Senate Ethics panel exempts Reid from gift rule

The Senate Ethics Committee exempted Majority Leader Harry Reid (D-Nev.) from a rule prohibiting senators from receiving most gifts worth more than $50, according to documents released Friday.

{mosads}Reid received property worth $14,000 from the widow of a friend from his home town of Searchlight, Nev., who died in 1994, the annual financial disclosure documents said. Reid said he knew Vincent “Buddy” Martello for most of his life and had regularly exchanged gifts with him and his wife Ethel.

As a practicing attorney before his election to Congress in 1982, Reid was paid by Martello for services rendered by receiving partial ownership of a four-acre parcel of land in Searchlight. The senator stated that Martello never requested advice from him in his capacity as a lawmaker.

Reid said that before his death, Martello informed his wife that he would transfer the balance to the senator. The transfer was executed last year and the current total taxable value is worth $27,474.

Robert Walker, chief counsel and staff director of the Ethics Committee, said that Reid was exempt from the rule that allows exceptions for gifts exchanged between personal friends.

Reid also said that he would donate all proceeds to charity for royalties and advances from his new book, The Good Fight.

Reid’s GOP counterpart, Senate Minority Leader Mitch McConnell (Ky.), reported receiving a $500 crystal sculpture as a gift from the American Ireland Fund in recognition of public service, citing a rule allowing him to receive the gift.

McConnell owns property in Washington with his wife Elaine Chao, secretary of Labor, worth between $1 million and $5 million.

Senate Majority Whip Dick Durbin (D-Ill.) reported having multiple residences, including a $310,000 condo in Chicago.

Senate Minority Whip Jon Kyl (R-Ariz.) reported holding $240,244 in a retirement account, which earned $6,252 last year. In a separate retirement account, Kyl is holding $187,525 and earned $4,106 last year. Kyl last December also sold 101 shares of Countrywide Financial Corp. worth $1,044.