As Kamala Harris races to make VP pick, J.B. Pritzker's complex financial portfolio could take time to vet

WASHINGTON — The vast fortune of billionaire Illinois Gov. J.B. Pritzker may take time to vet — which could be a factor — as Vice President Kamala Harris evaluates potential running mates under a tight deadline.

Selecting a vice president will be the first major decision for Harris, whose presidential campaign as of Monday is only 8 days old. And she does not have much time to make it. A process that in other years takes a presumptive presidential nominee months is being squeezed into days.

Democrats want to hold a virtual nomination for president and vice president no later than Aug. 7 in order to not risk being left off the ballot in a GOP-run state. If no other Democrat jumps into the race, electronic voting could start as early as Thursday. The roll call of the states at the Democratic convention in Chicago, kicking off Aug. 19, will be symbolic but important in messaging and for firing up the troops.

 The tight timetable means Harris has to make her pick at the political equivalent of warp speed.

 Pritzker is part of a strong battle-tested Democratic bench for Harris to consider: Minnesota Gov. Tim Walz; Arizona Sen. Mark Kelly; Transportation Secretary Pete Buttigieg; Pennsylvania Gov. Josh Shapiro and Kentucky Gov. Andy Beshear.

And even though Michigan Gov. Gretchen Whitmer told CBS News on Monday: “I am not a part of the vetting,” that could change in a snap.

Vetting is the word used to describe the background check and investigation to be done on anyone in the running for vice president. That’s an intense process.

So that brings us to Pritzker and his enormous wealth.

In an interview on MSNBC on Saturday — and in other interviews — Pritzker brushed aside questions about his dealings with the Harris camp when it comes to vice presidential vetting.

"I’m not going to talk about the interactions I’ve had with the campaign,” Pritzker said. “But let’s just say I’m aware that the vetting process is quite an in-depth one, one that takes often weeks and months, and there’s really only about eight days until a decision probably has to be made."

Because Pritzker, in my analysis, opened the door in that interview about the time it will take for an in-depth vet, I’m going to walk through it.

The financial life of billionaire Pritzker is complex.
 
Pritzker’s assets are in a blind trust. The governor’s trust makes investment decisions.

Pritzker’s holdings are not a secret. He's been through two well-funded campaigns where his GOP opponents had the resources to dig into his financial holdings.

By law, Pritzker files a statement of economic interest with the Illinois secretary of state. His most recent report is dated May 1, 2023.

According to the statement, the disclosure covers “every underlying asset in any entity in which Gov. Pritzker, his spouse or his children had a direct beneficial ownership interest” that exceeded $10,000. Any source of income over $7,000 also has to be listed.

Pritzker in his 2023 disclosure goes on to list 270 assets. That’s followed by a list of 127 entities that provide income.

While the statement of economic interest disclosures may seem at first blush useful to taxpayers, in reality its utility is limited. That’s because only the name of the entity has to be reported. The address of the business or the size of the holding is not required.

Some of Pritzker’s assets are easy to discern and lack controversy: Amazon, Apple, Berkshire Hathaway, McDonald’s and Walt Disney.

The dozens of other assets Pritzker holds are not obvious.
 
Pritzker’s finances are a just a piece of the vetting.

 His record as governor should not be lost in the conversation.

 Pritzker has done almost everything on the Democratic agenda: codify abortion rights in Illinois — with his Think Big political operation fighting nationally on the abortion front; banning assault weapons; expanding health care; and overseeing a massive capital plan to rebuild roads and bridges.

As Harris evaluates her vice president options, she has a lot of factors to weigh, including the ability of Pritzker to use his fortune to help the ticket.

But the reality is the Harris team only has a short time to scrub everyone on their list, and the clock is ticking.