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). 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. Sen. Jacky Rosen, serving her first term as senator from Nevada after serving as a congresswoman, is a former computer programmer. Now, in recent social media posts, Facebook users are raising questions about the New. [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. Personal Finances OpenSecrets First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. 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. Insider compiled members' annual disclosures filed this year, analyzing thousands of pages of documents to estimate the minimum and maximum net worth of members of the US Senate and the US House of Representatives, including nonvoting delegates. Rose also owned at least $500,000 worth of stock in Citizens Bank and more than $100,000 worth of Alphabet stock, and he reported 100% ownership of Rose Farm, worth between $5 million and $25 million. "As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked 'SP' for Spouse. Apply for the Ballotpedia Fellows Program. Though Scheider founded a consulting firm, much of his wealth comes from his wife, Julie Schneider, whose family started what was the largest privately owned insurance brokerage in Chicago. 1st: George Washington Est. Almost a quarter of voting members have a negative 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. 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. Fact check: Rep. Alexandria Ocasio-Cortez's net worth doesn't top $1M 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. The change in net worth information has also been added to each of Ballotpedia's profiles of the 535 congressional incumbents. See the sources for this fact-check. When possible OpenSecrets tried to determine a more accurate figure. Rep. Steve Cohen has served six terms as the congressman from Tennessee's 9th District, which is in the southwest corner of the state. 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. DelBene's office denied that the congresswoman violated the law, citing an email from the Committee on House Ethics. Fact or fiction? The data outlined on this page comes from OpenSecrets.org. McKinley founded the architectural and engineering company McKinley & Associates. Percentage increase is not meaningful for this candidate as the initial average net worth is less than or equal to zero. The Census Bureau, the source of the average citizen data, breaks down net worth into wealth categories. 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. Some incumbents experienced a net loss in net worth. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. (Note that elected officials and senior staff may only earn outside income up to $26,100 a year. He owns and operates California real estate and venture capital investment and consulting firm Financial Leasing Services, whose holdings include a Napa Valley vineyard worth about $5 million. Rep. John Yarmuth is in his seventh term in Congress and represents the 3rd District of Kentucky that includes Louisville. Republican Rick Allen has represented Georgia's 12th District since taking office in 2015. Let us know via politics@newsweek.com. Sheldon Whitehouse is a third-term senator from Rhode Island who was re-elected by about 30 points in 2012. Income from the taco restaurant where she tended bar and from her 2018 congressional campaign totaled $25,463. Tucker Carlson ousted at Fox News following network's $787 million settlement. 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 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. 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. 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. If a member gains, expect the gain to be large. Prior to his election to Congress, Heck expanded several small businesses, including one that focuses on workplace education. Insider used these members' "candidate reports," some of which include financial data from 2021. In the 116th Congress, public disclosures had Florida's Rick Scott in first place with a net worth of around $300 million. Lowey is the current chair of the Committee on Appropriations. Between 2004-2012, the average American household[41] saw an inflation-adjusted slight increase of assets from $204,957 in 2004[42] to $264,963 in 2012. OpenSecrets.org gathers this information to build a range of potential values. The wealthiest 15 members together had an estimated net worth of at least $1.3 billion, accounting for half of Congress' total estimated wealth. The 2012 figure will be updated when available. Dingell worked at General Motors for more than 30 years where she was president of the GM Foundation as well as a senior executive responsible for public affairs. and subtracted major liabilities (loans, credit card debt, etc.).[2]. Note: Report numbers may reflect incoming and outgoing members of congress. . After receiving his medical degree and following his residency, Marshall returned to Kansas and established his medical practice in the town of Great Bend. Members of Congress are required to disclose the value of their assets only in broad ranges, such as $15,000 to $50,000. 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. Pelosi reported at least $20 million in liabilities that mostly involved mortgages on properties in California and Washington, DC. Click here to contact our editorial staff, and click here to report an error. However, what the study is missing is how much he was worth in 1982 compared to 2012. Bera worked as a medical doctor before choosing to run for elective office. Help us provide information on American politics. 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. 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. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. Prior to being elected to office, she made much of her wealth in the private sector. Cohen started his legal practice in 1978 after serving as a legal adviser for the Memphis Police Department. The congressman reported $4 million in liabilities in the forms of lines of credit, mortgages, notes payable, and a loan. Before being elected to Congress, Dodgett was as a state senator after taking office at just 26 years old. 5 Kelly Loeffler, who served between 2020-2021 as a Republican. Rep. Vicente Gonzalez is serving his second term in Congress, representing the 15th District in the southern part of Texas. In 1997 Gianforte founded RightNow Technologies, a cloud-based customer service program, which was bought for over $1 billion by Oracle Corp in 2012. He also was the founding chairman of Summit Bank, based in Panama City. Obernolte did not report any liabilities or debts. 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. Many of the wealthiest legislators first had successful and lucrative careers in the private sector. OpenSecrets notes some important limitations to the data:[5]. Both the average and median for congressional and American citizen net worth growth are provided below. Sen. Feinstein herself has a $25 million plus stake in Carlton Hotel Properties. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell Of the "Top 100", 56 are Republicans, 43 are Democrats and one is an Independent. This was an inflation-adjusted annual percentage change of -0.94 from 2004 to 2012. Republican Michael McCaul is one of only a handful of legislators on Capitol Hill with an estimated net worth of over $100 million. He is serving his fifth term as congressman. Help us provide information on American politics. Perdue was also chief executive officer of Dollar General and set up its sale to investors. 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. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Roll Call published its Wealth of Congress report, which ranks the net worth of the 115th Congress.. Senators and Representatives (Personal Gain Index). Some longtime members of Congress watched their wealth rise to record levels in 2018. Do you have a question about Nancy Pelosi? Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. 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. However, our bipartisan reform coalition was then subjected to repeated delay tactics, hand-waving gestures, and blatant instances of Lucy pulling the football," Spanberger said in a statement. This is the first time in history that the majority of members are millionaires.[1]. Much of his $27 million fortune came from a career as an economist and intellectual property lawyer. 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. subscribe to our print edition, ad-free app or electronic newspaper replica here. He holds another $1 million in funds in a personal account at First Western. For example, Sen. John McCain, who has been in Congress since 1982, shows a total net worth decrease of -74.5 percent during the period of 2004-2012. Although the 2012 freshmen only saw moderate growth after one year in office, the growth for the 112th freshmen was staggering. 72. Others, meanwhile, have married into or inherited vast fortunes. South Carolina Rep. Ralph Norman worked as an executive at Warren Norman Co., a development company started by his father that builds office parks, commercial buildings, and residential housing. 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]. Angus King is the only independent representative on this list, though he caucuses mostly with Democrats. Financial disclosures that members of Congress are required to file show that it didnt. Other notable stocks owned by Jacobs includes more than $100,000 invested in stocks of Apple, Microsoft, and Mastercard. Williams recently violated the STOCK Act by failing to properly file three stock transactions by his wife. Every year members of congress are required by law to disclose certain financial information regarding personal assets and liabilities. Fact check:Viral posts make false claims about Friday the 13th, the next full moon. He reported one liability in his financial filings: a business loan worth at least $5 million from PNC Bank. Access your favorite topics in a personalized feed while you're on the go. In that case, a few very high numbers could, for instance, change the average, but they would not change the median. Any such honoraria must be reported on the PFD by source and amount. Buchanan also founded a printing company, American Speedy Printing, in the late 1970s. Prior to his election, Fortenberry worked as a publishing industry executive in Lincoln. Today, though all congressional representatives earn salaries, not much else has changed.

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