Rep. Michael McCaul (R-Texas) is the richest Member of Congress for the second year in a row, reporting a vast fortune that in 2011 had a minimum net worth surpassing $300 million.
Every year since 1990, Roll Call combs through the financial disclosure forms of Members of Congress to put together a yearly index of Congressional wealth. For the second year in a row, Rep. Michael McCaul (R-Texas) is on top of the "50 Richest" list, followed by Sen. John Kerry (D-Mass.) and Rep. Darrell Issa (R-Calif.). Roll Call's Amanda Becker has the complete story and list.
One theme that emerged on this year's list is that about half of Congress' wealthiest lawmakers reported having a lower minimum net worth than the year before. Though in most cases the difference was negligible, some lawmakers reported a precipitous drop. Issa's reported minimum net worth in 2011 was about $80 million less than in 2010. Rep. Kenny Marchant's (R-Texas) reported net worth dropped by more than a third. Some of the apparent lost wealth can likely be attributed to the new mortgage disclosure requirement.
Though McCaul, Kerry, Issa, Warner and Rockefeller kept a lock on the top five spots, there was movement elsewhere on the list.
One notable newcomer is Rep. Chellie Pingree (D-Maine), who saw her minimum net worth increase from about $500,000 in 2010 to $28.58 million in 2011 after her marriage to financier Donald Sussman. Others who broke into the top 50 this year were Sen. Rob Portman (R-Ohio), Rep. John Yarmuth (D-Ky.) and Sen. Ron Wyden (D-Ore.), who even made it into the top half.
Lawmakers who dropped off the list include Sens. Lamar Alexander (R-Tenn.), Jeff Bingaman (D-N.M.), Kay Hagan (D-N.C.) and John McCain (R-Ariz.). Read the list of the 50 Richest Lawmakers here:
The 50 Richest Members of the 112th Congress (2012)
By Amanda Becker Familiar names top Roll Call's annual survey of Congressional wealth.
Rep. Michael McCaul (R-Texas) is the richest Member of Congress for the second year in a row, reporting a vast fortune that in 2011 had a minimum net worth surpassing $300 million for the first time.
McCaul is followed by Sen. John Kerry (D-Mass.), who reported a minimum net worth of $198.65 million, and Rep. Darrell Issa (R-Calif.), who reported a minimum net worth of $140.55 million. The two lawmakers swapped places since last year's list.
The lawmakers who round out the top five, Sens. Mark Warner (D-Va.) and Jay Rockefeller (D-W.Va.), also flipped positions from 2010 to 2011, with Warner's reported minimum worth rising about $9 million to $85.81 million and Rockefeller's minimum worth rising slightly to $83.08 million.
Since 1990, Roll Call has reviewed the annual financial disclosure reports filed by all House and Senate lawmakers to calculate the 50 richest Members of Congress. Their minimum net worth is determined by subtracting the total minimum value of all liabilities from the total minimum value of all assets.
The annual disclosure forms show information about lawmakers' assets and liabilities, including stock-market holdings, rental properties, checking accounts, credit card balances, student loans and other financial obligations. Even so, the details provide an incomplete picture of overall wealth.
Though lawmakers report the value of mutual funds, bank accounts and other assets, they are not required to disclose federal retirement savings accounts. And while they had to include mortgages on personal residences for the first time this year, they did not have to report the value of those properties as assets.
All assets and liabilities are also listed in broad ranges spanning millions of dollars, making it impossible to arrive at a lawmaker's exact minimum net worth.
Some lawmakers chose to provide more precise valuations of their assets and liabilities, and Roll Call used that information whenever possible to arrive at a more accurate figure of wealth.
One theme that emerged on this year's list is that about half of Congress' wealthiest lawmakers reported having a lower minimum net worth than the year before. Though in most cases the difference was negligible, some lawmakers reported a precipitous drop. Issa's reported minimum net worth in 2011 was about $80 million less than in 2010. Rep. Kenny Marchant's (R-Texas) reported net worth dropped by more than a third. Some of the apparent lost wealth can likely be attributed to the new mortgage disclosure requirement.
Though McCaul, Kerry, Issa, Warner and Rockefeller kept a lock on the top five spots, there was movement elsewhere on the list.
One notable newcomer is Rep. Chellie Pingree (D-Maine), who saw her minimum net worth increase from about $500,000 in 2010 to $28.58 million in 2011 after her marriage to financier Donald Sussman. Others who broke into the top 50 this year were Sen. Rob Portman (R-Ohio), Rep. John Yarmuth (D-Ky.) and Sen. Ron Wyden (D-Ore.), who even made it into the top half.
Lawmakers who dropped off the list include Sens. Lamar Alexander (R-Tenn.), Jeff Bingaman (D-N.M.), Kay Hagan (D-N.C.) and John McCain (R-Ariz.).
Assets $305.96 Million Liabilities $0.50 Million
Rep. Michael McCaul(R-Texas) $305.46 Million
#1. McCaul tops Roll Call's list of the 50 Richest Members of Congress for the second year in a row with a reported minimum net worth that broke the $300 million mark. The lawyer and former federal prosecutor has placed high on our annual survey since he arrived on Capitol Hill in 2005. But his minimum net worth has skyrocketed while in the House, from $12 million that year to $305.46 million in 2011, according to his most recent disclosure form.
The value of McCaul's fortune rose sharply in 2010 when the Congressman reported that his wife, Linda McCaul, had received "certain assets" as gifts from her parents. As a result, McCaul's reported net worth jumped from at least $73.75 million in 2009 to at least $294 million in 2010, according to Roll Call's prior assessments.
Linda McCaul is the daughter of Clear Channel Communications Inc. CEO and founder Lowry Mays. Many of the McCaul family's most valuable assets are held by his wife and in trusts associated with her family.
McCaul's only reported liability is a Bank of America mortgage of $500,000 to $1 million on his personal residence.
Sen. John Kerry(D-Mass.) $198.65 Million
Assets
$231.23 Million
Liabilities
$32.58 Million
Change
0.0%
Kerry has been a mainstay on Roll Call's list of the wealthiest in Congress for more than 15 years, due in large part to the assets of his wife, Teresa Heinz Kerry, the widow of the late Sen. H. John Heinz III (R-Pa.) of the Heinz ketchup fortune.
Though Kerry's reported minimum net worth of $198.65 million is more than $100 million short of what he'd need to nab the top spot, the actual value of his fortune is likely far more than what is reported each year.
The Senate's financial disclosure form has separate categories for assets held jointly by a couple and those held only by a lawmaker's spouse. While a sizable joint asset has to be reported within a standard range - $5 million to $25 million or $25 million to $50 million, for example - that of a spouse is only recorded as having a minimum value in excess of $1 million.
