Memo to Charles Rangel: Do the right thing and step down
Rep. Charles Rangel, the chairman of the tax-writing House Ways and Means Committee, has demonstrated a bizarre way of handling and reporting his finances, which has undermined his credibility in Congress.
Rep. Charles Rangel, the chairman of the tax-writing House Ways and Means Committee, has demonstrated a bizarre way of handling and reporting his finances, which has undermined his credibility in Congress.
Ethics experts have said that although members of Congress are required to disclose their assets fully, omissions do not usually result in sanctions unless they are part of an effort to deceive.
How about leading by example?
I am not sure Congress is sending a great message to the American taxpayer when it is apparently OK to have the lead tax writer neglect to submit a financial disclosure report properly.
Mr. Rangel, whose personal finances and fund-raising are the subject of two House ethics investigations, failed to report at least $500,000 in assets on his 2007 disclosure form, according to an amended report the New York Democrat filed just this month.
In his original 2007 report, Mr. Rangel listed his net worth at between $516,015 and $1,316,000. The amended report, however, shows that his net worth is at least $1,028,024 and as much as $2,495,000, double what he originally reported.
Among the dozen newly disclosed holdings revealed in the amended forms are a checking account at a federal credit union with a balance between $250,0000 and $500,000; three vacant lots in Glassboro, N.J., valued at a total of $1,000 to $15,000; and stock in PepsiCo Inc. of Purchase, N.Y., worth between $15,000 and $50,000.
The question that begs to be asked is: How can such a high-ranking official fail to follow the laws that he helps write and expects American taxpayers to follow?
Mr. Rangel also revised his investment income from 2007. The original report showed he had received between $6,511 and $17,900, but the new report shows between $45,423 and $134,700. The report also includes eight previously undisclosed financial transactions.
Whether intentional or not, his sloppy bookkeeping is not a valid excuse for the chairman of a powerful House committee that handles complex financial issues like the tax code.
It is evident that Mr. Rangel cannot actually follow the very laws coming out of his own committee.
I believe Mr. Rangel should do the honorable thing and resign as chairman of the Ways and Means Committee.
The investigation of Mr. Rangel was to have wrapped up by January, however, additional ethical allegations have pushed it well past that date. It is a distraction that the government does not need at this time. He needs to step down.
How long can the Democrats afford to support Mr. Rangel as the lead tax writer?
Let’s face it, Mr. Rangel’s inaccuracies in disclosing his assets and income, along with other ethics questions, are so obviously egregious that he should be removed from his powerful perch.
InvestmentNews Poll
Should Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, step down because he failed to disclose a variety of holdings on his financial disclosure report? Vote here.
Jim Pavia is the editor of InvestmentNews.
Learn more about reprints and licensing for this article.
