News · Press Release

Frank Guinta – Who Faced Federal Probe After Forgetting About His Bank Account – Named to Committee That Oversees Banking

Congressman Frank Guinta, who faced a federal probe after infamously “forgetting” about his bank account, was named to the Congressional committee that oversees banking today.  Guinta was the subject of a federal investigation into his personal finances after he failed to disclose a bank account containing at least $245,0000. Guinta claimed that he failed to report the large bank account that he used to contribute money to his own campaign because he had “forgotten” about the account. Nevertheless, today Guinta was named to the House Financial Services Committee.

“The irony of Frank Guinta’s nomination to the House Financial Services Committee is astounding,” said Josh Schwerin of the Democratic Congressional Campaign Committee. “This is the same Frank Guinta who was the subject of a federal investigation after claiming he ‘forgot’ about his bank account with nearly a quarter million dollars in it. Now he’s going to oversee banking? This is just the latest example of how out-of-touch Frank Guinta is with New Hampshire values and how he will do anything to stack the deck in favor of the special interests and the ultra-wealthy who bankroll him.”

BACKGROUND:

Guinta Named to House Financial Services Committee. In December 2014, House Republicans announced that Frank Guinta had been appointed to the House Committee on Financial Services for the 114th Congress. [Guinta for Congress Press Release, 12/03/14]

Guinta Gave “$245,000 to His Campaign,” “Never Shown Up on Any Financial Disclosure.”   According to the Union Leader, “Frank Guinta’s forgotten bank account, which he says he used to lend his campaign $245,000 during his successful GOP primary run […] But the Democratic Party pointed out that the account Guinta had initially forgotten to list had never before shown up on any financial disclosure forms he had filed in the past, including when he was mayor and alderman.” [Union Leader, 10/06/10]

Union Leader: “Guinta Announced that—Oops—He Had Forgotten to List a Large Bank Account.” According to the Union Leader, “Finance reports also are the source of controversy in the campaigns for the 1st District Republican congressional nomination. Former Manchester mayor Frank Guinta has made nearly $250,000 in loans to his campaign. However, the financial disclosure reports he filed did not show a liquid account that could provide that kind of cash. Asked about the discrepancy, Guinta announced that — oops — he had forgotten to list a large bank account that was the source of the loans.” [Union Leader, 9/07/10]

FEC Case Exists, U.S. Attorney’s Office Has Not Commented. According for Citizens for Responsibility and Ethics in Washington, “In December 2010, the FEC informed NHDP director Michael Brunelle that it had assigned a case number to the party’s complaint against Rep. Guinta.  The current status of the case is unknown. In December 2010, the House Ethics Committee informed Rep. Guinta that the committee had reviewed his candidate financial disclosure reports and amendments and ‘determined that they are in substantial compliance.’ The email Rep. Guinta received, however, was not in response to the NHDP’s complaint, but was the result of a standard review the committee does of all members. In May 2011, Rep. Guinta told attendees of a town hall meeting that the ethics committee ‘cleared it up, they reviewed my reports and gave them a clear bill of health.’ The U.S. Attorney’s office has not commented on any investigation into Rep. Guinta.” [CREW, accessed 9/02/14]

 


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