Mark Warner, who has served on Capitol Hill since taking office in 2009, is the wealthiest senator on this list. This is the first part of the Personal Gain Index. Even though they weren't required to do so, some filers did list the value of their personal residences; when they did, we included the information in our totals and detailed listings. 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. However, all mortgages are required to be disclosed. [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. The congresswoman filed her next financial disclosure in September 2020. 51. His largest investment is an interest in Lebanon House Inc., which owns the Golden Lamb Inn, the oldest continuously operating company in Ohio. Rep. John Yarmuth is in his seventh term in Congress and represents the 3rd District of Kentucky that includes Louisville. D.C.-based nonprofit OpenSecrets.org estimated Pelosi's net worth at $115. Phillips, who joined Congress in 2019, reported at least $2 million in liabilities in the form of mortgages. The trusts contain a combination of mutual funds, stocks, and electronic funds. Because 2012 household net worth figures had not been released as of publication date, this figure represents the 2011 numbers adjusted for inflation. 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. Click here to contact us for media inquiries, and please donate here to support our continued expansion. 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 bulk of Romney's wealth derives from his success at Bain Capital, a private-equity investment firm where he rose to CEO. He is the founder of the law firm of V. Gonzalez & Associates. Student volunteers wanted! Hollingsworth's wealth is largely from his father's Knoxville-based company, Hollingsworth Capital Partners, which refurbishes old, often abandoned factories and industrial buildings. Congressmen and that of the American citizen, the value of equity in the citizen's personal residence was not taken into account in calculating the net worth of the average citizen, since the value of the personal residence of a Congressman is not included in their disclosure of their household net worth. Norman and his wife also hold more than $100,000 in stock in Exxon Mobil. The Speaker has no prior knowledge or subsequent involvement in any transactions," Hamill said. Buchanan also founded a printing company, American Speedy Printing, in the late 1970s. However, what the study is missing is how much he was worth in 1982 compared to 2012. First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. 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. 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 embarrassment is just going to keep growing over this," Laura Harth, the campaign director at Safeguard Defenders, told Newsweek. Access your favorite topics in a personalized feed while you're on the go. After receiving his medical degree and following his residency, Marshall returned to Kansas and established his medical practice in the town of Great Bend. Help us provide information on American politics. [3], The median American citizen[4] saw his or her household net worth decrease from 2004 to 2012 by an annual rate of -0.94 percent, while members of Congress experienced a median annual increase of 1.55 percent. 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 a net worth of more than $1 million.. Today, Kelly and his wife's financial filings include profits from the dealership and over 200 stocks, bonds, and mutual funds. 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. Rob Portman's family founded and expanded a material-handling distributor. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Gore & Associates. Notable stocks that Manning or her spouse held included Alphabet, Apple, Starbucks, Disney, Microsoft, Nike, Johnson & Johnson, and Pfizer. The Washington Free Beacon also estimated then that Pelosi's net worth had risen by $140 million since 2008. Note: Report numbers may reflect incoming and outgoing members of congress. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. The Courage to Change political action committee the congresswoman launched last year to back progressive candidates challenging incumbent Democratsspent about $335,000 out of the $842,000 it raised, according to the FEC. The 2012 figure will be updated when available. She is an emeritus professor at Harvard University. Manning also reported an ownership interest in Stonefield Cellars Winery in North Carolina. Lisa Blunt Rochester has represented the state of Delaware since going to Capitol Hill in 2017. Percentage increase is not meaningful for this candidate as the initial average net worth is less than or equal to zero. From 2011 to 2012, the average net worth change of a freshman member of the 113th Congress in one year was: The following 15 freshman senators and representatives of the 113th Congress saw their net worth increase the most out of their incoming class of new members: From 2009 to 2012, the average net worth change of a freshman member of the 112th Congress in three years[55] was: The following 15 freshman representatives of the 112th Congress (no senators made the top 15 list) saw their net worth increase the most out of their incoming class of new members: The amount of assets held by individual members increased by a total of $316.5 million between 2004 (or later, depending on when the member joined Congress) and 2012.