Bredesen reports investments, income between $92M and $378M
By JONATHAN MATTISE
Mar. 31, 2018
NASHVILLE, Tenn. (AP) — Democratic U.S. Senate candidate Phil Bredesen is reporting that he has between $92.2 million and $378.1 million in investment assets and income, which would likely put him in the top 10 wealthiest members of Congress if he's elected.
In his candidate financial disclosure filing, the former Tennessee governor noted investments valued between $88.9 million to $358 million. He reported income from $3.3 million to $20.1 million, including $110,900 from his state pension. He donated away his state salary when he was governor, but still had to pay income taxes on it.
He listed no liabilities exceeding $10,000 in the disclosure, which covers January 2017 through February 2018.
Bredesen told reporters Friday that if he's elected, he'll resign as chairman of his solar energy company, Silicon Ranch Corp. He owns $25 million to $50 million in the private company's stock.
Earlier this year, the company announced a deal worth up to $217 million with Shell, the international oil and natural gas giant.
His investments in other prominent companies include $500,000 to $1 million in Johnson & Johnson stock; $1 million to $5 million in Proctor & Gamble stock; $1 million to $5 million in stock with ONEOK Inc., a natural gas company; and $500,000 to $1 million in stock with Schlumberger Ltd., an oilfield services company.
"I'm certainly not making any apologies about anything on that list," Bredesen said. "I think it's all the sort of thing that any investment adviser you talk to, or trader or something like that, would say, 'Yeah, that's a sensible, realistic list for somebody to hold.' There's nothing weird in there."
A large chunk of Bredesen's investments — $26 million to $130 million — is in mutual funds, according to his campaign.
Multiple lists that estimate who is worth the most in Congress show Bredesen is likely to fall in the top 10 if he's elected. The federal disclosures also don't delve into personal wealth unrelated to business interests, including houses and vehicles.
Bredesen, who earned his wealth in the health care field before entering politics, put most of his investments into a blind trust when he was elected governor. He took office as governor in 2003 and served two four-year terms. He served as Nashville's mayor in the 1990s.
Bredesen also said he would not continue his practice as governor of releasing income tax return information, saying the Senate candidate disclosure is much more comprehensive.
"I think it actually does a pretty good job," Bredesen said of the federal disclosure. "You can look at that and it is a comprehensive list of anything that could be a conflict and you can make your own judgment when the time comes."
Bredesen also left open the possibility that he would add a couple million dollars to his campaign. The race is expected to be expensive because of the implications it holds for the slim 51-49 majority that Republicans currently have in the Senate.
U.S. Rep. Marsha Blackburn is seeking the Republican Senate nomination. In a House disclosure covering 2016, Blackburn reported between $168,000 and $520,000 in assets, about $4,600 from her state legislative pension and between $400,000 and $850,000 in mortgages. She isn't yet required to file an updated disclosure.
Blackburn's totals don't include her husband's income amount.