Tags: congress | millionaires

Close to Half in Congress Millionaires

By    |   Tuesday, 10 Nov 2009 09:51 AM

According to a new report from the Center for Responsive Politics, 44 percent of our Congressional representatives are millionaires.

Only 1 percent of their constituents have that much money.

All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.

"Many Americans probably have a sense that members of Congress aren't hurting, even if their government salary alone is in the six figures, much more than most Americans make," said CRP spokesman Dave Levinthal.

"What we see through these figures is that many of them have riches well beyond that salary, supplemented with securities, stock holdings, property, and other investments."

Among executive branch officials, CRP says the richest is Securities and Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated at $26 million; Secretary of State Hillary Clinton is next, worth an estimated $21 million.

President Barack Obama is the sixth-wealthiest, worth about an estimated $4 million.

Many lawmakers have profited from investments in companies that have received federal bailouts; dozens are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America.

Also, federal financial disclosure laws don’t require members to list the value of their personal residences, information that could alter the net worth figures of many lawmakers.

Along with other U.S. investors, senators’ estimated median reportable worth sunk to about $1.79 million from $2.27 million in 2007.

The House’s median income was significantly lower and also sank, bottoming out at $622,254 from $724,258 in 2007.

The single House Republican who voted for the Democrats' healthcare legislation is a first-term congressman from a strongly Democratic — and very poor — district comprising most of New Orleans, according to dailyfinance.com.

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According to a new report from the Center for Responsive Politics, 44 percent of our Congressional representatives are millionaires.Only 1 percent of their constituents have that much money.All told, at least seven lawmakers have net worths greater than $100 million,...
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2009-51-10
Tuesday, 10 Nov 2009 09:51 AM
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