He reported one liability in his financial filings: a business loan worth at least $5 million from PNC Bank. These estimates assume no change in net worth between 2011 and 2012. To ensure consistency among data sets, home equity was withheld in a similar fashion to primary residences not being counted as assets for congressional data. Rep. Debbie Dingell is serving her third term as representative of Michigan's 12th District, which is located in the southeast corner of the state. Still, the wealthiest congressional representatives did not earn their fortunes as public servants. Sen. Elizabeth Warren of Massachusetts. Rep. Chellie Pingree is in her sixth term as congresswoman who represents Maine's 1st District, which is the southeastern section of the state. The bulk of his fortune is from his wife, Linda, the daughter of the founder of the media giant iHeartRadio. He was founder, chairman, and chief executive officer of Little Rock-based Delta Trust & Banking Corp. Richard C. Shelby of Alabama is in his sixth term as senator from Alabama and is the fifth-ranked Republican in seniority. Feinstein listed three liabilities, each of which belonged to her husband, for a combined amount of at least $3 million. However, there were substantial increases in wealth of the members who fell into this category. At the start of his 2020 presidential campaign Biden released his financial information disclosures as well as state and federal tax returns for 2016, 2017, and 2018 and based on those forms,. This allows us to: For more detailed information on the actual net worth of members of Congress, rather than the growth of their net worth, please see: Net worth of United States Senators and Representatives. Drew Hammill, Pelosi's deputy chief of staff, said in a statement in July this year that the speaker "does not own any stocks.". Republican Greg Gianforte has represented the state of Montana on Capitol Hill since taking office in 2017. He has been a senator since 1994. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. From their 2009 required candidacy filing to 2012. Rep. Ann Wagner held management posts at Hallmark Cards and Ralston Purina before she was elected to the first of her four terms as a congresswoman from Missouri. Roger Marshall is in his second term as the congressman representing the 1st District of Kansas, which encompasses mostly the western part of the state. Senators and Representatives (Personal Gain Index), Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License, Information on financial disclosure forms from the Office of the Clerk of the House of Representatives, Older congressional financial disclosure forms available on, Net Worth of United States Senators and Representatives, Homeland Security and Governmental Affairs, United States House of Representatives Committee on Oversight and Government Reform, Cooperative of American Physicians IE Committee, Changes in Net Worth of U.S. It is no wonder, then, that when the average citizen has the means to take a peek at each members ability to handle his or her personal finance, intrigue abounds. See the sources for this fact-check. Congressional financial disclosure forms use value ranges, rather than precise amounts, when reporting assets and liabilities. Alexandria Ocasio-Cortez Emerges as a Political Star, 'Change Is Closer Than We Think.' Members of Congress earn a salary of $174,000. No ban has yet been put in place. Rep. Liz Cheney's (R-WY) net worth ballooned from an estimated $7 million when she first took office in 2017 to possibly more than $44 million in 2020, according to analysis from the Center for Responsive Politics and her most recent financial disclosure forms. Pence left Congress in 2012 to become the governor of Indiana. Blum is an investor and the president and chairman of Blum Capital, a private equity company. Insider used these members' "candidate reports," some of which include financial data from 2021. Using his fortune from his family business, Manhattan Construction Group, Rooney donated enough to the GOP to earn an ambassadorship during the George W. Bush administration. Lowey is the current chair of the Committee on Appropriations. This is the first part of the Personal Gain Index. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. Mitchell won't seek reelection this November. Student volunteers wanted! After heated budget debates, threats of government shutdowns and multiple votes to raise the debt ceiling, Congress has been dealing with fiscal issues on a regular basis. Warner's wealth is divvied up among mutual funds, private-equity funds, and hedge funds. Ballotpedia features 408,463 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. When this is the case, it is expressed with a negative percent. Tucker Carlson ousted at Fox News amid lawsuit alleging sexism : NPR Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell Phillips, who joined Congress in 2019, reported at least $2 million in liabilities in the form of mortgages. This is the first . (Note that elected officials and senior staff may only earn outside income up to $26,100 a year. The New York Post estimated that the Pelosis had made between $5.6 million and $30.4 million between 2007 and 2020 through capital gains and dividends from investments in five tech companies - Facebook, Google, Amazon, Apple and Microsoft - based on public disclosures. Based on the $19,000 in student loan debt Ocasio-Cortez said she had in September 2019, she could be in the hole to the tune of nearly $17,000. Pelosi's husband had holdings in corporations such as Slack, Tesla, Disney, Visa, Salesforce, PayPal, Alphabet, Facebook, and Netflix companies that together spend tens of millions of dollars each year lobbying the federal government. A medical doctor and military veteran, Rep. Ralph Abraham is serving in his third term as a