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Obama lists assets worth millions

By the CNN Wire Staff
  • President Obama and Vice President Biden disclose their financial holdings
  • The White House makes the reports public
  • The reports are required under the Ethics in Government Act of 1978

Washington (CNN) -- President Barack Obama has at least $4 million in personal assets and income, including book royalties, retirement funds, U.S. Treasury bills and notes and other holdings, according to a financial disclosure statement made public Monday.

A blog post on the White House website by Counsel to the President Bob Bauer said the report complies with the Ethics in Government Act of 1978, which requires top federal officials to publicly disclose their personal financial interests.

"The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials," Bauer wrote in the blog post. He added that Obama has no conflicts of interest.

Determining Obama's exact holdings from the report was impossible because it provided a range for the amounts of assets in different categories. According to the document, the minimum amount of the president's holdings is about $4 million, and the real figure could more than triple that.

For example, the president's report showed at least $1.1 million in book royalties, as well as more than $2 million in U.S. Treasury notes and U.S. Treasury bills. Within the range for those assets provided by the report, the book royalties could be as much as $5 million, and the Treasury holdings could total as much as $10 million.

Other holdings include at least $250,000 in a JPMorgan Chase Private Client Asset Management Checking Account, and more than $250,000 in three retirement accounts as well as more than $100,000 in each of two college saving funds. Obama listed no liabilities.

Vice President Joe Biden's report, also made public Monday, showed at least $250,000 in assets in various bank accounts, investments, insurance policies and other holdings, as well as liabilities including a home equity line of credit and other loans.

Bauer said Biden also has no conflicts of interest.