POLITICS
5:30 pm
Wed January 23, 2013

State Nominee John Kerry Plans to Divest Holdings

Senate Foreign Relations Chairman JohnKerry, D-Mass., leads a hearing on the attack on the U.S. consulate in Benghazi, Libya, where the ambassador three other Americans were killed Sept. 11, on Capitol Hill in Washington, Thursday, Dec. 20, 2012.
Credit (AP Photo/J. Scott Applewhite)

Secretary of State nominee John Kerry plans to divest holdings in dozens of companies in his family's vast financial portfolio to avoid conflicts of interest if he is confirmed by the Senate.

The Massachusetts Democrat notified the State Department earlier this month that within 90 days of his confirmation he would move to sell off holdings in three trusts benefiting him and his wife, Teresa Heinz Kerry. In the Jan. 8 letter to the department's Office of the Legal Adviser, Kerry said he would not take part in any decisions that could affect the companies he has holdings in until those investments are sold off.

Kerry is the wealthiest man in the Senate, worth more than $184 million, according to a 2011 Senate disclosure.