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The ethics committee recently cleared Mr. Dodd and Sen. Kent Conrad of North Dakota of violating Senate rules by getting mortgages through a VIP program with now-defunct Countrywide Financial Corp. The loans and terms they received were available to many people who were not members of the Senate, the committee said. But the panel scolded both senators for not taking pains to avoid the appearance of impropriety.
After the exonerations, Sen. Barbara Boxer, D-Calif., chairman of the ethics panel, and Johnny Isakson, R-Ga., the vice chairman, introduced legislation that would require members of Congress to disclose the loan date, amount, interest rate, issuer and other details of their home mortgages. The requirement should also apply to the loan's closing terms.
Such a requirement ought to keep senators on the straight and narrow when negotiating a mortgage, and it should ward off unscrupulous lenders. It should also help other members of Congress avoid the pitfalls of Mr. Dodd. Though ultimately cleared of wrongdoing, he invited the public's doubt by being tardy in showing his mortgage documents to reporters.
Ms. Boxer has introduced such provisions before, unsuccessfully. Elected officials don't like to make information relating to their personal finances public. But it's a small price to pay for a good reputation.
Congress should pass this legislation. Mr. Dodd ought to be among the first to sign on as a co-sponsor.
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