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NEW REPORT DETAILS CONGRESSMAN VERN BUCHANAN’S YACHT LOAN CAME FROM A FOREIGN BANK THAT LOBBIED IN FAVOR OF REPUBLICAN TAX BILL

SARASOTA FL — Today, a new report found that the multimillion dollar loan Congressman Vern Buchanan received for the yacht he purchased on the same day he voted to give himself a massive tax break came from a foreign bank that lobbied in favor of the Republican tax bill that passed last year.

In response to the report, Floridians for a Fair Shake Communications Director Stephen Gaskill released the following statement:

“New reports showing that Congressman Vern Buchanan received funds to purchase his multi-million dollar yacht from a foreign bank that lobbied in favor of the Republican tax bill is deeply troubling and working Floridians should be outraged. Congressman Buchanan claimed that the tax law would benefit Floridians in his district but we now know that Buchanan and his Republican allies in Congress prioritized themselves and wealthy corporate interests over working families.”

From the story:

“As Republicans were finalizing tax cut legislation in late 2017, a foreign-owned bank seeking to shape the bill gave a seven-figure yacht loan to a top GOP lawmaker on the committee writing the measure, according to documents reviewed by Capital & Main and MapLight…”

“Although (Congressman Vern) Buchanan is one of the wealthiest members of Congress — worth at least $80 million — federal records show one of his limited liability companies financed the purchase with a BMO Harris Bank loan worth as much as $5 million. Since 2016, Buchanan’s companies have received three loans worth as much as $35 million from BMO Harris, which is the American subsidiary of the Bank of Montreal. In total, since he was appointed to the Ways and Means Committee in 2010, Buchanan and his companies have received between $17 million and $85 million worth of loans from four lenders.”

Read the full story here.

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