Although less than half a year in, the Biden regime is no stranger to controversial nominees for the Cabinet. One current nominee for the Director of the Bureau of Land Management appears to be no exception to this trend. The nominee in question, Tracy Stone-Manning, is under suspicion from several Congressional Republicans as a result of an unusual loan she obtained during her tenure as state director for Senator John Tester of Montana.
The loan in question is a twelve-year personal loan with a principal somewhere between $50,000 to $100,000 and carried an interest rate of six percent. The interest rate given is considered highly favorable for a personal loan given the lack of collateral and the market rate is estimated to have been eleven percent at the time she took out the loan. This would mean that Ms. Stone-Manning had avoided somewhere between $20,000 and $40,000 in extra interest payment as a result of the unusually favorable terms of the personal loan.
Congressional Republicans, most notably Senator Roger Marshall of Kansas, expressed concern over the potential ethical issue of Ms. Stone-Manning taking out such a favorable loan during her tenure in public office by asking her to address that question during a hearing recently. Ms. Stone-Manning answered by reiterating the high value she places on ethical conduct and defensively claimed that she considered the loan to be assistance from a friend during the 2008 Financial Crisis to help her struggling family. The friend in question is a Montana developer by the name of Stuart Goldberg. So far, Senator Marshall’s concerns are yet to be eased by the answers Ms. Stone-Marshall has given thus far.