congressman from Louisiana. Here's How Much Joe Biden Is Worth - Forbes First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. Net worth figures are rounded estimates derived from financial disclosure forms filed in 2018 and are not necessarily comprehensive or exact. Those from personal acquaintances, contributions to legal defense funds and commemorative items. In addition to serving his constituency, Cooper teaches part time at Vanderbilt. Sen. Elizabeth Warren, in her second term as senator from Massachusetts, is seeking the Democratic Party's nomination for president. The bulk of Romney's wealth derives from his success at Bain Capital, a private-equity investment firm where he rose to CEO. Percentage increase is not meaningful for this candidate as the initial average net worth is less than or equal to zero. Senators and Representatives (Personal Gain Index). The wealthiest members of Congress have one thing in common. The 15 Richest Members of Congress | Newsmax.com Coming from a long line of Tennessee politicians, Jim Cooper served Tennessee's 4th District from 1983 through 1995 and District 5 since 2003. Blumenthal's fortune is held almost entirely by his wife, Cynthia Malkin, with millions of dollars reported in various hedge funds, stocks, and real estate and property partnerships. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. McKinley founded the architectural and engineering company McKinley & Associates. Because of this, Ballotpedia removed Pingree when calculating the averages for this study, while continuing to list her in the chart. The top range for Senate spousal assets is listed as Over $1 million." Donald Trump is a lot less rich today than when he was elected - CNN While an analysis of financial disclosures by the Center for Responsive Politics last year found that the majority of members of Congress are millionaires, Ocasio-Cortez would not be one of them. The wealthiest 15 members were worth at least $1.3 billion, half of Congress' wealth. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Through most of her 20s, Ocasio-Cortez lived paycheck to paycheck, according to Time. For the 49 members who went from a negative net worth to a positive net worth, the average increase was $3.4 million per member.[29]. The disclosures required on the PFD include: An "American Citizen" figure was calculated in order to allow us to compare the change in household net worth of a member of Congress to the changes in net worth over the same period experienced by the average citizen. The first-term senator from North Carolina was an executive at PricewaterhouseCoopers and IBM. That also makes it difficult to pin down exactly how much Pelosi's net worth has grown since she first became speaker in 2007, but she has been reported to be one of the wealthier members of Congress. Insider's calculations are conservative estimates based on the minimum values disclosed by members. Rep. Brad Schneider served Illinois' 10th District from 2013 through 2015 and began serving once again in 2017. Thank you for supporting our journalism. For the purpose of our comparison to the median American citizen data below, the median congressional increase was 1.55 percent per year. Researchers used data provided by OpenSecrets.org to calculate the change in net worth of each congressional incumbent from either 2004 or the year he or she was first elected, if that year was after 2004.[6]. 5 Kelly Loeffler, who served between 2020-2021 as a Republican. Disclaimer: All data relating to the average net worth of individual members of congress from OpenSecrets.org/ Comenity Direct Savings and CDs: Safe Places To Make the Most of . That data, currently available for the years 2004 to 2010, is listed in part below in the section Individual data. In September 2019, Sensenbrenner announced he would not seek reelection in the 2020 election. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. Congressional millionaires had an average yearly percentage increase of 23.9 percent. For instance, if three assets are listed at a value range of $1,001-$15,000, the total range of assets would be listed as a minimum of $3,003 (3 X $1,001) and a maximum value would be $45,000 (3 X $15,000). Rep. Denny Heck is in his fourth term serving the 10th District of Washington state, which includes the state capital of Olympia. McCaul did not list any liabilities or debts in his financial disclosure. They obtained the data from personal financial disclosure data that each senator and representative is required to provide for public record. Scott Peters, who has represented California's 52nd District located just north of San Diego since 2013, is worth an estimated $32 million. The data starts in 2004 for any member who started either in 2004 or prior, or at a later year for anyone who was elected after 2004. Buchanan also founded a printing company, American Speedy Printing, in the late 1970s. Any liability or loan where the filer, his or her spouse or his or her dependent children owed more than $10,000 at any time during the calendar year. Any such honoraria must be reported on the PFD by source and amount. Some incumbents experienced a net loss in net worth. Paul also has invested in Apple, Disney, Comcast, and Facebook. Rep. David B. McKinley of West Virginia. Chao also collected a salary during her tenure on the boards of Wells Fargo and News Corp. Rep. Mike Kelly was first elected to the U.S. House of Representatives in 2010. His family owns companies in construction and property development. Here's How Rich Every US Senator Is - Page 2 - 24/7 Wall St. net worth in 2018: $19,145,013 > Assumed office: Jan. 3, 1987 > Current term ends: 2023 > Approval . There are many elected officials with large fortunes independent of the salaries they earn while serving in Congress. Foster sold his stake in the business before