[56]. 72. Warner's wealth is divvied up among mutual funds, private-equity funds, and hedge funds. Bera worked as a medical doctor before choosing to run for elective office. 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. Beyer made his fortune running several car dealerships around Washington D.C. Cohen started his legal practice in 1978 after serving as a legal adviser for the Memphis Police Department. Allen & Associates, which operates in six states and is headquartered in Augusta, which is within the district Allen represents. Angus King is the only independent representative on this list, though he caucuses mostly with Democrats. 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. She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. Viral posts make false claims about Friday the 13th, the next full moon. Pelosi became speaker for the first time in 2007 and served until 2011. In addition to serving his constituency, Cooper teaches part time at Vanderbilt. The congressman reported $4 million in liabilities in the forms of lines of credit, mortgages, notes payable, and a loan. Through most of her 20s, Ocasio-Cortez lived paycheck to paycheck, according to Time. Compare the gains in net worth experienced by congressional incumbents with what happened to the net worth of the people they represent. The eight-term congressman from Texas, Rep. Michael Conaway is a certified public accountant who worked at Price Waterhouse and with George W. Bush as the chief financial officer for Bush Exploration. He built much of his wealth from Pacur, a specialty plastics company he co-founded with his brother-in-law in 1979. Its content is produced independently of USA TODAY. Sen. Sheldon Whitehouse of Rhode Island. Rep. Lisa Blunt Rochester of Delaware. In the 116th Congress, public disclosures had Florida's Rick Scott in first place with a net worth of around $300 million. Inside Alexandria Ocasio-Cortez's Unlikely Rise, 2018 financial disclosure for Rep. Alexandria Ocasio-Cortez, AOC makes student loan payment during congressional hearing on student loans, 2019 financial disclosure for Rep. Alexandria Ocasio-Cortez, Rep. Alexandria Ocasio-Cortez 2020 election campaign finance report, Rep. Alexandria Ocasio-Cortez 2018 election campaign finance report, Rep. Ocasio-Cortez Launches Political Group To Boost Progressive Candidates, Courage to Change political action committee campaign finance report, AOC raises nearly $5 million in Texas relief efforts. :We're fact checking the news and sending it to your inbox. 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. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. U.S. House of Representatives Press Gallery, accessed March 9. as well as other partner offers and accept our, Alex Wong/Getty Images; Kevin Dietsch/Getty Images; Bill Clark/CQ Roll Call; Hannah McKay-Pool/Getty Images; Rebecca Zisser/Insider, Chance Yeh/Getty Images for Power 100 Lunch, Bill Clark/CQ-Roll Call, Inc via Getty Images), Bill Clark/CQ-Roll Call, Inc via Getty Images, Tom Williams/CQ-Roll Call, Inc via Getty Images, Michael Brochstein/SOPA Images/LightRocket via Getty Images, Kent Nishimura / Los Angeles Times via Getty Images, Anna Moneymaker/The New York Times via AP, Pool, placed his assets in a qualified blind trust, acknowledged filing an incorrect personal financial disclosure. Sen. Jacky Rosen, serving her first term as senator from Nevada after serving as a congresswoman, is a former computer programmer. By clicking Sign up, you agree to receive marketing emails from Insider Biggest wealth increase in Congress, 2008-2018 Export to CSV Not all politicians come into office wealthy - but many leave that way. Our fact check work is supported in part by a grant from Facebook. Prior to his election to Congress, Marchant founded a construction and home building business. Any such honoraria must be reported on the PFD by source and amount. Please email us if you would like to suggest a revision. 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. Sen. Michael Bennet first became senator in 2009 to fill the vacancy created by the resignation of Kenneth Salazar. The company, now called iHeartMedia, is a $6.3 billion company. One could say that the new retirement plan is to get elected and then re-elected (that is the key) to Congress and you will be set for life. He holds another $1 million in funds in a personal account at First Western. 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. Perdue was also chief executive officer of Dollar General and set up its sale to investors. Coming from a long line of Tennessee politicians, Jim Cooper served Tennessee's 4th District from 1983 through 1995 and District 5 since 2003. 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. This includes her salary as an elected official and income from her business ventures. Senators and Representatives during their time in office. Rep. Chellie Pingree's dramatic net worth increase is due to her marriage. But this year Trump's net worth dropped to $2.5 billion. Pingree and her husband, Charlie, operated a small farm for several years. