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No surprise.
Rep. Charles Taylor
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Business Interests in Russia
Beginning in the mid-1990s, Financial Guaranty Corp., the holding company for Blue Ridge Savings and Loan, and an entity chaired and owned by Rep. Tayor, made a series of loans to Russian companies with interest rates as high as 60%. While active in pushing Congress to support a western-style home mortgage program in Russia, Rep. Taylor bought an 80% stake in a Russian bank in Ivanovo, making it the first American-owned bank in Russia. Rep. Taylor also founded a Russian investment company called Columbus, which appears to work in concert with the Commercial Bank of Ivanovo. Columbus was formed to overcome some of the restrictions of Russian banking law and expand the kind of investments Rep. Taylor could make in Russia.
House Rules prohibit Members from receiving any compensation, the receipt of which is due to their official position. By taking taxpayer-funded trips to Russia to explore and advance his personal business interests, Rep. Taylor may have violated this rule, as well as rules prohibiting conflicts of interest.
Legislative Assistance in Exchange for Campaign Funding
Rep. Taylor has come to the aid of campaign contributor General Electric, which contributed $8,250 to his 2004 re-election. Subsequently, at the company’s request, Rep. Taylor inserted language in a spending bill that would have benefitted the company by calling for further study of PCB dredging projects. If approved, General Electric could have used the bill to justify further delay in its clean-up of the Hudson River.
Members cannot receive reimbursement for the performance of an official act. If, as it appears, Rep. Taylor accepted over $8,000 from General Electric in exchange for supporting legislation that would benefit General Electric, Rep. Taylor would be in violation of 18 U.S.C. §201(b)(2)(A). In addition, Rep. Taylor may also be in violation of Rule 23, clause 3 which prohibits Members from receiving compensation for the improper exercise of the Member’s position in Congress. If Rep. Taylor accepted money from General Electric in exchange for supporting legislation that would aid General Electric, he likely violated Rule 23.
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