Rangel Faces More Questions Over His Finances

Rangel also didn't confess up to at least five other investments, reports say

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    According to his campaign finance report for the first three months of 2009, Congressman Rangel, chairman of the powerful Ways and Means Committee, shelled out nearly $445,000 to cover legal feels.

    Embattled Rep. Charles Rangel is facing more questions over his personal finances after an amended report he filed this month shows he failed to disclose up to $500,000 in assets in 2007.

    The House Ethics Committee is probing allegations he failed to reveal personal assets totaling as much as $780,000, records released yesterday show.
        
    An amended report to his 2007 Congressional disclosure form indicates that Rangel's assets include a checking account with a balance between $250,000 and $500,000.

    Rangel also didn't confess up to at least five other investments. One of those, with the ING Principal Protection Fund, was valued at between $50,000 and $100,000, the New York Post reported.

    Rangel is the powerful chairman of the Ways and Means Committee, which writes the tax code.
        
    Rangel aide Elbert Garcia said that the amendments were the congressman's attempt to fix errors in his financial reporting.
        
    Republicans said that the new disclosures demonstrate the need for Rangel to be removed from his chairmanship.
        
    Two House subcommittees are investigating Rangel's financial dealings.