By Eleanor Boudreau
Memphis, TN – Handwritten on the "Earned Income" page of a financial disclosure statement Republican candidate Stephen Fincher filed with the United States House of Representatives is: "$60,000.00 Estimate." That's how much Fincher says he made from the farm he owns with his wife so far this year. For his earning from the previous year Fincher put down $59,245.
Retiring U.S. Congressman and Blue Dog Democrat John Tanner said that filing, "Is so woefully inadequate it's almost worthless."
Fincher also filed a document with the Federal Election Commission (FEC) that says he loaned his campaign an amount more that four times his yearly earnings: $250,000. Printed on this filing is the note that the quarter of a million dollars came from Fincher's own "personal funds."
The sum of these two documents is the biggest controversy in the race for Tennessee's open 8th District seat--a race which, despite the loan controversy, seems to be tilting toward Fincher; and, if Fincher wins, will effect the balance of power in Washington D.C.
A chairman at Gates Banking and Trust Company Warren Nunn told the Associated Press the bank had provided the quarter of a million dollar loan to Fincher.
If that is the case, under FEC regulations, Fincher would have to disclose the terms of the loan, which, so far, Fincher has refused to do.
Fincher's opponent State senator Roy Herron has been hammering Fincher over that loan in the media and in paid T.V. ads. Herron has disclosed his own income tax returns and has repeatedly asked Fincher to do the same in order to show what Fincher could possibly have used as collateral for such a loan. Fincher has repeatedly refused.
When questioned directly about the loan at a public forum at Union University Fincher said, "The FEC said the loan is okay." The FEC hasn't explicitly okayed the loan. Fincher also restated his refusal to disclose the terms of the loan, or his tax returns. "I don't think Congressman Tanner released his [tax returns] ever," Fincher said.
In a press conference Tuesday Tanner said that he had released his tax returns. Tanner said every year he filed a detailed disclosure form with the House, "What I've done is just get my accountant and my stock holdings and just copy them and send them in with the paper so anyone who wants to can just look, see what I have."
Congressman Tanner, who had already endorsed Herron, waded further into the fray, "My feeling about this is not so much who ultimately wins the election," Tanner said, "It is more about this district not being embarrassed if, in fact, this is a serious transgression of the law because it will not go away if he [Fincher] wins."
Tanner also said he worried about 8th District voters making informed decisions, "This has to do with openness and transparency and honesty as it relates to the constituents of this district being able to judge potential candidates," Tanner said. "The reason we have all these laws is so people can accurately assess."
Paul Ciaramitaro, a spokesman for Stephen Fincher said, "Congressman Tanner is simply parroting the Democrat (sic) talking points and trying to save Senator Herron's flailing campaign, which national party leaders have already left for dead. Senator Herron has tried this same partisan line of attack for two months and hasn't moved the polls in his direction one bit."
Bruce Oppenheimer, a political science professor at Vanderbilt, said Fincher's campaign is indeed behaving as campaigns behave when they believe they have an election in the bag.
"Fincher evidently is not making a lot of appearances, not very accessible to the press, is unwilling to debate, and is relying largely on a campaign where, you know, he using T.V. ads and other forms of media to reach voters," Oppenheimer said. "Normally in a competitive race you might find a candidate more willing to be accessible to the various media sources, rather than just relying on his own paid media. And Herron is trying to make an issue of that."
A lawyer for Herron has written to the FEC asking them to investigate. This week the FEC responded. The Commercial Appeal reported Wednesday that the Gates Bank and Trust and Fincher's campaign treasurer had received letters from the FEC, but it is unclear when more action may happen. Ciaramitaro said Fincher's campaign might not respond to all the FEC's requests until after the election.