he ran for Congress. Donald Beyer serves Virginia's 8th District, located west and south of Washington D.C. along the Potomac River. The tables and graphs on this page show some of the highlights of the study. The first-term Montana senator won by almost 18 points in 2014 after serving one term in the House of Representatives. Upton's fortune mainly derives from an appliance company that his grandfather founded, Whirlpool, which the congressman reported holding at least $1 million of stock in. U.S. House of Representatives Press Gallery, accessed March 9. In a post shared more than 14,000 times, a Facebook user claims that Ocasio-Cortez was broke when she was first elected to Congress in 2018 but now has anet worth of more than $1 million. Liz Cheney's Net Worth Ballooned from $7 million to $44 million in five The data also includes some former members, whose net worth would have been calculated at the end of their term in the 112th Congress. The data outlined on this page comes from OpenSecrets.org. She also raised about $5 million in February for Texans hit by a winter storm that left millions in the state without power, CNN reported. He has also written books on constitutional law and product liability. In the private sector, Alexander co-founded a law firm in Nashville as well as a chain of children's daycare centers. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. One of these categories is "equity in own home," but Ballotpedia did not factor the average citizen's home equity into this figure because the Congressional net worth does not require members to report property (including personal residences) that is not used for investment purposes. Each member of Congress' wealth was calculated by subtracting the sum of their minimum reported liabilities from the sum of their minimum asset values. Other major assets include several Vanguard index funds he holds jointly with his wife, Transportation Secretary Elaine Chao. Federal Election Commission, accessed March 9. U.S. House of Representatives, accessed March 9. She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. Members of the United States Congress and candidates for Congress are required to file an annual Personal Financial Disclosure (PFD) on or before May 15 of every year. Sen. Michael Bennet first became senator in 2009 to fill the vacancy created by the resignation of Kenneth Salazar. will hold that position until the end of the present Congress. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. Repiblican Roger Williams represents the 25th District in Texas a strip of land that extends from Fort Worth down to Austin. In 2021, Hern violated the STOCK Act by failing to properly disclose stock trades worth at least $1.06 million and as much as $2.7 million. Help us provide information on American politics. The bulk of his estimated net worth of $12.3 million, however, comes from Cooper Brothers Land Co., a real estate firm the congressman owns with his two brothers. Although the 2012 freshmen only saw moderate growth after one year in office, the growth for the 112th freshmen was staggering. The latest batch of numbers shows that the 113th Congress had a median net worth of $1,008,767. Financial disclosures that members of Congress are required to file show that it didnt. For the full set of data, please visit our Google spreadsheet here. Prior to his election to Congress, Marchant founded a construction and home building business. Data is not available for a limited number of congressional members. McCaul is thought to be the second-richest person in Congress, though none of the assets or holdings reported in his 65-page financial disclosure were his alone, belonging to his wife or dependent children. Because many members have been in office for longer than the eight years this study illustrates, the real change in net worth each member sees after initially taking office may be higher than the numbers in this data. She is an emeritus professor at Harvard University. Rep. Vern Buchanan of Florida's 16th District is worth an estimated $73.9 million. For the first time in history, the majority of America's elected officials in Washington, D.C. are millionaires. Fact check: How many millionaires are in Congress, compared to - WRAL This data affords constituents the ability to see the real increase (or decrease) of each member's net worth. Fact check: Rep. Alexandria Ocasio-Cortez's net worth doesn't top $1M The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. Rep. Nancy Pelosi, the Speaker of the House, represents California's 12th District, which includes San Francisco. Brooks also worked as a criminal defense attorney for Indianapolis-based law firm of McClure, McClure and Kammen. Prior to being elected to office, she made much of her wealth in the private sector. Congress members net worth: Here are the legislators with the highest Rep. Greg Gianforte has an estimated net worth of $135.7 million and attributes most of his wealth to a software company he built in the 1980s. In July, Phillips placed his assets in a qualified blind trust approved by the House Committee on Ethics, meaning he'll retain little control over his assets while he's a member of Congress. Click here to contact our editorial staff, and click here to report an error. lived paycheck to paycheck, according to Time. For this reason, Ballotpedia studied the freshmen members of both the 113th Congress (which began in January 2012) and the 112th Congress (which began in January 2010). In a Trumpian move, he rented out a cottage on his Wilmington property for $26,400 a year, reportedly leasing it to the U.S. Secret Service in charge of protecting him. However, all mortgages are required to be disclosed. Beyer reported at least $8.6 million in liabilities, almost all of which were mortgages on various properties he owned. [7], This requirement also extends to candidates for federal office, senior congressional staff, nominees for executive branch positions, Cabinet members, the president and vice president and Supreme Court justices. Beyer made his fortune running several car dealerships around Washington D.C. He also had businesses in energy and real estate and had an early stake in the wireless service company Nextel, which was eventually bought by Sprint. How Did Members of Congress Get So Wealthy? - The Atlantic The wealthiest 15 members together had an estimated net worth of at least $1.3 billion, accounting for half of Congress' total estimated wealth. 