7 Fascinating Money and Financial Facts To Know About VP Kamala Harris

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As Vice President Kamala Harris cements her bid for the Democratic presidential nomination, many people wonder just what her policies will look like, including whether she will promote a different economic policy than her predecessor. The former California attorney general and U.S. senator has historically favored tax incentives for low- and middle-income earners and promoted reducing the cost of health and child care.

In order to better understand what her candidacy may look like, we looked at what has been said about Harris’ finances and what she has indicated about what may happen if she is elected. Here are seven fascinating money and financial facts to know about Harris.

Also see how the economy might be affected by a Harris presidency. 

She Isn’t Likely To Have Financial Conflicts

The Ethics in Government Act of 1978 requires high-level officials and candidates for certain offices in the United States, such as the president and vice president, to file statements on their sources of income. These financial disclosures provide a wealth of information about the person’s income, their investments and any property they maintain. 

As vice president of the United States, Harris filed her Executive Branch Personnel Public Financial Disclosure Report (OGE Form 278e) on May 8, 2023. As reported by CNBC, the filing indicates that she is unlikely to have financial conflicts. Her investments have been described as “safe,” leaving little chance that she can benefit from insider trading or other issues.

She Favors Passively Managed Index Funds

Her financial disclosures also show that she favors passively managed index funds. Passively managed index funds tend to have lower fees and a reduced risk of bias. In addition to these index funds, she also makes royalties off “The Truths We Hold,” a book she authored in 2019, and the children’s book “SuperHeroes Are Everywhere.” Combined royalties from these publications appear to be just over $80,000. 

She Maintains a Large Cash Pool

CNBC also notes that she has a “large cash pool” of $850,000 or more set aside, although the exact amount is unclear. The cash, according to the disclosure, is spread across two bank accounts in the U.S. The first has between $100,001 and $250,000 and the second has between $500,001 and $1,000,000. The two accounts are earning interest each year. 

She Has an Adjustable Rate Mortgage

The sole liability listed in her financial disclosure statement was a Wells Fargo mortgage for her personal residence. The amount of the mortgage was reported to be between $1 million and $5 million and incurred in 2020. While the rate is currently set at 2.625%, it is a seven-year adjustable rate mortgage, meaning that after seven years the rate can increase substantially. 

During the financial crisis of 2008, many people were caught off guard when their mortgage payments suddenly increased substantially at the end of their ARM. Harris, however, may have the option to refinance for a fixed-term mortgage, which would eliminate the variable rate or pay off the mortgage in its entirety prior to the rate increase.

She Owns Properties in California and Washington, D.C.

It is believed that Harris and her husband, Douglas Emhoff, own multiple properties. Town & Country reports that the vice president has two properties in her home state of California and a condo in Washington, D.C. 

Her Role in Economic Policy Has Been Limited 

As vice president, her role in the administration’s economic policy remained limited, but that will change as she moves forward with her campaign. While her opposition regularly points to the high inflation that plagued the last four years, Harris has begun to distinguish herself.

Her recent campaign speeches have focused on eliminating child poverty, protecting unions and reducing healthcare and child care costs. 

She Proposed the LIFT Act as a Senator

While some believe she will stick fairly close to President Joe Biden‘s economic policies, others see potential for her to pave a new way forward. Reporting on a speech Harris made in July, CNBC noted that she will be zeroing in on “building up the middle class.” One way she may do this is through signing legislation that offers tax credits to low and middle income earners. 

As a senator, she proposed the LIFT (Livable Incomes for Families Today) the Middle Class Act. The LIFT Act would have a refundable tax credit to most middle-class individuals and families. To offset this tax relief, the then-senator recommended charging a fee to “large financial institutions” and repealing most provisions of the Tax Cuts and Jobs Act, with the exception of those “providing relief to taxpayers earning less than $100,000 per year.”

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