Obama assets valued between $2.6M and $8.3M

President Obama and first lady Michelle Obama held total assets of between $2.6 million and $8.3 million last year, with as much as $1 million of it in a JPMorgan Chase & Co. asset management account.

The disclosures show $1 million to $5 million of the Obamas' assets are in U.S. Treasury notes, and $600,000 to $1.25 million are in Treasury bills. Treasury notes have maturities of between one and 10 years; Treasury bills have maturities of one year or less.

The president's assets, and those of Vice President Joe Biden, were listed in disclosure forms released Tuesday by the White House that cover the period ending Dec. 31.

While Obama has repeatedly cited the financial relief provided to homeowners by refinancing at low interest rates, the Obamas are not among Americans who have obtained lower-cost loans. At year-end, the Obamas still held a 30-year mortgage on their Chicago residence obtained in 2005 at a rate of 5.625 percent. The average national interest rate on a 30-year fixed mortgage yesterday was 3.75 percent, according to Bankrate.com.

The first couple also aren't among those who have had difficulty saving for their children's college educations. The form lists Section 529 tax-advantaged college savings accounts for both with balances each between $100,000 and $200,000. Their daughters are 13 and 10.

The disclosure forms show two JP Morgan checking accounts for the Obamas — with $500,000 to $1 million in a joint account and another account held by the first lady with a balance between $1,000 and $15,000. Last year the couple reported having between $250,001 and $500,000 in the asset management account.

Obama on Monday cited JPMorgan's $2 billion trading loss, disclosed May 10 by Chief Executive Officer Jamie Dimon, as showing the need for greater government oversight of the financial industry.

In an interview on ABC's "The View" program, he called JPMorgan "one of the best managed banks there is." Obama said Dimon is "one of the smartest bankers we got and they still lost $2 billion and counting."

Because the disclosure form provides asset values only in broad ranges, it's difficult to know whether the Obamas' net worth has risen or fallen and if so by how much.

The asset with the greatest potential decline in value since 2010 was a joint account holding Treasury bills. It was valued at between $1 million and $5 million in last year's filing and declined to between $500,000 and $1 million in this year's disclosure.

Last year, Obama reported assets of between $2.8 million and $11.8 million.

The vice president and his wife, Jill Biden, reported assets of between $239,000 and $866,000.