1st: George Washington Est. Wyoming. The Center for Responsive Politics, the organization that runs OpenSecrets.org, calculated each net worth by adding all disclosed assets (corporate bonds, stocks, etc.) Student volunteers wanted! List of current members of the United States Congress by wealth In the private sector, Bennet was managing director at Anschutz Investment Co. Bennet is currently campaigning to be the Democratic nominee for President. [1][2] At the same time, 50 percent of Americans cannot afford to spend $5,000 in an emergency. Curtis was the former mayor of Provo, Utah, and a small business owner. Much of his wealth is from investments he made with his earnings from years as a corporate tax attorney. Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. The congressman reported $4 million in liabilities in the forms of lines of credit, mortgages, notes payable, and a loan. Fred Upton has been in Congress since 1987 and has served Michigan's 6th District located in the southwest corner of the state since 1993. Manhattan Construction Group's lucrative contracts have included both Bush presidential libraries as well as the new Dallas Cowboys stadium. Her income is estimated to be around $174,000 annually. "It's yet another example of why I believe that the Democratic Party needs new leaders in the halls of Capitol Hill," she said. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Some longtime members of Congress watched their wealth rise to record levels in 2018. Issa listed one liability: a margin account holding him liable for over $50 million. Eight-term Rep. Jeff Fortenberry represents Nebraska's 1st District, which is in the eastern part of the state. peak net worth: $594.2 million In office: 1789-1797 George Washington was America's first president and also its wealthiest for more than a century. See which incumbents had the largest gains in net worth. This number was found by dividing each member's total net worth growth percentage by the number of years included in the calculation. Click here to contact our editorial staff, and click here to report an error. Meet the 25 Wealthiest Members of Congress - Business Insider Majority of lawmakers in 116th Congress are millionaires Rep. John Yarmuth is in his seventh term in Congress and represents the 3rd District of Kentucky that includes Louisville. How much are your senators and representatives worth? Notable stocks held by Hern and his family included more than $250,000 worth of Amazon, at least $100,000 worth of Alphabet, and more than $530,000 worth of Microsoft. Before venturing into politics, the 3-term senator and former Virginia governor ran a venture-capital firm, Columbia Capital, and a telecom company, Capital Cellular Corporation. Williams' wealth is primarily split among mutual funds, a few select stocks, real property, and the ownership of several car dealerships in Texas worth more than $5 million. In total, the study looks at 320 Republicans, 296 Democrats and two Independents. A part of the family behind the eponymous Midwestern grocery chain, Meijer reported that the bulk of his wealth was held in a "generation-skipping trust" that contained, among other assets, stock in Johnson & Johnson, Home Depot, Tesla, and Visa. Members of Congress are required to disclose the value of their assets only in broad ranges, such as $15,000 to $50,000. In 1997 Gianforte founded RightNow Technologies, a cloud-based customer service program, which was bought for over $1 billion by Oracle Corp in 2012. Hollingsworth's wealth is largely from his father's Knoxville-based company, Hollingsworth Capital Partners, which refurbishes old, often abandoned factories and industrial buildings. Rep. John Curtis is serving his first full term as a congressman from Utah. Kennedy's fortune comes from old family money specifically that of his great-grandfather, who was a businessman, and his great-great-grandfather, who was a co-founder of Standard Oil. Issa did not report owning any individual stocks his wealth is largely held in diversified stock funds and his ownership of properties in California and Ohio. Compare the gains in net worth experienced by congressional incumbents with what happened to the net worth of the people they represent. Members of Congress are permitted to ask for a three-month extension. Ocasio-Cortez reported assets of between $2,003 and $31,000 in her most recent financial disclosure, filed in September 2020, and student loan debt between $15,000 and $50,000. Some exceptions apply; for example, in the case of previously approved income and some book royalties and advances. He also sat on the state Supreme Court and maintained a successful corporate law practice. The data goes from 2004 through 2012. Other notable stocks owned by Jacobs includes more than $100,000 invested in stocks of Apple, Microsoft, and Mastercard. Dodgett has a stake of at least half a million on the Whole Foods grocery store chain, which is headquartered in Austin, a city that falls partially with the district he represents. J ust because you're . During a September 2019 hearing on student loan debt, Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000.

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