Members of Congress are permitted to ask for a three-month extension. [1][2] At the same time, 50 percent of Americans cannot afford to spend $5,000 in an emergency. Rep. Nita M. Lowey has served in Congress since 1989, and currently represents New York's 17th District located in southern New York State, just north of New York City. Mitchell won't seek reelection this November. Rep. John Curtis is serving his first full term as a congressman from Utah. Presidential wealth: The net worth of every American president - USA Today 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]. Thank you for supporting our journalism. For a direct comparison to each individual member's figures (as shown on his or her Ballotpedia profile), the yearly median change will correspond with each member's average yearly change. He has also written books on constitutional law and product liability. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. Only lawmakers with an estimated net worth of more than $3 million are included on this list. 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. Trone is a relatively new member of Congress he assumed office in 2019. Warren received an advance of about $300,000 for her book "This Fight Is Our Fight," published in April 2017. Your California Privacy Rights / Privacy Policy. Sen. Michael Bennet first became senator in 2009 to fill the vacancy created by the resignation of Kenneth Salazar. DelBene's wealth is spread out among mutual funds, exchange-traded funds, and real-estate funds. Only House members and senators currently serving in the 116th congress were considered. Changes in Net Worth of U.S. Each member of Congress' wealth was calculated by subtracting the sum of their minimum reported liabilities from the sum of their minimum asset values. 76. Members of Congress come from a wide range of backgrounds from local politics to business and entrepreneurship to professional sports and their fortunes vary greatly. Feinstein was one of 48 members of Congress who Insider and other media organizations found in 2021 to have violated the STOCK Act. Blumenthal's only liability listed in his financial filings was a 30-year mortgage on his home that his wife took out in 2011. Hern's wealth is split between trusts and IRAs belonging to him and his immediate family. The Richest Members of CongressAnd How They Made Their - Fortune That data, currently available for the years 2004 to 2010, is listed in part below in the section Individual data. Buchanan may have the authority to write American tax policy in coming years, as the congressman is likely to become the leading GOP member of the Ways and Means Committee after Rep. Devin Nunes announced his resignation to become the CEO of a new social media company founded by former President Donald Trump. Sign up to get that here. If we use the average net worth category for the House and . List of richest American politicians - Wikipedia The . In late 2021, DelBene appeared to violate the STOCK Act by improperly disclosing her husband's massive sale of Microsoft stock days before President Joe Biden nominated him for an administration post. The STOCK Act requires that the terms of all mortgages, including those on non-income producing personal residences, be disclosed. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. He ran Sara Lee Corp.'s Asia unit and was an executive with Haggar Clothing and footwear company Reebok. This was an inflation-adjusted annual percentage change of -0.94 from 2004 to 2012. Because many members went from a negative net worth to a positive net worth during the years calculated, this figure is an important figure because the total asset increase can figure in all members' asset growth, including the members who did not have a meaningful percentage change due to increasing from a negative to a positive net worth. Rep. Blaine Luetkemeyer is a six-term congressman from Missouri who operates a 160-acre farm and also has been in banking and insurance. Scott, who assumed office in 2019, cemented his No. This was an inflation-adjusted annual percentage change of 3.7 percent from 2004 to 2012. We rate the claim that Rep. Alexandria Ocasio-Cortez has racked up more than $1 million in net worth as a member of Congress FALSE, based on our research. Click here to contact us for media inquiries, and please donate here to support our continued expansion. Ocasio-Cortez spokeswoman Lauren Hitt said the financial disclosure reports are accurate but provided no additional comment. Currently, used car information website Carfax is Beyer's top campaign contributor. Currently, the top industrial contributors to Williams's campaign are oil and gas and automotive. Inhofe also worked as an independent businessman for three decades and was the president of Quaker Life Insurance Company. Today, though all congressional representatives earn salaries, not much else has changed. Now, in recent social media posts, Facebook users are raising questions about the New. The latest batch of numbers shows that the 113th Congress had a median net worth of $1,008,767. The main source of Kelly's wealth comes from the eponymous Mike Kelly Chevrolet Cadillac dealership, which he bought from his father and eventually expanded to include a Kia and Hyundai dealership. 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. It's not possible to know the precise net worth of members of Congress as they are only required to provide a range of values in their financial disclosures and not specific dollar amounts. Lowey is married to a prominent Wall Street attorney, who co-founded his own firm that specializes in securities and merger litigation. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. With a total estimated net worth just shy of $11 million, Lowey is one of only a handful of women to rank among the 25 richest legislators. 