House GOP Freshman Class: 25% Are Millionaires

Wednesday, 01 Dec 2010 11:35 AM

By Dan Weil

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It stands to reason that Republicans, who tout the virtues of our free-market system, would be active participants in that system. So it’s no great surprise that almost 25 percent of the GOP’s House freshman class are millionaires, as Politico reports.

For example, New Mexico Rep. Steve Pearce and his wife have assets of $8 million to $37 million, including up to $25 million in Trinity Industries, an equipment rental company in Hobbs, N.M. Richard Berg of North Dakota appears to be the richest Republican freshman, with assets above $20 million.

To be sure, the percentage of millionaires is far higher among incumbents than freshmen. Almost half the current Congress — 261 lawmakers — have assets exceeding $1 million, up from 237 last year, according to a recent report from the Center for Responsive Politics.

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