Given that the Senator listed more than 100 assets held by Teresa Heinz Kerry that exceeded $1 million, it is likely that the couple's fortune is far more.
Though Kerry reports dozens of liabilities, most are associated with various Heinz family trusts. Only two are personal, one of which is a line of credit of at least $50,000 secured by the Kerrys' personal residence in Providence, R.I.
Rep. Darrell Issa(R-Calif.) $140.55 Million
Assets
$315.55 Million
Liabilities
$175.00 Million
Change
0.0%
Issa's minimum net worth dropped by about $80 million from 2010 to 2011, dropping him one spot on the list, to third place.
It's not a bad place to be: The six-term California Republican still reports having a minimum net worth of at least $140.55 million.
The value of Issa's assets actually increased since last year's filing, from about $295.40 million to $315.55 million. But so did his reported minimum liabilities, which rose from $75.00 million in 2010 to $175.00 million in 2011.
The increase in reported liabilities is a bit misleading. Though lawmakers are required to report only the year-end value of all assets, they must disclose liabilities that exceeded $10,000 at any point in the calendar year.
Issa paid off a personal note to Greene Properties Inc. of at least $50 million in January of last year. The same month, he paid off a note worth at least $25 million to DEI LLC. Both are still listed as liabilities, along with two personal loans worth at least $50 million each from Union Bank and Merrill Lynch.
Issa describes Greene Properties as a "property management company" that owns California real estate in which he has at least a $5 million stake. DEI LLC is a commercial property management company in which Issa has at least a $500,000 interest.
Before coming to Capitol Hill, Issa founded Vista, Calif.-based Directed Electronics Inc., which manufactures car alarms.
Sen. Mark Warner(D-Va.) $85.81 Million
Assets
$85.82 Million
Liabilities
$0.02 Million
Change
0.0%
Virginia's junior Senator increased his wealth by nearly $10 million from the year before, reporting a minimum net worth of at least $85.81 million in 2011.
His most valuable assets include stakes in the Alexandria, Va.-based Columbia Capital, Columbia Capital Investors and Columbia Capital Investment Partners. He also has stock in the Russian search engine Yandex that is worth at least $6.75 million.
Warner made his fortune as a telecommunications mogul and co-founded Nextel Communications Inc. before coming to Congress.
His only liability is a loan from the Virginia Commerce Bank of at least $15,000.
Sen. Jay Rockefeller(D-W.Va.) $83.08 Million
Assets
$89.08 Million
Liabilities
$6.00 Million
Change
0.0%
Even multimillionaires have mortgages.
Rockefeller took out a loan of at least $1 million on a New York City condominium in 2011 and disclosed it on the liabilities section of his annual disclosure form. Though in prior years such a purchase would have likely gone unnoticed, lawmakers were required to report mortgages on personal residences for the first time this year under new disclosure provisions in the Stop Trading on Congressional Knowledge, or STOCK, Act.
Rockefeller is the great grandson of Standard Oil Co. founder John D. Rockefeller, who was once considered the world's richest man. The bulk of the lawmaker's wealth is held in blind trusts, one of which has a reported value of at least $50 million. Since Congressional financial disclosure forms require lawmakers to report the value of assets within broad categories, the highest of which is $50 million or more, the actual value of Rockefeller's trust holdings could far exceed what appears on paper.
Rockefeller's minimum net worth rose from $81.63 million in 2010 to $83.08 million in 2011, according to Roll Call's calculations.
Rockefeller's only other liability is a 1998 demand loan of $5 million to $25 million that he reports year after year from United National Bank.
Sen. Richard Blumenthal(D-Conn.) $79.11 Million
Assets
$79.61 Million
Liabilities
$0.50 Million
Change
0.0%
Like many on Roll Call's list of the wealthiest in Congress, much of Blumenthal's minimum net worth of $79.11 million comes from the family of his spouse. His wife, Cynthia Blumenthal, is the daughter of New York real estate magnate Peter Malkin.
Many of Cynthia Blumenthal's assets listed in the Peter L. Malkin Family 9 LLC are worth more than $1 million, including a real estate company in Sao Paulo, Brazil, multiple properties in midtown Manhattan and entities that leased and operated the Empire State Building.
When a Senator's spouse's assets are worth more than $1 million, they fall into a broad category of "over $1 million" that requires no further delineation, meaning the Blumenthals' actual wealth could be far greater.
The value of assets in family trusts that will eventually go to the Blumenthal's dependent children were also reported in this year's filing and included in the overall calculation of the Senator's minimum net worth.
The Senator reported a single mortgage of $500,000 to $1 million as a liability.
Rep. Jared Polis(D-Colo.) $72.09 Million
Assets
$75.60 Million
Liabilities
$3.51 Million
Change
0.0%
Polis added at least $6 million to his fortune last year to arrive at a minimum net worth of $72.09 million.
One of the Congressman's largest assets remains a blind trust that he created in 2010 that is worth $25 million to $50 million.
In addition to a diverse portfolio of stocks and funds, Polis reported having an array of real estate investments, including properties in Boulder, Colo., Denver, and Florida, and sizable stakes in businesses including LifePics Inc., a photo storing, sharing and printing service, and Symbius Medical, a home medical equipment supplier.
Polis reported having mortgages on a personal residence in Boulder and a vacation home in Berthoud, Colo. Another mortgage of at least $1 million on a property in Boulder was paid off sometime in 2011 when the home was sold, according to his most recent filing.
Polis holds dozens of positions at outside organizations, primarily venture capital funds and investment firms at which he is a full or limited partner.
Before coming to Congress, he founded an online offshoot of Blue Mountain Arts, his family's greeting card and publishing business, and the flower sales website ProFlowers.com.
Sen. Frank Lautenberg(D-N.J.) $56.80 Million
Assets
$58.55 Million
Liabilities
$1.75 Million
Change
0.0%
Lautenberg's minimum net worth rose about $2 million in 2011, to $56.80 million.
The New Jersey Senator co-founded Automatic Data Processing, the payroll processing company known as ADP, and received retirement income from the company of almost $185,000 during the period covered by his most recent filing.
Both Lautenberg and his wife, Bonnie Englebardt, have extensive real estate holdings.
There is a condo in Vail, Colo., with a reported value of $500,000 to $1 million as well as commercial real estate in Norwalk, Conn., and Sunrise, Fla., worth at least $1 million combined. And Englebardt has at least 12 real estate investments valued at $1 million or more.
Since a Senator's spousal assets worth more than $1 million fall into a broad category of "over $1 million," Lautenberg's true minimum net worth could be far greater than reported.
