Last year Vice President Joe Biden saw the wedding of his daughter Ashley to Philadelphia doctor Howard Krein. He also saw the bill.
According to financial-disclosure forms released Wednesday afternoon, Biden took out a home-equity line of credit valued between $100,001 and $250,000 in 2012 — his second in as many years. The 20-year line of credit from the Wilmington Savings Fund Society has an interest rate of 4.49% and replaces a $15,001 to $50,000 line of credit from 2011 from the same bank at a higher rate.
Biden hosted his daughter’s private wedding reception at his Wilmington, Del., home in June for the “bride and groom’s close family and friends,” according to a White House statement at the time.
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On Monday, Biden joked about his relatively modest financial situation as opposed to his wealthy predecessors’ in a commencement address at the University of Pennsylvania.
“When I did my financial disclosure as Vice President the first time, the Washington Post said ‘It’s probable: no man has assumed the office of Vice President with fewer assets than Joe Biden,’” Biden said. “I hope they were talking financial assets. Then there was all this discussion why I had no money. I’ll tell you why I had no money: four years at Penn, three years of Syracuse, four years at Georgetown, three years at Yale, two years at Tulane, two years at Penn, and now a granddaughter at Penn.”
He brought the house down with the joke, “This is a much cheaper way to get a degree.”
— With reporting by Alex Rogers