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,. Norman was elected to Congress in a special election in 2017 after President Donald Trump appointed his predecessor, Mick Mulvaney, to be the director of the Office of Management and Budget. Sign up to get that here. Do you have a tip on a politics story that Newsweek should be covering? Data on the year each House member or senator started serving as a member of Congress, district served, and party affiliation came from Congress.gov. The typical congressional representative - including both senators and House members - has an estimated. The 2004 figure was adjusted for inflation to 2012 dollars. No one is qualifying for food stamps, but some lawmakers carry significant personal and/or business debt. Buchanan's wealth primarily comes from his ownership of several car dealerships, in addition to a limited liability company that was labeled as "Aircraft Holding & Leasing" and valued at $25 million to $50 million. After receiving his medical degree and following his residency, Marshall returned to Kansas and established his medical practice in the town of Great Bend. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. Rep. Alexandria Ocasio-Cortez has been paid $174,000 per year as a member of Congress since joining the House of Representatives in January 2019. As stated above, this is the total change in the amount of assets the. Allen & Associates, which operates in six states and is headquartered in Augusta, which is within the district Allen represents. Peters' wife, Lynn Gorguze, also has a small fortune from serving as president and CEO of private equity firm Cameron Holdings since 1993. Buchanan earned much of his fortune through car dealerships and through his involvement in charter jet and yacht leasing. OpenSecrets.org gathers this information to build a range of potential values. Tucker Carlson ousted at Fox News following network's $787 million settlement. The majority of Risch's $15.6 million net worth is tied up in real estate. This Ballotpedia article is in need of updates. This report compared average and median data, and in both cases the growth of congressional net worth significantly outpaced that of the American citizen. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. 72. Jackie Speier is in her sixth full term in Congress and now represents California's 14th District, which includes San Mateo County. Her student loan debt through the U.S. Department of Education at the time was listed as between $15,001 and $50,000. Congressional financial disclosure forms use value ranges, rather than precise amounts, when reporting assets and liabilities. Though he is a Tennessee native, Trey Hollingsworth has served in Indiana's 9th District since taking office in 2017. 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. U.S. House of Representatives Republicans, U.S. House of Representatives Independents. 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. Net worth figures are by no means comprehensive or exact, as members of Congress are not required to report their principal residences or their contents (the largest assets for most Americans), and they report their financial assets and liabilities in broad ranges of value. Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. Sen. Joe Manchin III of West Virginia. Warner's wealth is divvied up among mutual funds, private-equity funds, and hedge funds. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell Beyer reported at least $8.6 million in liabilities, almost all of which were mortgages on various properties he owned. Buchanan also founded a printing company, American Speedy Printing, in the late 1970s. Other notable stocks owned by Jacobs includes more than $100,000 invested in stocks of Apple, Microsoft, and Mastercard. Prior to his election to Congress, Heck expanded several small businesses, including one that focuses on workplace education. How Did Members of Congress Get So Wealthy? - The Atlantic Mortgages reported on properties that were not listed as assets were excluded from the wealth calculations, but are displayed on our profiles of the corresponding officials. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Rep. Lucille Roybal-Allard, a Democrat from California: -$1,008,000, Rep. Steven Horsford, a Democrat from Nevada: -$1,047,992, Sen. Cynthia Lummis, a Republican from Wyoming: -$1,401,991, Sen. Tammy Duckworth, a Democrat from Illinois: -$1,877,936, Rep. August Pfluger, a Republican from Texas: -$2,000,002. Romney's wife, Ann, also boasts an extensive portfolio that includes millions invested in private-equity and hedge funds. Hartzler and her family live on a working farm in Cass County. Pelosi reported at least $20 million in liabilities that mostly involved mortgages on properties in California and Washington, DC. Other major assets include several Vanguard index funds he holds jointly with his wife, Transportation Secretary Elaine Chao. After that report, the Center for Responsive Politics OpenSecrets.org ranked Ocasio-Cortez as one of the poorest members of Congress, where more than half of members have a net worth of at least $1 million. Kennedy has served Massachusetts' 4th District since 2013. He snagged his first job in D.C. in 1968, working as the chief legislative assistant to Kentucky Sen. Marlow Cook. Sen. Elizabeth Warren, in her second term as senator from Massachusetts, is seeking the Democratic Party's nomination for president. Norman and his wife also hold more than $100,000 in stock in Exxon Mobil. A text image . The change in net worth information has also been added to each of Ballotpedia's profiles of the 535 congressional incumbents. Apply for the Ballotpedia Fellows Program. In the 116th Congress, public disclosures had Florida's Rick Scott in first place with a net worth of around $300 million. 