Lautenberg also has two blind trusts: one valued at $5 million to $25 million and the other at $1 million to $5 million.
He reported at least $1.75 million in liabilities, including mortgages on two personal residences of at least $1.25 million combined.
Sen. Dianne Feinstein(D-Calif.) $41.78 Million
Assets
$43.78 Million
Liabilities
$2.00 Million
Change
0.0%
Feinstein's minimum net worth dropped about $3.6 million to $41.78 million in 2011.
But the reduction is hardly something to worry about when you're one of the wealthiest lawmakers in Congress.
Much of the apparent decline is due to a mortgage of $1 million to $5 million taken out on Feinstein's San Francisco home in 2010. This year's financial disclosures were the first batch that required lawmakers to disclose mortgages on personal residences that do not generate income.
The California Democrat continues to share a $5 million to $25 million investment in San Francisco's Carlton Hotel Properties with her husband. The couple also owns a Kauai, Hawaii, condominium valued at $1 million to $5 million. Together the two properties generated $150,000 to $1.1 million in rental income in 2011.
Like many of the wealthiest lawmakers, much of Feinstein's fortune comes from her spouse. Her husband, Richard Blum, is president and CEO of the private equity firm Blum Capital Partners LP.
Feinstein reported that Blum holds more than a dozen assets valued at $1 million or more, including investment partnerships, limited liability corporations and a stake in OZ Fitness Inc., a health club chain in Washington state.
Assets held independently by spouses do not need to be delineated beyond $1 million on the Senate disclosure forms, so Feinstein's true wealth could be far more than what appears on paper.
Rep. Jim Renacci(R-Ohio) $36.67 Million
Assets
$37.67 Million
Liabilities
$1.00 Million
Change
0.0%
Renacci's minimum net worth remains relatively unchanged from the year before, rising just slightly to $36.67 million.
The first-term Ohioan's portfolio is one of the most diverse in Congress. Renacci reports having significant investments in fast-food chains, consumer electronics companies, drugmakers and oil giants.
Renacci has a stake in the Lancaster, Calif.-based minor league baseball team, the JetHawks, worth $100,000 to $250,000 and loaned the Westerville, Ohio, Gordy's Bar and Grill at least $250,000 in 2010. An investment in a Harley-Davidson dealership dropped in value from at least $500,000 in 2010 to about $4,400 in 2011.
Renacci is one of a handful of Members of Congress who opted to disclose the exact value of many assets instead of reporting them within broad ranges. He listed $26,000 in Lululemon Athletica, $89,000 in McDonald's Corp. and $281,000 in Chevron Corp. stocks, among hundreds of financial holdings.
Renacci has a line of credit of $1 million to $5 million with his primary investment manager, Raymond James and Associates.
Rep. Vern Buchanan(R-Fla.) $36.49 Million
Assets
$63.24 Million
Liabilities
$26.75 Million
Change
0.0%
Buchanan's minimum net worth dropped markedly for the second year in a row.
Just five years ago, the Florida lawmaker's wealth surpassed $65 million. Now it is roughly half that, with a reported net worth of $36.49 million in 2011.
Though Buchanan has sold off some of the auto dealerships that generated his fortune in the first place, he still owns at least part of three that are together worth a minimum of $12 million.
Some of the three-term lawmaker's other notable assets are an aircraft ownership and leasing operation valued at at least $5 million and VB Motor Yachts, which is also worth at least $5 million.
Though Buchanan reported more than $63 million in assets, he also had at least $26 million in liabilities, including at least $7 million related to the purchase of aircraft and a mortgage on a yacht with a value of at least $1 million.
Buchanan also disclosed two liabilities to law firms of at least $100,000 and $50,000. He has been the subject of two investigations by the House Ethics Committee, one of which is ongoing.
Rep. Chellie Pingree(D-Maine) $28.58 Million
Assets
$30.60 Million
Liabilities
$2.02 Million
Change
0.0%
Pingree's marriage to financier Donald Sussman last year catapulted her from the middle of the pack to the upper echelon of Congressional wealth.
The Maine Democrat now has a minimum net worth of $28.58 million.
In addition to an asset listed as the Nebo Lodge, an inn and restaurant in North Haven, Maine, Pingree included dozens of spousal assets that were not on prior forms. Many were valued in the "over $1 million" category for assets of Senators' spouses that can dramatically deflate the true net worth of a couple by millions of dollars.
Rep. Nancy Pelosi(D-Calif.) $26.43 Million
Assets
$39.28 Million
Liabilities
$12.85 Million
Change
0.0%
The House Minority Leader's reported minimum net worth dropped by almost $9 million last year but had little effect on where Pelosi landed among Congress' wealthiest.
The California Democrat now has a reported minimum net worth of $26.43 million.
Pelosi's husband, Paul Pelosi, invested more heavily in the United Football League last year, reporting 27 separate purchases. His stake in the league is now valued at $1 million to $5 million, and he has a separate interest in the Sacramento Mountain Lions worth $5 million to $25 million.
Much of the couple's wealth comes from real estate. A vineyard in St. Helena, Calif., had a reported worth of $5 to $25 million and generated at least $50,000 in grape sales. A San Francisco commercial property was also worth at least $5 million, as was a commercial rental property Paul Pelosi owns in San Anselmo, Calif.
The Pelosis reported about $12.85 million in liabilities, including newly disclosed mortgages on their residences and a brokerage collateral loan with City National Bank that was taken out in 2011 for $1 million to $5 million.
Rep. Diane Black(R-Tenn.) $24.79 Million
Assets
$27.79 Million
Liabilities
$3.00 Million
Change
0.0%
The first-term lawmaker's 2011 minimum net worth nearly rebounded to that which she reported as a candidate after dropping precipitously last year to $10.63 million.
The Tennessean's reported minimum net worth is $24.79 million.
One of Black's largest listed assets is $5 million to $25 million in Aegis Sciences Corp. stock that also generated $100,000 to $1 million in income last year after a merger.
According to the company's website, Aegis started "as a sports anti-doping laboratory at Vanderbilt University" and is now a full-service forensic sciences company. Black's husband, David Black, is the company's president and CEO.
A rental property in Nashville worth $5 million to $25 million and a money market account held by David Black were the couple's other largest assets.
The Blacks also purchased two new rental properties in Nashville during 2011, which had minimum reported values of $500,000 and $1 million. The reported mortgages for the same properties fell into the $500,000 to $1 million range, nearly offsetting their value.
Rep. Rick Berg(R-N.D.) $23.78 Million
Assets
$24.86 Million
Liabilities
$1.08 Million
Change
0.0%
Much of Berg's growing fortune is real estate.
The first-term North Dakotan owns dozens of apartment units and commercial properties that contributed to a minimum net worth of $23.78 million in 2011.
