A U.S. senator who took advantage of a loophole in ethics laws to avoid disclosing a $1.3 million credit line against her home is now warning that incomplete financial disclosures from cabinet nominees put the country at risk.
Sen. Elizabeth Warren’s (D., Mass.) warning came in the Washington Post, where she wrote that “it is critical that each nominee follows basic ethics rules to ensure that they will act for the benefit of all the American people.”
Warren argued that financial disclosures are needed to “reveal potentially damaging information that may undermine fitness to serve” and that nominees with “complex financial histories” need to be “forthcoming and transparent.”
Senator Warren also left the hefty financial burden off of her 2015 disclosure filing. Although Warren is worth millions of dollars, she is still a favorite of socialists on the left who routinely shout angry chants at wealthy politicians for their ties to Wall Street and big banks.
One of Elizabeth Warren’s aides defended the line of credit omission by stating the home equity line of credit from Bank of America doesn’t mandate the same reporting requirements as a typical home mortgage.
If she practiced what she preached, Warren would have disclosed it anyway for the sake of transparency.
In 2012, the STOCK Act was signed into law. It required all members of Congress disclose all details of any mortgage they hold on their personal residences in their annual financial disclosure filings.
The same act did not specifically mention lines of credit based on the mortgage or home equity, so Warren could technically get by without sharing that information.
Banks often consider home equity lines of credit (HELOC) as an alternative mortgage. The senator’s aide said she hadn’t yet borrowed on her available credit line and therefore really didn’t have anything to disclose on the form.
Warren likes to claim that all financial disclosures should be admitted by politicians to “reveal potentially damaging information that may undermine fitness to serve.”
She also stated that nominees with “complex financial histories” should be “forthcoming and transparent.”
I guess what she meant to say was every other politician except Elizabeth Warren should follow the rules.
Alex D is a conservative journalist, who covers all issues of importance for conservatives. He brings attention and insight from what happens in the White House to the streets of American towns, because it all has an impact on our future, and the country left for our children. Exposing the truth is his ultimate goal, mixed with wit where it’s appropriate, and feels that journalism shouldn’t be censored. Join him & let’s spread the good word!