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. Carter recently sold more than $1 million of his stake in his company, and he owns a more than $5 million stake in an index fund. He entered the White House with a $1.4 million net worth and amassed an additional $5.6 million before he died, according to a report by American University. The only assets that Pelosi reported owning or joint-owning were her home in Napa, California, and a Wells Fargo bank account containing less than $15,000. The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. Pence left Congress in 2012 to become the governor of Indiana. A limitation to the data set is that the whole picture of wealth growth while in Congress is unavailable for those members who entered office prior to 2004. 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. In a statement, Mrvan said: "I am responsible for the actions of my office, and I take sole responsibility for the honest data entry error on my financial disclosure form. The average change in net worth for the members in this study was 72.6 percent. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. 1 spot on the list through his extensive holdings in stocks, bonds, LLCs, private-equity funds, gold trusts, and treasury notes. Filers are required to report detailed listings and values of holdings that underlie an account. He ran Sara Lee Corp.'s Asia unit and was an executive with Haggar Clothing and footwear company Reebok. Tucker Carlson ousted at Fox News following network's $787 million settlement. Rep. Vicente Gonzalez is serving his second term in Congress, representing the 15th District in the southern part of Texas. Brooks also worked as a criminal defense attorney for Indianapolis-based law firm of McClure, McClure and Kammen. 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. Manning's fortune is split among government securities, mutual funds, exchange-traded funds, real property, and stocks. Congressional net worth figures are a relatively small data set,[38] so Ballotpedia used average percentage changes throughout the study (adjusted as needed for outliers)[39] to best illustrate the average growth of wealth of members of Congress. Rep. Denny Heck is in his fourth term serving the 10th District of Washington state, which includes the state capital of Olympia. No, Nancy Pelosi's net worth is not $196 million If Your Time is short The $196 million figure is likely too high. If you would like to help our coverage grow, consider donating to Ballotpedia. 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. Member of Congress: Liz Cheney Chamber: House Party: Republican Estimated net worth: $14,710,513 More From GOBankingRates. Speier is of counsel at the law firm of Hanson Bridgett LLP in San Francisco. Issa listed one liability: a margin account holding him liable for over $50 million. An average value is calculated by adding all the observations and dividing by the number of observations. Before he was elected to Congress in 2016, Dunn was a medical doctor who worked in Panama City and founded the Advanced Urology Institute, a 45-physician practice with more than 400 employees. The public employee retirement fund amount should have been in the thousands and not millions. Ami Bera is serving his fourth term as representative of California's 7th District, which covers the state capital of Sacramento. External Relations: Moira Delaney Hannah Nelson Caroline Presnell 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). Some exceptions apply; for example, in the case of previously approved income and some book royalties and advances. For the full set of data, please visit our Google spreadsheet here. D.C.-based nonprofit OpenSecrets.org estimated Pelosi's net worth at $115 million in 2020, a rise of $41 million since 2004 - the first year OpenSecrets began tracking members' personal finances. 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. He has also written books on constitutional law and product liability. The latest data calculated by OpenSecrets.org reports on disclosed information from 2012. Ocasio-Cortez spokeswoman Lauren Hitt said the financial disclosure reports are accurate but provided no additional comment. Hern disclosed two liabilities: at least $500,000 used to purchase a McDonald's restaurant, and at least $1 million that his spouse used to buy a separate company. 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. How much are your senators and representatives worth? 53. The first-term senator from North Carolina was an executive at PricewaterhouseCoopers and IBM. Inhofe also worked as an independent businessman for three decades and was the president of Quaker Life Insurance Company. Insider used these members' "candidate reports," some of which include financial data from 2021. Republican Francis Rooney was well known in Republican Party circles long before he took office in Florida's 19th District in 2017. 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. For the first time in history, the majority of America's elected officials in Washington, D.C. are millionaires. He was the first former president to monetize his time in the office, according to The Washington Post.
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