Berg's stake in multiple buildings held by Old Abe Capital LLP were together worth more than $8.9 million, according to his most recent filing.
Berg also reported as assets multiple outstanding loans that he has made to individuals, businesses and his campaign.
Rep. Rodney Frelinghuysen(R-N.J.) $21.73 Million
Assets
$21.73 Million
Liabilities
$0.00 Million
Change
0.0%
Frelinghuysen's minimum net worth again remained stable over the past year, increasing from $20.35 million in 2010 to $21.73 million in 2011.
Unlike many lawmakers, Frelinghuysen has invested the bulk of his wealth in individual company stocks instead of index or mutual funds. His most valuable assets were stakes in the consumer goods company Procter & Gamble and IBM Corp.
Frelinghuysen also reported having family trusts that hold assets in individual companies, money market accounts and income funds.
Frelinghuysen is the sixth member of his family to serve New Jersey in Congress; his late father, Rep. Peter F. Frelinghuysen Jr. (R-N.J.), was married to Beatrice Sterling Procter, whose family founded Procter & Gamble.
The Congressman also reported having several real estate investments, including more than 17 acres of land in a New Jersey township that bears his name valued at at least $250,000, an interest in unimproved land in Stockbridge, Mass., worth at least $100,000 and one-fifth interest in a rental home in the same town worth at least $250,000.
Frelinghuysen reported having no liabilities.
Sen. Bob Corker(R-Tenn.) $19.63 Million
Assets
$21.63 Million
Liabilities
$2.00 Million
Change
0.0%
Corker's minimum net worth dropped slightly in 2011 to $19.63 million.
Though the Tennessean's liabilities decreased since 2010, dozens of assets that had been reported on behalf of his daughters were not included in his 2011 filing, which dragged down his minimum net worth.
Corker's fortune is held largely in real estate. He reported owning a shopping center and an office building worth at least $5 million each.
The Senator's only reported liabilities were two mortgages of $1 million to $5 million each on properties held by Corker Properties.
Sen. James Risch(R-Idaho) $19.09 Million
Assets
$19.65 Million
Liabilities
$0.57 Million
Change
0.0%
The first-term Senator derives much of his wealth from four tracts of Idaho farm and ranch land ranging in size from 24 acres to about 180 acres that together are worth at least $16 million.
Risch's minimum net worth in 2011 was $19.09 million, down slightly from the year before.
Other real estate investments include properties in Boise, Idaho, and Arapahoe County, Colo., as well as a Washington, D.C., condominium worth at least $250,000.
Risch had at least $565,000 in debts in 2011, including a mortgage and home equity loan each worth at least $250,000.
Rep. Gary Miller(R-Calif.) $17.41 Million
Assets
$17.41 Million
Liabilities
$0.00 Million
Change
0.0%
Miller's minimum net worth in 2011 of $17.41 million was relatively unchanged since the year before.
Much of the California lawmaker's wealth is invested in real estate. His largest asset is land in Rancho Cucamonga, Calif., worth at least $5 million. Seven other parcels in California or Oregon were worth $1 million to $5 million, according to his filing.
Miller reported having no liabilities in 2011.
Sen. Claire McCaskill(D-Mo.) $15.57 Million
Assets
$15.87 Million
Liabilities
$0.30 Million
Change
0.0%
McCaskill's minimum net worth dropped about $1.5 million in 2011 to $15.57 million, in part because of newly reported liabilities.
This was the first year that lawmakers were required to disclose mortgages on personal residences, and McCaskill reported that she refinanced her Chesterfield, Mo., home in 2007 and owes $250,000 to $500,00 to Heartland Bank.
McCaskill once again reported the value of Sunset Cove Associates, which subleases an airplane that was the source of much consternation for the Missouri lawmaker, as zero.
McCaskill told reporters she had urged her husband to "sell the damn plane" after the Missouri Republican Party called for an ethics investigation into news reports that she used government funds to fuel the aircraft to travel for Senate-related duties.
McCaskill did not report selling the plane in 2011.
Like many lawmakers on Roll Call's list, much of McCaskill's reported wealth is held by her spouse. Her husband, Joseph Shepard, has hundreds of real estate investments in apartments and other properties worth millions.
Rep. Mike Kelly(R-Pa.) $14.95 Million
Assets
$15.95 Million
Liabilities
$1.00 Million
Change
0.0%
Kelly saw his minimum net worth increase to $14.95 million.
The first-term Pennsylvania Republican owns three car dealerships in his home state. A Cadillac dealership has a reported value of $1 million to $5 million, a Hyundai dealership is worth at least $15,000, and Mike Kelly Automotive is worth $50,000 to $100,000, according to his most recent filing.
The bulk of Kelly's reported wealth comes from dozens of funds, bonds and stocks his spouse, Victoria Kelly, has in an investment portfolio worth more than $13 million.
Victoria Kelly sold stock in the natural gas companies Phillips Resources Inc. and TWP Inc. that was worth at least $10 million sometime during 2011.
Kelly's only reported liability is a mortgage of $1 million to $5 million on a Butler County, Pa., property that is listed with the same value as an asset.
Sen. Ron Wyden(D-Ore.) $14.47 Million
Assets
$14.97 Million
Liabilities
$0.50 Million
Change
0.0%
Wyden nearly tripled his minimum net worth last year, taking one of the biggest leaps onto Roll Call's list.
Wyden's minimum net worth of $14.47 million in 2011 was up from $5.73 million in 2010, largely due to assets held by his wife, Nancy Bass-Wyden. Bass-Wyden is a co-owner of New York City's Strand bookstore, which brought in more than $1 million in income last year.
Some of the apparent increase may be a result of the broad asset categories on financial disclosure forms that can cause minor fluctuations in asset values to shift reported minimum net worth by millions.
The couple reported the New York City bookstore in the category ranging from $5 million to $25 million for 2011. But for 2010, they reported the store in the lower, even more vague asset category of "over $1 million," a classification reserved for assets held independently by spouses. The value of two of Bass-Wyden's other major holdings also increased by a category. The couple valued Bass Real Estate LLC, the 12th Street and Broadway plot occupied by the bookstore, at $5 million to $25 million and Strand II Corp. as "over $1 million."
They reported mortgages that were each from $250,000 to $500,000 on their Portland, Ore., home and a Washington, D.C., residence. Both loans were taken out in 2011.
Rep. Nita Lowey(D-N.Y.) $14.34 Million
Assets
$14.34 Million
Liabilities
$0.00 Million
Change
0.0%
Lowey's minimum net worth dropped slightly from 2010 to 2011 to about $14.34 million, according to her most recent financial disclosure.
