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Obama Has Over $500,000 in JPMorgan Chase Account

Official White House Photo by Pete Souza(WASHINGTON) -- President Obama has assets valued between $500,000 and $1 million in a JPMorgan Chase checking account, according to financial disclosure forms released by the White House Tuesday.

Obama, who also has between $1,000 and $15,000 in a separate JPMorgan Chase account, recently called JPMorgan “one of the best managed banks there is,” despite its recent controversial $2 billion trading loss.

“This is the best or one of the best managed banks. You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in and that’s exactly why Wall Street reform is so important,” the president told ABC’s The View in an interview that aired Tuesday.

Vice President Joe Biden did not report any assets with JPMorgan Chase, according to his disclosure forms.

Tuesday’s report also shows the president holds U.S. Treasury Notes valued between $1 and $5 million and Treasury Bills valued between $500,000 and $1 million.

It was another good sales year for the president’s books. He reports royalties between $100,000 and $1 million each for his children’s book Of Thee I Sing: A Letter to My Daughters and his memoir Dreams From My Father. The president’s second book, The Audacity of Hope, brought in a little less, between $50,000 and $100,000.

The Ethics in Government Act of 1978 requires high-level federal officials to disclose their personal financial interests, the White House notes in a blog.

“The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials,” spokesman Jay Carney writes. “Neither the President nor the Vice President have any conflicts of interest, and their reports have been reviewed and certified by the independent Office of Government Ethics.”

Copyright 2012 ABC News Radio

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