Power Underreported Investments by Nearly $1 Million Ahead of Senate Confirmation, Complaint Alleges

[Merry Christmas]

Watchdog group calls for ethics investigation into USAID chief

U.S. Agency for International Development administrator Samantha
Power in her financial disclosure report significantly underreported
the value of her investments, a discrepancy that could have
prevented the Senate from accurately vetting her financial records,
according to a formal complaint filed with the Office of Government
Ethics.

Power lowballed the amount she held in a Cayman Islands-based
investment fund by nearly $1 million. She said she held a stake in
the fund valued between $50,000 and $100,000, according to a copy of
her financial disclosure report filed in February ahead of her
Senate confirmation and reviewed by the Washington Free Beacon. But
when she sold off the holding in June, as required by a federal
ethics agreement, Power listed the sale as between $1,000,001 and
$5,000,000—at least 10 times higher than the value four months
before, according to the American Accountability Foundation watchdog
group, which filed the ethics complaint.

The group is calling on the Office of Government Ethics to
investigate the disparity and says Power may have run afoul of
ethics laws.

"As the head of a government agency, Administrator Power is expected
to be above reproach and to comport to the highest level of ethical
behavior," said Matthew Buckham, the leader of the American
Accountability Foundation, in a Monday letter to Office of
Government Ethics director Emory Rounds. "Due to the large
discrepancy between Ms. Power's initial reporting prior to her
confirmation and the report filed at the sale of her assets, we urge
the Office of Government Ethics to investigate the matter for any
potential misconduct that may have occurred."

Buckham said the difference could be due to Power's assets' growing
in value but noted that the increase was significant enough to
warrant investigation.

"Ms. Power needs to answer whether she had prior knowledge of the
value of her asset with The Social+Capital Partnership GP III, L.P.
and why she reported it significantly lower than what she obtained
from the sale," said Buckham.

USAID did not respond to a request for comment.

As a federal nominee, Power was required to disclose the "identity
and category of value" of any property or investments held in the
previous calendar year that has a "fair market value which exceeds
$1,000," according to federal law. Individuals who intentionally
falsify or omit information on the financial disclosure form can be
subject to a fine of up to $50,000 and prison time of up to one
year.

Power, a former Obama administration official, has served as the
administrator of USAID since May, where she oversees the
distribution and monitoring of over half of the foreign aid budget.

The Social+Capital Partnership GP III, L.P. is a Cayman Islands-
based private equity fund connected to Social Capital, a Silicon
Valley venture capital firm founded by tech investor Chamath
Palihapitiya. The firm has investments in startup companies around
the world and close connections with Democratic Party insiders. Bill
and Hillary Clinton son-in-law Marc Mezvinsky was a vice chairman at
Social Capital.

In addition to Power's stake in the fund, she also served as an
adviser to Social Capital until she stepped down to become USAID
administrator. Secretary of State Antony Blinken held a six-figure
investment and advisory role with the company until earlier this
year.

Power was at the center of several controversies during the Obama
administration. As ambassador to the United Nations toward the end
of the Obama administration, she reportedly "unmasked" the names of
hundreds of Americans identified in intelligence reports—a practice
that some congressional Republicans say was abused to target Trump
campaign officials and Democrats' other adversaries.

During Power's confirmation, she was grilled by Sen. Chuck Grassley
(R., Iowa) over allegedly trying to get a terror-designated charity
group, the Islamic Relief Agency, removed from the U.S. sanctions
list.


https://freebeacon.com/biden-administration/power-underreported-
investments-by-nearly-1-million-ahead-of-senate-confirmation-
complaint-alleges/