A profit-sharing plan at her husband's law firm, Lowey Dannenberg Cohen & Hart, valued at $1 million to $5 million in 2010 dropped a category and had a reported value of $500,000 to $1 million during 2011, contributing to the 12-term lawmaker's decline in minimum net worth.
Lowey and her husband, Stephen, added to their real estate holdings in 2011, converting a Washington, D.C., residence into a rental property that generated $15,000 to $50,000 in income and purchasing 57 West 70th Development LLC, which had a reported value of at least $1 million.
The couple's wealth remains concentrated in 10 assets valued at $1 million to $5 million, including ownership interest in her husband's firm and the Lowey Family Investment LLC, which generated income of at least $100,000 but no more than $1 million last year.
Rep. Richard Hanna(R-N.Y.) $13.69 Million
Assets
$13.71 Million
Liabilities
$0.02 Million
Change
0.0%
Hanna's minimum net worth changed very little last year, even though he reported that the construction firm he founded is now worth nothing, according to his 2011 personal financial disclosure form.
The New York Republican reported that Hanna Construction Inc., which was worth $100,000 to $250,000 in 2010, had no value and produced no income in 2011.
Hanna's major asset remains his 50 percent stake in the Gabriel Group LLC, which was valued at $1 million to $5 million and reported rental income of $50,000 to $100,000. The company owns and operates an upstate New York apartment complex, according to Hanna's campaign website.
Two assets valued at $1 million to $5 million on his 2010 disclosure - Leigh Baldwin & Co. cash account and National Finance Services - do not appear on his 2011 form.
Rep. Nan Hayworth(R-N.Y.) $12.34 Million
Assets
$12.34 Million
Liabilities
$0.00 Million
Change
0.0%
Hayworth substantially improved her lot in 2011, increasing her minimum net worth by about 30 percent, up from $9.35 million in 2010.
The New York Republican's wealth is largely concentrated in more than $8 million in New York City- or state-issued bonds held by herself, her husband or their dependent children. The rest of her portfolio includes assets related to her husband's obstetrics practice, as well as some of the most commonly held stocks in Congress, including General Electric Co., Pepsico Inc. and Apple Inc.
Scott Hayworth reported earning almost $50,000 in 2011 from serving on boards of numerous companies and organizations, including the American College of Obstetricians and Gynecologists and Aetna Inc.
The couple reported no liabilities.
Sen. Ron Johnson(R-Wis.) $12.00 Million
Assets
$12.00 Million
Liabilities
$0.00 Million
Change
0.0%
Johnson's minimum net worth jumped nearly $4 million in 2011 to $12 million, or his report at least more accurately reflects the freshman Senator's true wealth.
Johnson elected to report the value of a rental property in Oshkosh, Wis., as a precise $4,487,300 instead of in the $1 million to $5 million category. Given the way Roll Call calculates minimum net worth, this bumped the Senator up on our list of the wealthiest lawmakers.
Before joining the Senate, Johnson was the CEO of plastics manufacturer Pacur LLC, a family business. He reports having a 5 percent stake in the company worth $1 million to $5 million, according to his most recent filing.
Johnson reported no liabilities in 2011.
Rep. Trent Franks(R-Ariz.) $11.60 Million
Assets
$11.60 Million
Liabilities
$0.00 Million
Change
0.0%
The Franks keep it in the family.
Much of the Arizona lawmaker's minimum net worth of $11.60 million comes from a trio of oil and gas corporations owned and operated by his brothers.
Franks, who founded Liberty Petroleum Corp. in 1997 with his brother Lane Franks, reported owning $11.5 million to $56 million in assets associated with his family's Phoenix-based oil business.
When he was elected to Congress in 2002, Franks transferred control of Liberty to his brothers, who also own Providence Petroleum Corp. and Trinity Petroleum Corp., a holding company.
Franks reported only one other asset in 2011: the U.S. patents for the LP 1000 Life Pager, a decoy pager that contains pepper spray for self-defense. He reported no income from the patents but valued them at $100,000 to $250,000.
Rep. Scott Rigell(R-Va.) $10.75 Million
Assets
$12.76 Million
Liabilities
$2.01 Million
Change
0.0%
Rigell was one of the wealthiest newcomers to Congress in 2010, and his wealth has grown slightly since.
The Virginia lawmaker's reported minimum net worth was $10.75 million in 2011.
Rigell owns auto dealerships worth at least $5.6 million and real estate holdings valued at more than $5 million. He also has a stake in several restaurants.
Rigell's reported liabilities include lines of credit with ATTAP LLC and Monarch Bank of at least $1.5 million and a mortgage on a Washington, D.C., residence of at least $500,000.
Rep. Kenny Marchant(R-Texas) $10.33 Million
Assets
$12.60 Million
Liabilities
$2.27 Million
Change
0.0%
Marchant once again filed one of the most detailed financial disclosures among elected officials - nearly 2,000 pages showing the four-term Texas Republican's minimum net worth dropped from $16.45 million in 2010 to $10.33 million in 2011.
The decline is in part due to an investment in Bonita Land and Cattle that now has a reported value of $1 million to $5 million. Last year, the reported value for the same investment was $5 million to $25 million. The actual drop may be less dramatic than it appears if the value of the investment was close to $5 million.
Marchant is one of several lawmakers who chose to attach detailed account information in addition to providing a value range for each asset. In these cases, Roll Call attempts to use the account information to calculate a more precise minimum net worth.
Marchant's filing is an example of how reporting assets and liabilities within broad ranges can skew the calculation of a lawmaker's wealth. When Marchant's net worth is calculated using the minimum value range of each asset and liability, the figure is about $7.67 million. Using the precise figures provided in Marchant's attachments, the sum rises to more than $10 million.
Rep. Jim Sensenbrenner(R-Wis.) $10.20 Million
Assets
$10.20 Million
Liabilities
$0.00 Million
Change
0.0%
Sensenbrenner doesn't mind a little sunlight when it comes to his personal finances.
The Wisconsin Republican has for years filed a personal wealth statement with his annual financial disclosure that reveals everything from his stock investments to his stamp collection. Though the filing was not attached to his financial disclosure this year, the lawmaker entered it into the Congressional Record and provides it upon request.
The document shows that Sensenbrenner's true net worth is about double what would be reflected by adding up the assets in the categories on the annual form.
This year, Sensenbrenner's self-reported net worth is $10.20 million.
Some of the Congressman's most valuable stock holdings are in the companies Exxon Mobil Corp., Medco Health Solutions Inc., Pfizer Inc. and Moody's Corp. His "single family residence" in Alexandria, Va., has an assessed value of $1.35 million. A condominium in Waukesha County, Wis., is worth $139,600.