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. if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Erica Shumaker Caitlin Vanden Boom More than half of Isakson's estimated wealth is held in a blind trust he established in 2012. U.S. House of Representatives Press Gallery, accessed March 9. This list of richest American politicians includes current and former office-holders and political appointees, and is not necessarily adjusted for inflation. Elected officials and senior staff are prohibited from receiving honoraria for speeches, articles or appearances. Who Are the Richest U.S. Senators? - Investopedia List of current members of the United States Congress by wealth Members of Congress are way wealthier than average Americans. Entrepreneurship. 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 made much of his wealth as a corporate executive, first at Chrysler in 1985 and then as CEO of Ross Education, a health industry training firm. All other content, including data analysis of net worth change, is posted under Ballotpedia's standard content license. Sen. Elizabeth Warren of Massachusetts. The congressman owns an extensive array of real property, mutual funds, and several individual retirement accounts. In her most recent financial disclosure, filed in September 2020, Ocasio-Cortez reported between $2,003 and $31,000 in assets, compared with student loan debt of between $15,000 and $50,000. Ballotpedia features 408,463 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. When the members who lost money during this time period are removed from the calculation,[35] the growth in wealth among the "wealth gainers" stands out. The first-term senator from North Carolina was an executive at PricewaterhouseCoopers and IBM. Today, Kelly and his wife's financial filings include profits from the dealership and over 200 stocks, bonds, and mutual funds. [21], This chart shows the average yearly percentage change in net worth of the 100 congressional incumbents whose calculated net worth[22] divided by the number of years studied was the highest.[23]. This is the first . Viral posts make false claims about Friday the 13th, the next full moon. Click here to contact us for media inquiries, and please donate here to support our continued expansion. Bera worked as a medical doctor before choosing to run for elective office. He also owns several rental properties around the University of Georgia campus. The congressman served for 18 years in Congress before briefly leaving and becoming President Donald Trump's nominee to head the US Trade and Development Agency. Disclaimer: All data relating to the average net worth of individual members of congress from OpenSecrets.org/ Each year, every member of Congress is required to file a detailed report disclosing their financial holdings. Today, though all congressional representatives earn salaries, not much else has changed. 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. In total, the study looks at 320 Republicans, 296 Democrats and two Independents. Maloney's assets include a townhouse in the Upper East Side, a six-unit rental property in Virginia Beach, and a partial stake in a rental property in Jamaica. Republican Rick Allen has represented Georgia's 12th District since taking office in 2015. There are many elected officials with large fortunes independent of the salaries they earn while serving in Congress. Rob Portman's family founded and expanded a material-handling distributor. Republican Greg Gianforte has represented the state of Montana on Capitol Hill since taking office in 2017. Members of Congress earn a salary of $174,000. The speaker has been criticized by some in her own party for not moving fast enough on a ban that would prevent members of Congress from trading in stocks while in office. He serves as chairman of the Senate Committee on Appropriations. However, there were substantial increases in wealth of the members who fell into this category. Its content is produced independently of USA TODAY. The Republican, now in his fifth term, is a certified professional engineer who worked in the construction industry before he entered Congress. The bulk of Obernolte's fortune stems from his ownership of FarSight Studios, a video-game company in Big Bear Lake, California, that he launched in 1988. Pelosi's net worth in 2021 was estimated to be as much as $171.4 million in an October report by The Washington Free Beacon, a conservative news outlet that arrived at that figure "by taking into account the ranges of all the individual assets and liabilities" in Pelosi's financial disclosure statement. Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. They occasionally also report the combined value of the account, in which case the combined value is omitted from calculations. majority of members of Congress are millionaires. Grandson of Robert F. Kennedy, Joseph Kennedy is the only member of the political dynasty to be currently serving on Capitol Hill. Romney reported at least $4.5 million in liabilities from his wife; each liability was listed as a "capital commitment.". Sen. John Kennedy is in his first term as senator from Louisiana. Below are average net worth numbers for first year freshman members for each recent session of Congress. Much of his wealth is from investments he made with his earnings from years as a corporate tax attorney. Senators and Representatives (Personal Gain Index). She is an emeritus professor at Harvard University. Senators and Representatives during their time in office. The majority of Feinstein's wealth is from her husband, Richard Blum, according to her financial filings. That left her with about $4.3 million in her campaign coffers, according to the FEC. Although the 2012 freshmen only saw moderate growth after one year in office, the growth for the 112th freshmen was staggering. Net worth figures are rounded estimates derived from financial disclosure forms filed in 2018 and are not necessarily comprehensive or exact. 