Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

PolitiFact.com | Tampa Bay Times
Sorting out the truth in politics

PolitiFact: While Biden has few financial accounts, his wife has many

The statement

"I don't own a single stock or bond. … I have no savings accounts."

Vice President Joe Biden, June 23 at the White House Summit on Working Families

The ruling

Even though Biden was known as one of the poorest members of Congress while he was a senator, the statement raised some eyebrows. So how do his finances stack up?

At the North American International Auto Show in January, Biden said that when he first ran for office in 1972, he promised he would never own any stocks or bonds.

Biden's office declined to comment on the record about his finances and whether or not he lived up to that promise. But we were able to look at Biden's 2013 executive branch personnel public financial disclosure report, which was submitted just last month.

The report lists about a dozen investments, all of which fall into the $1,001-$15,000 range.

However, they're not strictly his.

All 11 are designated by the letter "S" — used to indicate that the holding belongs to the filer's spouse. That means the 11 investments are owned by Jill Biden, his wife of 37 years.

But the savings accounts are a different story.

According to the disclosure documents, the Bidens have five savings accounts, which fall into a larger range. Some amounted to less than $1,001, while others fell into the $50,001-$100,000 category.

Four of the five accounts belong to the vice president's wife, while the final one has the classification "J" — a joint account that belongs to both of them. This U.S. Senate Federal Credit Union account's holdings fall into the $1,001-$15,000 range.

Even if the investments aren't in the vice president's name, they are part of his household wealth, and he stands to benefit from their success, said George Pennacchi, a finance professor at the University of Illinois Urbana-Champaign.

Biden also holds four checking accounts, two of which he shares with his wife. In addition, he holds six life insurance policies with Mass Mutual. The Bidens reported an adjusted gross income of $407,099 last year, including his vice presidential salary of $230,700.

So, Biden was wrong to say that he doesn't have a savings account because he shares one with his wife. However, he doesn't have ownership over any stocks and bonds — those all belong to his wife. We rate his statement Half True.

Lauren Carroll and Molly O'Connor, Times Staff Writers

Read more rulings at PolitiFact.com.

PolitiFact: While Biden has few financial accounts, his wife has many 06/27/14 [Last modified: Friday, June 27, 2014 6:51pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 'Siesta Key' star punched in face, not sure who did it

    News

    TAMPA —Alex Kompothecras, cast member on MTV's reality show "Siesta Key," tells police he was punched in the face outside a bar in Tampa's SoHo district.

    Alex Kompothecras, Juliette Porter, Pauly Apostolides, Madisson Hausburg, Chloe Trautman, Garrett Miller, Kelsey Owens and Brandon Gomes pose for a photo in Siesta Key in June before the debut of the MTV reality series Siesta Key. [
EVE EDELHEIT   |   Times]
  2. Editorial: Senate health care bill would be disastrous for Florida

    Editorials

    The frantic effort by Senate Republicans to repeal and replace the Affordable Care Act with something — anything — ranks raw politics over sound policy and threatens the health care of millions of Floridians. It is a desperate attempt to declare victory by shifting responsibility from the federal government …

    Sen. Marco Rubio, R-Fla., speaks in August in Doral.
  3. Four questions the Lightning still has to answer

    Lightning Strikes

    FORT LAUDERDALE — The Lightning made its biggest round of cuts Monday, with some of the big-named prospects heading out.

    Tampa Bay Lightning forward Steven Stamkos (91) looks on from the bench during a shift change at Lightning hockey training camp in Brandon on Monday (09/18/17). In background on right is Nikita Kucherov (86). DIRK SHADD   |   Times  

  4. Nine Florida football players, 62 felony complaints in fraud scandal

    College

    GAINESVILLE — The fraud scandal that has engulfed the University of Florida's nationally ranked football team for weeks exploded Monday with the first detailed accounts of criminal accusations that threaten to derail the Gators' season.

    Florida Gators wide receiver Antonio Callaway (81) runs the ball during the Outback Bowl in January at Raymond James Stadium. [CHARLIE KAIJO   |   Times]
  5. Where Rays shortstop Matt Duffy's lost season leads

    The Heater

    BRADENTON — In a perfect world Matt Duffy would have been in New York on Monday with his Rays teammates enjoying the final off day of the year. Instead, he was on Field 4 at Pirate City on a sweltering afternoon, trying to restart his season.

    Rays shortstop Matt Duffy plays in his first game (since rehab was aborted) with the club's instructional league on Monday at the Pirate City baseball field and spring training complex in Bradenton [DOUGLAS R. CLIFFORD  |  Times]