Bush declares personal wealth

Press, 19 May 1989, Page 34

Bush declares personal wealth

NZPA-Reuter Washington

President Bush has said officially what most people have believed for a long time — he’s a millionaire. In his annual financial disclosure statement, Mr Bush said his blind trust was valued at $U5998,000 ($2.5M) on December 31, 1988, and he listed other assets of nearly $U597,000. Mr Bush reported $U5156,000 in income from the trust in 1988. The disclosure statement, required by law, did not include his vacation home in Kennebunkport, Maine, or an unimproved lot in Houston.

The statement provided more details than required by present law, but ethics legislation sent to Congress by Mr Bush earlier this year said financial statements should be more specific. The White House said the President voluntarily provided extra information to set a good example.

Mr Bush could have

reported the value of his trust as “over $U5250,000.” His ethics bill proposes the disclosure.of the actual value of financial assets, rounded to the nearest thousand dollars.

The report also showed that the President and his wife, Barbara, received $U521,009 worth of gifts valued at SUS 100 or more. They included a SUS73OO gold watch presented to Mrs Bush by “the Ladies of the Senate Red Cross Chapter” in recognition of her service as President of the group from 1981 to 1988 while her husband was Vice President.

The group, composed of senators’ wives, is traditionally headed by. the wife of the Vice President.

Public officials may keep all gifts received from other Americans, but must disclose those valued at SUSIOO or more. Gifts from foreigners must be turned over to the Government if their value exceeds SUSIBO.