Vern Buchanan

Vernon Gale Buchanan (born May 8, 1951) is an American businessman and politician serving as the U.S. representative for Florida's 16th congressional district since 2013.

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 and a master's in business administration from the University of Detroit.

In May 1976, Buchanan convinced the owner of a Michigan printing company, Jim McDonald, 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 Printing 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 filing for bankruptcy, he was accused by a creditors' committee of taking excessive compensation and actions that resulted in overstated earnings for American Speedy Printing.

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 for violating the Michigan Corporation Act.

It ended with Buchanan paying $1.5 million.

In 1992, Buchanan bought a Honda and Acura dealership in Ocala, Florida.

In a 1995 deposition, he said that he had no personal obligation to repay a large corporate loan from Merrill Lynch.

In late 1999, he bought two more dealerships.

In 1999, Buchanan was approached to help to finance the Ritz-Carlton condo-hotel development in Sarasota.

Buchanan was cut out of the project.

The developers, Robert Buford and Kevin Daves, said he lied about his financial means.

Buchanan sued and the parties settled in 2001.

Per a structured settlement, Buchanan bought a condo from a nephew of Buford's for $5 million; the nephew had purchased it the day before for $2.368 million.

Buchanan owned the unit for a little more than a year and then sold it to another member of Buford's family for $6.35 million.

The arrangement resulted in Buchanan paying taxes on his gain at the reduced long-term capital gains rate.

Buford benefited from the apartment's increased appraised value and the use of Buchanan's $5 million.

In the year he owned the penthouse, Buchanan used it for charity fundraisers.

His dealerships had $756 million in sales in 2005.

Buchanan owns two reinsurance companies—Jamat Reinsurance Co. and Buchanan Reinsurance Co., in Turks and Caicos, and part of the Bermuda reinsurance company Greater Atlantic Insurance Co. The three companies offer extended warranty policies to car buyers.

Buchanan invests some of the proceeds from his reinsurance companies in real estate developments in the Bahamas.

He reported receiving at least $19.5 million in income from these businesses in 2006.

He continued to acquire dealerships after that, but in 2006 he sold five dealerships and other businesses in order to concentrate on politics.

A member of the Republican Party, he first entered Congress in 2007, representing Florida's 13th congressional district until redistricting.

His district is anchored by Bradenton.

Buchanan is the only Republican member from Florida on the House Ways and Means Committee, which has jurisdiction over tax policy, international trade, health care and Social Security.

Before serving in Congress, Buchanan was in business for over 30 years and chaired both the Greater Sarasota Chamber of Commerce and Florida Chamber of Commerce.

He served as a member of the board and the executive committee of the United States Chamber of Commerce.

In his June 2007 financial disclosure filing, Buchanan reported 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 50 other businesses, including offshore reinsurance companies and a charter-jet business.

Buchanan ran in the 13th congressional district in Florida to replace incumbent Republican Katherine Harris, who was the Republican nominee for the U.S. Senate.

With a net worth of $157.2 million, Buchanan is the 6th-wealthiest member of Congress.

He received over $2.3 million in forgiven PPP loans.

Buchanan grew up in Inkster, Michigan, a small town outside Detroit, the son of a factory foreman in a family of six children.

His maternal grandparents immigrated to the United States from Finland.