Vice President Joe Biden at his daughter Ashley's wedding
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