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Bob Good’s Investments Are a Mystery. His Explanations Are Even More Mysterious.

Just a few years ago, Bob Good had hundreds of thousands of dollars in stocks and mutual funds. Now, his investments are a complete mystery.

Bob Good
Rep. Bob Good, chairman of the House Freedom Caucus, leaves the Capitol after votes. J. Scott Applewhite/AP

When Bob Good first ran for Congress, he made no secret of what stocks he owned: They were all listed in personal financial disclosure reports.

Valued between $200,000 and $1.7 million — there are wide ranges allowed in the reports for each asset — Good divulged that he owned over 100 different stocks and mutual funds on his first disclosure as a congressional candidate in 2020.

But just a few years later, as a member of Congress and candidate in a highly competitive primary, the details of Good’s finances had disappeared. Government ethics experts told NOTUS his lack of disclosure appears to be a violation of the House Ethics Committee rules for candidates and members of Congress.

Members of Congress, in almost all cases, have to disclose the individual assets they hold and list a range of how much money they have in them. The only exceptions to the rule are mutual funds or exchange-traded funds that are widely held and publicly traded, and when the lawmakers and their families have no control over the financial interests in those funds.

But according to Good’s financial disclosure report from 2022, he had no stocks or mutual funds. Instead, per his most recent report, filed in August 2023, Good had between $275,000 and $550,000 in an IRA and a Roth IRA, both entirely held in cash.

There aren’t many answers from Good’s office. In fact, the answers they provided to NOTUS — on different days — were contradictory.

Good’s office declined an interview. But in an initial statement provided Wednesday, Good said the following: “Before being sworn into office, I moved my assets to a mutual fund which does not require reporting of individual stock trades. Not only is this less cumbersome for financial reports, but it also avoids any appearance of impropriety of trading stocks based on insider information.”

“I have submitted my required financial disclosure reports for 2021 and 2022, and to the best of my knowledge am in full compliance with the reporting requirements,” he said.

But that one key answer — “I moved my assets to a mutual fund which does not require reporting of individual stock trades” — contradicts multiple years of financial disclosures, which only show two retirement funds held in cash. It also contradicts what Good later said.

When NOTUS followed up Thursday with another series of detailed questions, asking about the discrepancy between his reports and his statement, Good’s office responded with a new statement, eliminating any mention of a mutual fund. He said this: “Before being sworn into office, I moved my assets to avoid any appearance of impropriety with stock trades. I have submitted my required financial disclosure reports for 2021 and 2022, and to the best of my knowledge am in full compliance with the reporting requirements.”

Good’s communications director Marjorie Jackson told NOTUS the Wednesday statement was only “a draft quote.” The updated quote sent the next day — only after being questioned further — was the “actual quote approved by my boss,” Jackson said.

The distinction between IRAs in cash and a mutual fund may seem like a minor difference, but this isn’t the first time Good has been questioned for what he does — and doesn’t — divulge in his financial disclosures.

Good originally didn’t disclose any assets when he made filings in 2019 and 2020 as a candidate. Then, months after the filing deadlines, Good released amended statements listing dozens of various stocks and mutual funds previously unmentioned, according to an examination of his disclosure reports.

Good faced criticism at the time for owning stocks in two companies that had business before the Campbell County Board of Supervisors, on which he then served. None of those investments were reported to Virginia’s ethics board, as required by state law.

According to years of reports, Good also has not publicly disclosed selling any stock holdings, as required; he simply doesn’t disclose what — if any — stocks he owns.

Even if Good had invested in a mutual fund, as he claimed in his original statement to NOTUS, his financial disclosures would, at best, be incomplete.

While members don’t have to list individual stocks held in mutual funds, they do have to name the funds. And if the mutual fund is brokerage-managed, the underlying assets must still be disclosed, according to the rules. “It is not sufficient to disclose the aggregate value of the portfolio or account,” the Ethics Committee rules say.

In 2020, Good disclosed that he was invested in 41 different mutual funds via his IRA. They included a BlackRock Liquidity fund, the Nasdaq Biotech Index and some Vanguard mutual funds.

His most recent 2022 disclosure doesn’t list a single mutual fund.

The most recent disclosure also said he earned dividends on the IRAs he held in cash. Companies pay dividends directly to shareholders so if his investments were all in cash, he shouldn’t have earned any additional income.

That points towards Good having had one or multiple mutual funds in his IRAs, which he hadn’t disclosed. No clear answer exists as to what investments Good may actually hold.

“Mutual funds do not require individual stock trades, but it requires reporting of the actual mutual fund,” said Jordan Libowitz, vice president for communications at Citizens for Responsibility and Ethics in Washington.

“He has to tell you what the mutual fund is. But if what he says on his filing is true, there are no mutual funds,” Libowitz said.

“So his office is telling you, ‘he moved it all into mutual funds.’ And he’s saying, ‘I didn’t, I got rid of everything from mutual funds.’ These two things cannot both be true,” he said.

Libowitz, who is an expert on these disclosure reports, said the question is “which one is the truth.”

Good is locked in a close GOP primary with Virginia state Sen. John McGuire and voters will decide his fate Tuesday. Good has angered establishment Republicans, who take issue with his chairmanship of the House Freedom Caucus and his vote to boot then-Speaker Kevin McCarthy. Loyal Trump Republicans also aren’t happy about his initial endorsement of Ron DeSantis in the presidential primary.

And even though Good has tried to cozy up to Trump since, the former president is conducting a virtual townhall in support of McGuire on Monday, according to a source familiar with the event.

Katherine Swartz is a NOTUS reporter and an Allbritton Journalism Institute fellow.