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Members of Congress routinely trade stocks, buying and selling the shares of companies that often have significant business before the federal government — and sometimes spend lots of money to lobby lawmakers.
Insider dug through congressional financial disclosure records federal lawmakers filed in recent days. Here are the latest highlights from what we’ve found.
Phillips explains investment in Cayman Islands fund
Rep. Dean Phillips is one of Congress’ wealthiest members with his money invested in hundreds of stocks, bonds, and other financial vehicles, according to the Minnesota Democrat’s most recent annual personal financial disclosure filing.
One investment stands out, if only for its name: “CD&R Fund X Private Investors, Cayman LP,” in which Phillips disclosed investing between $250,000 and $500,000. (Lawmakers are only required to list the value of such assets in broad ranges.)
During 2019, the investment generated between $15,001 and $50,000 in “partnership income,” his disclosure states.
No further details are listed.
Financially speaking, the Cayman Islands are notable for their long history as a tax haven for wealthy individuals and companies. The particular Cayman Islands fund in which Phillips is invested was created in 2017 by J.P. Morgan Private Investments Inc., according to US Securities and Exchange Commission records.
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Insider this week posed several questions to Phillips’ office about this investment. Among them: why did Phillips make this investment, does he reap tax benefits from it, and does he or a financial advisor manage his investment portfolio?
Bryan Doyle, Phillips’ communications director, replied with a statement.
“Congressman Phillips receives no special tax benefits for this investment, which was made by financial professionals at J.P. Morgan in 2017, not at his direction. As a member of the Ethics Committee, Dean adheres to the …read more
Source:: Business Insider