Magazine article American Banker

St Germain Details Financial Holdings to Show He Has No Conflicts of Interest

Magazine article American Banker

St Germain Details Financial Holdings to Show He Has No Conflicts of Interest

Article excerpt

St Germain Details Financial Holdings To Show He Has No Conflicts of Interest

Twenty-six years on the House Banking Committee, including six as its chairman, apparently have taught Rep. Fernand J. St Germain, D-R.I., a few practical lessons about finance.

In the most exhaustive financial statement he has ever disclosed, Mr. St Germain revealed on Thursday that he has borrowed more than $830,000 to finance the acquisition of real estate, stock, and other assets with a combined market value of more than $2.6 million.

The 13-page document was released along with the financial disclosure statements of the other 434 members of the House. Members of Congress are required to disclose details of personal wealth once a year.

Mr. St Germain's personal wealth is currently the subject of a House Ethics Committee investigation. Before he was elected to Congress, Mr. St Germain had virtually no assets.

The 58-year-old member of Congress released details not required by House rules to show that there are no conflicts between his investments and his role as chairman of the House Banking Committee, according to his representatives.

For the first time, Mr. St Germain detailed the value of his International House of Pancakes holdings, which make up the major share of his investments.

A 10, 370-square-foot facility in Wheaton, Md., a suburb of Washington, has an assessed value of $547,280. Mr. St Germain purchased the building on March 7, 1972, for $293,940 with a loan from the Marquette Credit Union of Woonsocket, R.I. Mr. St Germain lives in Woonsocket.

The congressman became chairman of the powerful House Banking finance subcommittee shortly before then.

Also in 1972, Mr. St Germain purchased three other International House of Pancakes establishments. He paid $239,267 on Dec. 15, 1972, for one at 4340 Boston Post Road in the Bronx that now has an assessed value of $493,333. …

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