Sensenbrenner also seems to have a penchant for big cars: a Chevrolet Impala, a Cadillac Deville and a Buick Regal are among other material assets that he chose to list.
Sen. Herb Kohl(D-Wis.) $10.06 Million
Assets
$110.06 Million
Liabilities
$100.00 Million
Change
0.0%
The Wisconsin Democrat will spend his last year in Congress on Roll Call's 50 Richest list.
The bulk of Kohl's reported assets and liabilities are related to his ownership of the NBA's Milwaukee Bucks. His minimum net worth in 2011 was $10.06 million.
The Bucks have at times made it difficult to assess Kohl's actual wealth. Kohl consistently reports that the team has a value of more than $50 million, the maximum asset category on Congressional personal financial disclosure forms. According to a 2012 Forbes analysis of NBA team worth, however, the Bucks are likely worth about $268 million, which would typically land a lawmaker at the top of Roll Call's list.
Kohl also reports the team's liabilities. In 2009, that landed him among Congress' poorest Members.
This year, the Wisconsin Democrat reported team liabilities of at least $95 million as well as two personal liabilities, an on-demand loan from the Bucks of at least $5 million and a line of credit he took out in 2010 worth $5 million to $25 million.
Kohl also owns several commercial buildings and plots of vacant land, as well as the Red Hills Ranch in Kelly, Wyo., which he valued at $5 million to $25 million. He reported $500,000 to $1 million in "furniture and fixtures" held at his business office in Milwaukee, which he uses for non-Senate investment and charitable foundation matters.
Rep. Carolyn Maloney(D-N.Y.) $10.05 Million
Assets
$12.30 Million
Liabilities
$2.25 Million
Change
0.0%
With properties from Jamaica and Manhattan to Virginia Beach and North Carolina's Albemarle Sound, Maloney remains among Congress' richest this year.
The 10-term New York Democrat's assets were virtually unchanged from the previous year, and she appeared to have paid off $500,000 to $1 million in real estate and partnership acquisition loans that she reported in 2010, reducing her total liabilities to $2.25 million.
Maloney maintained her stake in several coastal residential development firms, including the Sea Bay Development Corp., valued at more than $250,000, as well as Jefferson Investors, Bosher Family LLC and Albemarle Plantation, all valued at more than $1 million.
Maloney reported a New York City "rental property and residence" valued at $5 million to $25 million, which earned $100,000 to $1 million in rental income last year. She also owns a house on D Street Southeast just three blocks from the Capitol that is valued at $1 million to $5 million and earned from $50,000 to $100,000 in rental income.
Sen. Tom Harkin(D-Iowa) $10.01 Million
Assets
$10.01 Million
Liabilities
$0.00 Million
Change
0.0%
Harkin is nothing if not steady.
The Iowan's minimum net worth has barely fluctuated the past few years, with a reported value of about $10.01 million in 2011.
Nearly all of Harkin's wealth comes from his wife, Ruth, including an investment of more than $1 million in United Technologies Corp., where she previously served as senior vice president for international affairs and government relations.
Ruth Harkin served on the board of ConocoPhillips for nearly a decade and now reports owning $500,000 to $1 million in its stock. Last year was her final year with the energy company.
The couple's largest joint asset was a vacation home in the Bahamas worth $500,000 to $1 million. The rental property generated $15,000 to $50,000 in rent in 2011. Their other joint assets represent a sampling of the market's most reliable technology stocks, including Microsoft Corp. and Cisco Systems Inc.
Rep. Tom Petri(R-Wis.) $9.53 Million
Assets
$10.78 Million
Liabilities
$1.25 Million
Change
0.0%
The longtime Wisconsin lawmaker's holdings include at least $5 million of Walgreen Co. stock and at least $1 million each in U.S. Bank, Berkshire Hathaway Inc. and Lloyd's of London.
His reported debts, which increased substantially last year, include a loan of at least $1 million from Merrill Lynch that's secured by stock. His 2010 form reported only a Merrill Lynch loan issued in September 2010 with a value of $250,000 to $500,000.
Rep. Shelley Berkley(D-Nev.) $9.17 Million
Assets
$10.78 Million
Liabilities
$1.62 Million
Change
0.0%
Berkley's reported net worth dropped slightly in 2011 to $9.17 million.
Like many lawmakers on the list, much of Berkley's reported wealth is held by her spouse. Her husband, Larry Lehrner, is a practicing nephrologist.
Assets on Berkley's filing that were collectively worth at least $2 million were related to dialysis services and Lehrner's medical practice. Partial ownership of various medical buildings added at least an additional $200,000 to Berkley's reported wealth.
The House Ethics Committee said in July that it would investigate Berkley's role in saving a kidney transplant program at a Las Vegas hospital where Lehrner's medical practice, Kidney Specialists of Southern Nevada, had a contract.
Berkley also reported an investment in a frozen yogurt company worth $250,000 to $500,000.
Sen. Olympia Snowe(R-Maine) $9.01 Million
Assets
$9.56 Million
Liabilities
$0.55 Million
Change
0.0%
Snowe's wealth may have taken a dip in the past couple of years, but the Maine lawmaker still has an enviable nest egg for her upcoming retirement.
Snowe's minimum net worth in 2011 was $9.01 million, down from $9.88 million.
This is the first time that Snowe - and all lawmakers - had to report mortgages on personal residences. Snowe listed mortgages of at least $500,000 on homes in Maine and Florida as well as a second mortgage on the Florida property.
Snowe is married to John McKernan, a former Republican governor of her home state. He earned income in 2011 from serving on the boards of such companies as Education Management Corp. and Houghton Mifflin Harcourt.
Sen. Mitch McConnell(R-Ky.) $8.95 Million
Assets
$8.95 Million
Liabilities
$0.00 Million
Change
0.0%
McConnell's minimum net worth dropped about $1 million in 2011 because a carriage house previously listed as an asset did not count toward the lawmaker's reported wealth.
The Senate Minority Leader's office confirmed that he amended his 2011 form to remove the carriage house, which had a reported value of $1 million to $5 million in 2010, because it was no longer being rented and therefore did not require disclosure.
McConnell's most valuable holding is a tax-free money market account that he owns jointly with his wife, former Labor Secretary Elaine Chao, that is valued at $5 million to $25 million.
McConnell reported no liabilities.
Rep. Lloyd Doggett(D-Texas) $8.94 Million
Assets
$9.19 Million
Liabilities
$0.25 Million
Change
0.0%
The Lone Star State lawmaker continued his financial upswing in 2011. Like the stock market itself, Doggett's portfolio took a hit in 2008 but bounced back by 2010 and continued to grow slightly last year.
