Ethics Explorer A Guide to the Financial Interests of Elected Officials

Rep. Wayne Faircloth District 23 (R-Galveston)

Industry
Insurance
Education
B.S., Sam Houston State University
Spouse
Cheryl
Committees
  • Select Committee on Texas Ports, Innovation & Infrastructure
  • Rules & Resolutions
  • Culture, Recreation & Tourism (Vice-Chair)
  • Land & Resource Management
Financial Statements

Sources of Income

  • Faircloth is an insurance agent and owner of his own insurance and financial services firm.

  • He owns more than 10,000 shares of stock in Heritage Bankshares Inc., according to Texas Ethics Commission filings.

Property

  • Two residential properties in Galveston valued at $208,950 and $75,640

  • 87 acres of farmland near Schulenburg

Analysis

  • Faircloth advocated on the campaign trail for eliminating the state's involvement in the insurance industry to better foster competition among private insurers; professionally, he is a property and auto insurance salesman. A spokesman said there's no conflict there because Faircloth, who represents a coastal district still recovering from 2008's Hurricane Ike, intends to "reform TWIA to make sure the past mistakes made in claims handling aren’t repeated and that personal injury trial lawyers won’t walk away with millions of dollars in profits again, while draining TWIA of its reserves to pay future claims."