Monday, July 31, 2006

Frist Fails to Disclose Foundation Role

WASHINGTON - Majority Leader Bill Frist hasn't been following all the Senate's rules when it comes to disclosing details about his finances.

Frist and his wife are the sole trustees in charge of a family foundation bearing the senator's name, according to Internal Revenue Service forms. However, he has not been listing that position on his Senate disclosure forms, which are made public every year.

Annual forms detailing lawmakers' personal finances are supposed to list all positions members of Congress hold outside government. Those include unpaid posts such as serving as a director or trustee of a nonprofit.

When asked about the discrepancy by The Associated Press, Frist spokesman Bob Stevenson said the senator's office was unaware of the omission.

"It was recently discovered that Senator Frist's Senate financial disclosure forms may contain some inadvertent errors which are under review and will be promptly corrected by amending his financial disclosure," Stevenson said.

The family foundation had more than $2 million in assets in 2004, the last year for which a tax form was available........

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