Joe Biden poised to ride out the stock market tumble with nearly $2 million in cash and some mutual fund trades, financial disclosures reveal
- The White House released annual financial disclosures Friday afternoon
- Biden has holdings in multiple bank accounts
- He earns $400,000 a year as president
- Engaged in sales and purchase of mutual fund holdings
- The S&P 500 dropped by more than 2 per cent this week
- But S&P 500 index is down 16 per cent since the start of the year
President Joe Biden has been able to ride out the recent tumble in the stock market, with much of his wealth still socked away in bank accounts, White House financial disclosure forms reveal.
The White House released the information Friday afternoon as Biden prepared to leave town for the weekend Friday.
Just like last year, Biden has stashed funds from his long career in politics in traditional bank accounts, but without much interest to show for it.
He disclosed holdings only in broad ranges as required, but has between $700,000 and $1.8 million in six bank accounts, allowing many of the funds to be federally insured.
It also kept him from experiencing many of the stock market gains of 2021. His holdings in mutual funds ranged between $150,000 and $500,000.
But S&P 500 index is down 16 per cent since the start of the year, although it had gains Friday.
Biden has stashed much of his saving in bank accounts
The president or his financial advisors did engage in some trades, with 5 sales and 8 purchases, all executed May 24, 2021.
The biggest was the sale of BNY Mellon IP Tech Growth, of between $15,000 and $50,000.
Biden, 79, regularly talks about how he was the poorest person in the Senate, where he served for 36 years, an institution that has since become a millionaire’s club.
His salary got a bump when he became Vice President in 2009.