Vern Buchanan
| Vern Buchanan | |
|---|---|
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| Member of the U.S. House of Representatives from Florida's 16th district |
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Assumed office January 3, 2013 |
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| Preceded by | Tom Rooney |
| Member of the U.S. House of Representatives from Florida's 13th district |
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In office January 3, 2007 – January 3, 2013 |
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| Preceded by | Katherine Harris |
| Succeeded by | Bill Young |
| Personal details | |
| Born |
Vernon Gale Buchanan May 8, 1951 Detroit, Michigan, U.S. |
| Political party | Republican |
| Spouse(s) | Sandy Buchanan |
| Alma mater |
Cleary University University of Detroit |
| Religion | Southern Baptist |
| Military service | |
| Allegiance |
 United States
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| Service/branch |
 United States Air Force
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| Unit | Air National Guard (Michigan) |
Vernon Gale "Vern" Buchanan (born May 8, 1951) is a member of the United States House of Representatives. He has represented Florida's 16th congressional district since 2007. He is a member of the Republican Party. Rep. Buchanan is the only member from Florida on the House Ways and Means Committee, which has jurisdiction over tax policy, international trade, health care, and Social Security. Prior to serving in Congress, Buchanan was in business for over 30 years and was the chairman of both the Greater Sarasota Chamber of Commerce and the Florida State Chamber of Commerce. He served as member of the board and the executive committee of the United States Chamber of Commerce.
Buchanan grew up in a small town outside Detroit Michigan, the son of a factory foreman in a family of six children. His maternal grandparents immigrated to the United States from Finland. When he graduated from high school in 1969, he joined the Michigan Air National Guard, serving there for six years. Buchanan got a bachelor's degree in Business Administration from Cleary University, in Michigan, and a Masters in Business Administration from the University of Detroit.
In June 2007, Buchanan, in his financial disclosure filing, reported having over $100 million in assets, making him among the five wealthiest members of Congress. Most of his wealth is from his automotive empire, which includes several dealerships in Florida. He also reported ownership interests in about fifty other businesses, including offshore reinsurance companies, and a charter-jet business. He reported receiving at least $19.5 million in income from these businesses in 2006.
In May 1976, Buchanan convinced the owner of a Michigan printing company that he could help the business grow. The two founded American Speedy Printing, which grew through franchising to more than 730 stores in 44 states. Later, Buchanan and American Speedy were defendants in a string of lawsuits during the late 1980s and early 1990s by franchisees and master franchisees, who said they were not making the money that Buchanan had said they could expect. After the bankruptcy, he was accused by a creditors committee of taking excessive compensation and actions that resulted in overstated earnings for American Speedy. In a 1995 deposition, he said that he had no personal obligation to repay the loan from Merrill Lynch; a dispute with the Internal Revenue Service over taxes on the money Buchanan received from Merrill Lynch stretched through the 1990s. Buchanan, his business partner, and Merrill Lynch were sued violating the Michigan Corporation Act. It ended with Buchanan paying $1.5 million.
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Wikipedia