Doggett's minimum net worth in 2011 was $8.94 million, up from $8.53 million.
The only seven-figure asset he lists is a property in Travis County, Texas, worth at least $1 million. He also holds at least six-figure investments in such well-known companies as Coca-Cola Co., IBM Corp. and Exxon Mobil Corp.
His only listed debt is a letter of credit worth at least $250,000 on the Travis County property.
Rep. John Campbell(R-Calif.) $8.93 Million
Assets
$8.93 Million
Liabilities
$0.00 Million
Change
0.0%
Campbell's minimum increased slightly in 2011 to $8.93 million.
Campbell is a sports car aficionado who spent nearly 25 years in the auto industry as a franchise owner and corporate officer.
He derives most of his wealth from ACD Holdings, a real estate holding company that includes a half-dozen California properties with a combined value of at least $5.5 million. He listed another real estate company, Willoughby Land Co., with assets worth at least $500,000, as well as a family farm worth at least $500,000. He listed no debts.
Rep. Tom Price(R-Ga.) $8.81 Million
Assets
$8.81 Million
Liabilities
$0.00 Million
Change
0.0%
Price's reported minimum net worth dropped in 2011 to $8.81 million.
The four-term Georgia lawmaker's largest asset was a Fidelity investment account he holds jointly with his wife worth more than $1.7 million.
Other sizable investments include a retirement account for himself and another for this wife that were each worth about $1.2 million at the end of 2011.
Price's real estate holdings include three medical office buildings in his home state worth at least $450,000; a Washington, D.C., condominium worth at least $250,000 that generated $15,000 to $50,000 in income last year; and a vacant lot in St. Simons, Ga., valued at $1 million to $5 million.
Price once again reported no debts.
Sen. John Hoeven(R-N.D.) $8.41 Million
Assets
$13.41 Million
Liabilities
$5.00 Million
Change
0.0%
Hoeven, the former president and CEO of Bank of North Dakota, put his money to work in 2011, reporting a whopping 141 transactions during the year.
In the end, his minimum net worth increased about 6 percent, from $7.94 million in 2010.
Most of Hoeven's wealth remained in two assets worth $5 million to $25 million each: the Minot, N.D.-based Westbrand Inc. Bank Holding Co. and the St. Paul, Minn.-based Northwest Respiratory Services, which sells "oxygen and related respiratory products and services" in 13 states, according to its website. He also reported $1 million to $5 million in interest-bearing accounts held by First Western Bank & Trust, where he has served as director since 1984.
Hoeven listed only one large debt, the same one he's been holding on to since 2009: a $5 million to $25 million loan at the Kenmare, N.D.-based State Bank & Trust for which he was a "personal guarantor."
Rep. Fred Upton(R-Mich.) $7.69 Million
Assets
$7.95 Million
Liabilities
$0.27 Million
Change
0.0%
The 13-term Michigan lawmaker's grandfather helped found Whirlpool Corp., and he owns $1 million to $5 million worth of the company's stock.
Upton and his spouse are also beneficiaries of a family trust valued at $5 million to $25 million. Among the dozens of stocks listed in that trust was a second investment in Whirlpool valued at $500,000 to $1 million. Upton also listed four life insurance policies with a combined value of at least $216,000.
Rep. Blake Farenthold(R-Texas) $7.65 Million
Assets
$7.70 Million
Liabilities
$0.05 Million
Change
0.0%
A misplaced check mark almost cost Farenthold his place among the 50 Richest this year.
When the Texas Republican first filed his annual financial disclosure form, it listed a single liability: a "demand note" of at least $25 million. In late August, Farenthold amended his filing by letter, revising the amount of the note in question to $50,000 to $100,000.
The change propelled the Congressman's minimum reported worth from a negative figure to about $7.65 million.
Farenthold's largest asset was again the ABMH Management Trust, which was valued at $5 million to $25 million. The second was the Morgan Trust for the benefit of R. Blake Farenthold, which was listed as being worth $1 million to $5 million. ABMH are the initials of Farenthold's late grandmother, Annie Blake Morgan Head. Farenthold's great grandfather, Rand Morgan, made money in the oil and gas business after moving to Corpus Christi, Texas, following the Depression.
Before his election to Congress, Farenthold was an attorney and conservative radio talk-show host. He founded a computer consulting and Web design firm, Farenthold Consulting, from which he reported receiving about $2,500 in income during 2011.
Rep. Steve Pearce(R-N.M.) $7.48 Million
Assets
$7.48 Million
Liabilities
$0.00 Million
Change
0.0%
The wealthy former oil field services company owner left the Hill following an unsuccessful Senate bid in 2008 but won a return ticket to Congress two years later - and with his victory, a place on Roll Call's 50 Richest list.
Pearce's biggest holding was at least $5 million of stock in Trinity Industries Inc., an equipment rental company of which Pearce is president. His wife had a stake in Lea County Bancshares worth at least $1 million. In 2011, the lawmaker also reported selling an airplane that netted at least $500,000.
Rep. Randy Neugebauer(R-Texas) $7.10 Million
Assets
$7.63 Million
Liabilities
$0.53 Million
Change
0.0%
The four-term Texan took the final spot on Roll Call's 50 Richest list last year. His single largest reported asset is a Washington, D.C., home valued at $1 million to $5 million that yielded at least $15,000 in rental income. Neugebauer also has real estate holdings in Houston and Lubbock, Texas. His $525,000 in liabilities include a mortgage on the Washington house of at least $500,000.
Rep. Bill Flores(R-Texas) $6.94 Million
Assets
$8.45 Million
Liabilities
$1.52 Million
Change
0.0%
Flores' minimum net worth dropped almost $1 million in 2011 to $6.94 million.
The Texas Republican reported two previously undisclosed mortgages on personal residences of at least $500,000 and $1 million. This is the first year lawmakers are required to include such mortgages on their filing.
Flores holds almost all of his wealth in two retirement accounts. One is worth more than $4.8 million and the other is just more than $2 million, according to his filing.
His other assets include an aircraft hangar in Bryan, Texas, worth at least $250,000 and a loan Flores made to his campaign of $500,000 to $1 million.
Before his election to Congress, Flores was the CEO of the oil and natural gas firm Phoenix Exploration Co.
Sen. Rob Portman(R-Ohio) $6.72 Million
Assets
$7.47 Million
Liabilities
$0.75 Million
Change
0.0%
Portman made it onto Roll Call's list of Congress' wealthiest again this year, thanks to a diversified portfolio of stocks, investment funds, bonds and real estate - and very little reported debt.
Though the Ohio Senator was not on Roll Call's list last year, he has been in the past.
