Vern Buchanan facing more questions about yacht purchase

U.S. Rep. Vern Buchanan is facing more questions about his purchase of a yacht on the same day Congress voted for a tax cut, with a new report detailing how Buchanan's yacht loan came from a "foreign-owned bank seeking to shape" the tax bill.

The Florida Center for Investigative Reporting published an article Tuesday in partnership with MapLight and Capital & Main highlighting that Buchanan financed his yacht purchase with a loan of up to $5 million from BMO Harris Bank. The article notes that BMO Harris spent $760,000 lobbying lawmakers in 2017. The bank hired lobbyist Tony Podesta to advocate on the tax reform issue.

"In recent years, lending to lawmakers has been a source of controversy, with some critics alleging that politically connected banks can use favorable loan terms as a stealth conduit of political influence," the article states.

Buchanan campaign manager Max Goodman said BMO Harris never lobbied the congressman on the tax bill. Goodman added that Buchanan did not receive preferential terms on the yacht loan, saying he got "the going rate." He also noted that many banks supported the tax reform bill, and that it is common to finance boat purchases.

And Goodman lashed out at MapLight, an organization he described as a "left-wing partisan front group."

Asked if the Herald-Tribune could review the yacht loan documents, Goodman said "Vern supplies all disclosures that are required by law."

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