Rangel underreported 2007 assets

WASHINGTON, Aug. 25 (UPI) -- U.S. House Ways and Means Chairman Charles Rangel initially did not report more than $660,000 in assets and tens of thousands in income for 2007, records show.

Rangel, D-N.Y., has filed an amended disclosure that includes the correct figures, Roll Call reported Tuesday night.

The 2007 form listed assets of $516,000 to $1,316,000, but the amended disclosure lists of $1.028 million to $2.495 million, Roll Call said.

The initial filing excluded a Congressional Federal Credit Union checking account worth more than $250,000 and an investment fund account worth more than $250,000, the amended report indicated.

Members of Congress are allowed to report asset values within broad ranges, Roll Call said.

Initially, Rangel reported 2007 investments yielded between $6,511 and $17,950 in dividends, capital gains and rental income, Roll Call said. In the revised filing, the range increased those figures to between $29,220 and $81,200.

The original filing also reported no rental income from Rangel's Punta Cana Villa in the Dominican Republic, while the revised report said he earned at least $5,001 and up to $15,000.

Rangel faces House Ethics Committee violations and has reported spending more than $900,000 in campaign funds to defend himself since July 2008, Roll Call said.