Much of Portman's wealth is in real estate. The Cincinnati native owns at least $1.2 million in commercial real estate, including the Golden Lamb, a historic hotel and restaurant in Lebanon, Ohio, worth at least $1 million. Portman made at least $415,000 from rent and capital gains on six commercial properties in Ohio, Kentucky and West Virginia. The sale of a property in Nitro, W.Va., generated at least $250,000 in 2011.
Rep. John Yarmuth(D-Ky.) $6.47 Million
Assets
$7.57 Million
Liabilities
$1.10 Million
Change
0.0%
The former columnist and radio talk-show host broke onto Roll Call's list of the 50 Richest thanks to a stake in Sonny's Barbeque in Orlando, Fla., that's worth at least $5 million and an investment in the home-health company Almost Family that's worth at least $1 million.
Yarmuth's minimum net worth in 2011 was $6.47 million.
Yarmuth also listed a rental property in Doonbeg, Ireland, worth at least $1 million. The three-term lawmaker has at least $1.1 million in debts, including a mortgage of at least $500,000 on the Ireland property.
Sen. Johnny Isakson(R-Ga.) $6.28 Million
Assets
$6.29 Million
Liabilities
$0.02 Million
Change
0.0%
Isakson's minimum net worth dropped slightly last year from $6.48 million in 2010 to $6.28 million 2011, reverting to close to its 2009 level.
The Georgia Senator derives much of his wealth from real estate, including his largest single asset, a 12-acre parcel of land in Rabun County worth more than $1 million. Lawmakers are not required to report the value of personal residences unless they generate income. Even so, Isakson listed his Marietta, Ga., home at $500,000 to $1 million and a condominium on Massachusetts Avenue in Washington, D.C., valued at $250,000 to $500,000.
Isakson did report receiving income of $30,000 to $100,000 last year from eight Athens, Ga., condominiums collectively worth at least $250,000 and a realty fund worth more than $100,000.
In April 2012, Isakson set up a qualified blind trust to house much of his non-real-estate fortune, including at least $100,000 each in MasterCard Inc., Apple Inc. and Alexion Pharmaceuticals Inc. stock.
Isakson reported a 1993 demand home equity line of credit of $15,000 to $50,000.
Sen. Ben Nelson(D-Neb.) $6.14 Million
Assets
$6.14 Million
Liabilities
$0.00 Million
Change
0.0%
Most of Nelson's fortune is in bonds and certificates of deposit, leaving his portfolio largely insulated from major swings in the stock market.
The Senator reported a minimum net worth in 2011 of $6.14 million, slightly lower than the year before.
The former Nebraska governor and insurance executive has at least $500,000 worth of stock in home-state conglomerate Berkshire Hathaway Inc. His wife separately owns at least $1 million in the same company.
Nelson also reported more than $760,000 in real estate holdings, including Nebraska residential acreage held for resale worth at least $500,000.
Voluntary Disclosures Show Limits of Reporting Process
For the more than three decades that Rep. Jim Sensenbrenner has been in Congress, the Wisconsin Republican has voluntarily revealed his precise net worth.
The 17-term Congressman entered into the Congressional Record in June the detailed values of assets that included stocks and a stamp collection. His self-reported net worth of nearly $10.20 million was roughly double the minimum net worth that could be calculated using the information about his assets provided on his annual financial disclosure form. The extra information earned him a spot among Congress' wealthiest Members.
"Congressman Sensenbrenner has done this every year because he believes Members have an obligation to avoid conflicts of interest while serving in Congress. Accountability to his constituents is a top priority for him so he files his disclosure down to the penny," spokeswoman Amanda Infield said.
Sensenbrenner wasn't the only lawmaker this year who opted to provide more detailed information than is required. Sen. Ron Johnson (R-Wis.) and Reps. Kenny Marchant (R-Texas), Jim Renacci (R-Ohio), Shelley Berkley (D-Nev.) and Tom Price (R-Ga.) were among others who voluntarily disclosed the precise values of assets in their portfolios in addition to, or instead of, using the broad ranges provided on the standard disclosure form.
The growing number of lawmakers who are opting to provide more detailed information about their finances illuminates the limitations of deciphering holdings using the annual mandatory disclosure process.
In parentheses under the last asset on Johnson's 2011 financial disclosure form, the Wisconsin Republican opted to list the assessed value of commercial real estate he owns in his hometown of Oshkosh as $4,487,300. It was just seven extra digits on a form that detailed assets worth millions of dollars. But its inclusion raised his minimum net worth to 150 percent of the minimum net worth that could be calculated using the broad value ranges of assets and liabilities on the form. It catapulted the Senator about 20 spots higher on Roll Call's list of the richest Members of Congress.
Each year, Roll Call calculates lawmakers' minimum net worth by subtracting total minimum liabilities from total minimum assets. The values of both assets and liabilities are given within broad ranges on the forms. Roll Call uses the lower end of each value range.
Marchant's financial disclosure form listed his assets within ranges as required. But he also included nearly 2,000 pages of attached brokerage statements and account summaries that showed that the Texan's true wealth is at least several million dollars more than would otherwise be apparent on his House filing. Price likewise attached statements for a handful of investment accounts, some of which are the Georgia lawmaker's most valuable assets. Substituting the precise values of those accounts for the ranges listed on his form added nearly $2 million to his minimum net worth.
The practice of reporting assets and liabilities within ranges is not the only filing practice that makes it difficult to assess lawmakers' wealth. Many in Congress, including some of the wealthiest, derive much of their fortune from their spouse. The assets of spouses and dependent children, however, can be lumped into a catch-all category of "over $1 million," regardless of whether they're worth $1.1 million or $50 million.
A new requirement in the STOCK Act, signed this year, requires lawmakers to report the value of mortgages on personal residences but doesn't require them to include the same property as an asset unless it generates income. Though some Members voluntarily disclosed the value of their personal residence, the rule skewed the minimum net worth of those who did not by millions of dollars in some cases. Janie Lorber, Adriel Bettelheim, Kate Ackley, Rebecca Baird-Remba, Sara Bondioli, Eliza Newlin Carney, Scott Campbell, Emily Cahn, Grace Dobush, Nora Grenfell, Jay Hunter, Cyra Master, Tait Militana, Alex Muller and Emily Ortman contributed to this report. Correction: The article has been updated to reflect Sen. Frank Lautenberg's mortgages. An earlier version incorrectly stated the addresses of those properties. The Columbus, Ohio and Simi Valley, Calif. addresses used were of his creditors.
Harrolds.Blogspot.com
The lawyer and former federal prosecutor has placed high on our annual survey since he arrived on Capitol Hill in 2005. But his minimum net worth has skyrocketed while in the House, from $12 million that year to $305.46 million in 2011, according to his most recent disclosure form.
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