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. Warren and her husband Bruce, also a law professor at Harvard, have homes in Cambridge, Massachusetts, and in Washington, D.C. Sen. Chris Coons is in his first full term as senator from Delaware after defeating Tea Party candidate Christine O'Donnell by almost 17 points in a special election. How much are your senators and representatives worth? Sen. Ron Johnson was first elected to the U.S. Senate in 2010. Every year members of congress are required by law to disclose certain financial information regarding personal assets and liabilities. For the second year in a row, Representative Darrell Issa tops the lot with a net worth of $357.25 million, largely the result of. 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. The congressman's wife, Lynn Gorguze, is the president and CEO of a private equity firm, Cameron Holdings. She has amassed her wealth through the business activities of her husband, Paul Pelosi. Note: Report numbers may reflect incoming and outgoing members of congress. Senators and Representatives, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Changes_in_Net_Worth_of_U.S._Senators_and_Representatives_(Personal_Gain_Index)&oldid=8739186, Conflicts in school board elections, 2021-2022, Special Congressional elections (2023-2024), 2022 Congressional Competitiveness Report, State Executive Competitiveness Report, 2022, State Legislative Competitiveness Report, 2022, Partisanship in 2022 United States local elections. Lawmakers are not required to disclose certain classes of personal assets, such as the value of their personal residence, so these assets are not included in Insider's calculations. The second-term congressman representing South Carolina's 5th District in the northern part of the state keeps most of his wealth in real estate holdings. McCaul did not list any liabilities or debts in his financial disclosure. The ten current senators and representatives listed below experienced the highest overall net worth gains (by percentage) from 2004-2012. Insider used these members' "candidate reports," some of which include financial data from 2021. Before representing Washington's 4th District on Capitol Hill in 2015, Republican Dan Newhouse served as the director of Washington state's Department of Agriculture. Travel and travel-related reimbursements from a single source, valued at more than $305 in aggregate for the year and connected to official business and the source, dates, and purpose of the travel and itinerary. 618 members are included in the congressional data, compared to the millions sampled in the census data. The. How does that happen?? Between 2004-2012, the median American household[41] saw an inflation-adjusted decrease of assets from $18,990 in 2004[42] to $17,557 in 2012. PolitiFact | No, Nancy Pelosi's net worth is not $196 million Manhattan Construction Group's lucrative contracts have included both Bush presidential libraries as well as the new Dallas Cowboys stadium. 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. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. The congresswoman reported two liabilities owned by her spouse: lines of credit amounting to more than $1.5 million. The typical congressional representative including both senators and House members has an estimated net worth of over $500,000, or roughly five times the median U.S. household net worth. Negative to positive increases Property (such as personal residences) and non-income producing investments are not required to be reported under ethics laws. Speier is of counsel at the law firm of Hanson Bridgett LLP in San Francisco. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. David B. McKinley represents the 1st District of West Virginia, which is in the northern part of the state. DelBene's office denied that the congresswoman violated the law, citing an email from the Committee on House Ethics. Majority of lawmakers in 116th Congress are millionaires Richest Member of Congress in Each State - Yahoo Finance Other notable holdings of Upton's include Apple, Raytheon, Amazon, Alphabet, Facebook, and Texas Instruments. 5 Kelly Loeffler, who served between 2020-2021 as a Republican. Much of Issa's fortune comes from a car-alarm system called Steal Stopper and his time as the CEO of Directed Electronics. [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. 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). How Nancy Pelosi's Net Worth Vastly Increased While House - Newsweek Rep. David B. McKinley of West Virginia. Filers for the 2020 fiscal year were allotted an extra three months to submit their disclosures because of the pandemic. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch Gore & Associates. For information on which members saw the highest change during their tenure, please see Ballotpedia's page on the Changes in Net Worth of U.S. 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]. First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. No, Nancy Pelosi's net worth is not $196 million If Your Time is short The $196 million figure is likely too high. OpenSecrets notes some important limitations to the data:[5]. Abraham graduated from the Louisiana State University School of Veterinary Medicine and practiced for 10 years before he got his medical doctor degree. Source: Alex Wong / Getty Images News via Getty Images Alabama: Sen. Richard C Shelby (R) > Est. This is the first time in history that the majority of members are millionaires.[1]. The data used to calculate changes in net worth may include changes resulting from assets gained through marriage, inheritance, changes in family estates and/or trusts, changes in family business ownership and many other variables unrelated to a member's behavior in Congress.
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