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Tennessee: Wamp calls financial disclosure ‘inaccurate’

By: Herman Wang
(Contact)

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Zach Wamp

WASHINGTON — Judging by his annual personal finance disclosures, Rep. Zach Wamp, R-Tenn., is among the poorest members of Congress.

But the Lookout Valley resident said the disclosures paint an inaccurate picture of his net worth because House rules do not require members to list their primary residence and retirement accounts among their assets.

His 2007 disclosure, released this week, shows the congressman’s only asset is an account at the Tennessee Valley Federal Credit Union worth between $1,001 and $15,000, from which he earned interest of between $1 and $200 last year.

“I don’t have any outside investments, no stocks, no bonds, no real estate outside of my personal residence,” Rep. Wamp said. “I’ve been married for 23 years. We have bought and sold four houses in that continuum, and I’ve made money every time I’ve done it. I’ve moved the equity into my home, ... but (the disclosure form) makes you look like you have absolutely nothing.”

Rep. Wamp, who said his true net worth is “in excess of half a million dollars,” said he decided not to own stocks or bonds because of any potential conflicts of interest that might come up during his service in Congress.

Rep. Lincoln Davis, D-Tenn., reported in his 2007 disclosure that he owns Diversified Construction Co., worth between $250,001 and $500,000, from which he earned $50,001 to $100,000 last year in capital gains.

With his brother, Rep. Davis also co-owns 507 acres of farm land in Fentress and Pickett counties worth between $500,001 and $1 million, the disclosure shows, and he earned a pension of $8,820 from the state of Tennessee for his service in the General Assembly.

Like Rep. Wamp, he said the disclosure forms don’t always accurately reflect members’ true financial situations, and he said he would back more stringent reporting requirements.

“If you’re like me and you work hard to save a little money to buy some property and run a small business, your disclosure reports will show a pretty accurate situation,” Rep. Davis said. “But those with millions of dollars and stock investments, I think there should be a little more disclosure on what they paid and how much they own.”

The disclosure forms also require lawmakers to list any trips they have taken that were paid for by nongovernment organizations.

Rep. Davis did not report any such trips for 2007, while Rep. Wamp reported a trip to San Juan, Puerto Rico, in February sponsored by The Aspen Institute, a nonprofit leadership development organization that runs seminars and conferences.

Rep. Nathan Deal, R-Ga., received an extension to file his disclosure this week, and his forms were not available for public viewing as of Tuesday afternoon. Rep. Phil Gingrey, R-Ga., received an extension to file his by August.

Rep. Johnny Duncan, R-Tenn., disclosed assets of between $412,000 and $1.23 million, a mixture of mostly stocks, bonds, mutual funds and certificates of deposit.

Senate disclosures, made available last week, showed Sen. Lamar Alexander, R-Tenn., with assets totaling between $13.2 million and $42.1 million; Sen. Saxby Chambliss, R-Ga., with assets between $246,000 and $565,000; and Sen. Johnny Isakson, R-Ga., with between $7.7 million and $22.9 million in assets.

Sen. Bob Corker, R-Tenn., received an extension to file his disclosure in August.

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