By Richard Rubin, CQ Staff

House Ways and Means Chairman Charles B. Rangel ’s disclosure of more than $500,000 in previously unreported assets is in keeping with an earlier promise to correct any errors in his personal financial statements, his office said in a statement released Wednesday.

“Last fall the Congressman publicly acknowledged errors in some of his previously filed forms and committed to a thorough review of his financial records. He said at that time that he would correct any mistakes, and with these amendments he has done so,” the statement said.

The statement did not respond to questions about how the errors occurred, whether Rangel reported the income on his tax forms and whether he plans to seek re-election in 2010.

Rangel, D-N.Y., who is the subject of two House ethics investigations related to his personal finances and a Caribbean trip, filed amended financial statements for 2007 on Aug. 12, and they were released by the House this week.

Among the new items in the amended report were an account at the Congressional Federal Credit Union worth at least $250,000, an investment account with at least $250,000, land in southern New Jersey and stock in PepsiCo and fast food conglomerate Yum! Brands. None of those investments appeared on the original report, which was filed in May 2008.

Rangel also revised his disclosed investment income for 2007. The original report showed he had received between $6,511 and $17,900, but the new report shows between $45,423 and $134,700. The report also includes eight previously undisclosed financial transactions.

His net worth in the amended report roughly doubled from previous calculations. It is now put between $1.03 million and $2.5 million for 2007. His total net worth at the end of 2008 was put between $834,013 and $2 million.

“Congressman Rangel is confident that his records have been subjected to an exhaustive and complete review, and that the amendments accurately reflect his financial interests,” the statement from his office said. “Indeed, Congressman Rangel has subjected himself to an unprecedented level of scrutiny.”

Rangel will have no further comments on the House ethics committee inquiries until the panel finishes its work, “Out of respect for the committee process,” the statement said.