion with State funds and hire the Chinese. Talk about skirting the issue and crooked politics.
http://abcnews.go.com/US/bringing_america_back/american-infrastructure-jobs-shipped-china/story?id=14592567#.UD9QkSIYqSo
Romney was 100% owner and listed as such with the SEC, if the company had done something wrong who do you think would have been charged? He drew a salary of over $100,000 from Bain for the 3 or 4 years in question. I say if it quacks like a duck, walks like a duck then it is a duck and Romney was responsible for Bain those 3 or 4 years.
If you don’t believe he has off shore accounts I can’t help you, there is so much said and written about it and he himself has said it didn’t effect his taxes, it is a fact.
Regardless of your feelings on the bridges it is state money and the feds have nothing to say about states rights to spending their money.
Whatever your opinion is, it is. The subject here is Pingree and if your fine with Pingree investing in China then you should be fine with Romney investing in China, although there is no evidence that he has. Where are your facts on the number of jobs Romney outsourced. From NY dot website… “The Alexander Hamilton Bridge
Rehabilitation Project is the largest single-contract construction
project in the history of the New York State Department of
Transportation and is being funded almost entirely by federal funding”.ABC news report states clearly the Chinese are building this project.You can believe what you want but the Democrats are just as bad when it comes to outsourcing jobs. Obama is for the middle class? No…he’s a millionaire and his Hollywood cronies fund him. Pingree and Obama both millionaires …yet they have the audacity to destroy Mitt Romney’s record. Get back to the real issue…the economy.
I’m not sure if the BDN’s editors are being ingenuous or disingenuous here, but the “flawed attempt” is obviously a carefully crafted scheme to avoid government transparency.