Before his election to Congress, Hill was a commercial banker and investment manager. For the purpose of our comparison to the median American citizen data below, the median congressional increase was 1.55 percent per year. He also was the founding chairman of Summit Bank, based in Panama City. They obtained the data from personal financial disclosure data that each senator and representative is required to provide for public record. Scott, who assumed office in 2019, cemented his No. More than half of Isakson's estimated wealth is held in a blind trust he established in 2012. Mitchell spent $3.6 million of his own fortune to win the seat. 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. 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. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell The 2020 financial disclosures are the most up-to-date financial documentation from Congress disclosures from 2021 are not required to be filed until mid-May. 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. Norman also reported four liabilities worth a total of at least $2 million, each in connection to his property investments. Between 2004-2012, the median American household[41] saw an inflation-adjusted decrease of assets from $18,990 in 2004[42] to $17,557 in 2012. The top range for item valuation is listed as "Over $50 million" on forms. Obernolte, who joined Congress in 2019, also reported several investments worth millions in Vanguard tax-managed mutual funds. Help us provide information on American politics. 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. Pelosi previously opposed such a ban, but later came out publicly in support of it. Meijer reported at least $1.95 million in liabilities in the forms of a mortgage, lines of credit, and promissory notes. When possible OpenSecrets tried to determine a more accurate figure. "Medians are often used when data are skewed, meaning that the distribution is uneven. [40] The median figure can be beneficial in circumstances, like this one, where the high net worth of the wealthiest Americans can skew the average. Rep. Arkansas Republican French Hill is a three-term congressman who has served the state's 2nd District, in the central part of the state, since 2015. Norman and his wife also hold more than $100,000 in stock in Exxon Mobil. The Center for Responsive Politics, the organization that runs OpenSecrets.org, calculated each net worth by adding all disclosed assets (corporate bonds, stocks, etc.) Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. U.S. House of Representatives Press Gallery, accessed March 9. Rep. Chellie Pingree is in her sixth term as congresswoman who represents Maine's 1st District, which is the southeastern section of the state. Because 2012 household net worth figures had not been released as of publication date, this figure represents the 2011 numbers adjusted for inflation. Or from the year the incumbent was first elected, if that year was after 2004. The company, now called iHeartMedia, is a $6.3 billion company. Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. Before venturing into politics, the 3-term senator and former Virginia governor ran a venture-capital firm, Columbia Capital, and a telecom company, Capital Cellular Corporation. Now, in recent social media posts, Facebook users are raising questions about the New. The average member saw his or her net worth increase by an average of 15.4 percent per year. In total, the study looks at 320 Republicans, 296 Democrats and two Independents. The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. ? the user asked. In this study, we look at changes in net worth during an incumbent's time in office. He serves as chairman of the Senate Committee on Appropriations. For example, Sen. John McCain would have his net worth percentage divided by eight (2004-2012), since those are the years for which data is available for his net worth. net worth in 2018: $19,145,013 > Assumed office: Jan. 3, 1987 > Current term ends: 2023 > Approval . Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. (Note that elected officials and senior staff may only earn outside income up to $26,100 a year. Wyden's wife, Nancy Wyden, owns the famous Strand Bookstore in New York City. The reports cover 2020 and provide the most up-to-date estimate of members' net worth. 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. Congressional financial disclosure forms use value ranges, rather than precise amounts, when reporting assets and liabilities. Rep. David B. McKinley of West Virginia. Drew Hammill, Pelosi's deputy chief of staff, said in a statement in July this year that the speaker "does not own any stocks.". Financial disclosures that members of Congress are required to file show that it didnt. Currently, the top industrial contributors to Williams's campaign are oil and gas and automotive. Before entering politics, two-term Sen. Joe Manchin worked at his family's furniture store, managed a carpet store, and then joined a coal brokerage. She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. Sen. Jacky Rosen, serving her first term as senator from Nevada after serving as a congresswoman, is a former computer programmer. Scott Peters, who has represented California's 52nd District located just north of San Diego since 2013, is worth an estimated $32 million. He holds another $1 million in funds in a personal account at First Western. Using his fortune from his family business, Manhattan Construction Group, Rooney donated enough to the GOP to earn an ambassadorship during the George W. Bush administration. In September 2019, Sensenbrenner announced he would not seek reelection in the 2020 election. Lowey is the current chair of the Committee on Appropriations. Both the average and median for congressional and American citizen net worth growth are provided below. Members of Congress earn a salary of $174,000. Matsui's husband, Roger Sant, is the founder of the AES Corporation, a Fortune 500 holding company specializing in electricity generation and distribution. Pelosi became speaker for the first time in 2007 and served until 2011. 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. This percentage reflects the median annual percentage growth of all members of Congress. If you would like to help our coverage grow, consider donating to Ballotpedia. Compare the gains in net worth experienced by congressional incumbents with what happened to the net worth of the people they represent. Fox News host Tucker Carlson speaks at a National Review Institute event on March 29, 2019, in Washington, D.C. 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 Insider's calculations are conservative estimates based on the minimum values disclosed by members. Federal Election Commission, accessed March 9. Ocasio-Cortez reported assets of between $2,003 and $31,000 in her most recent financial disclosure, filed in September 2020, and student loan debt between $15,000 and $50,000. First elected to the U.S. Senate in 1984, Mitch McConnell is one of the longest serving members of Congress. Property (such as personal residences) and non-income producing investments are not required to be reported under ethics laws. Prior to his first term, the Johnson campaign announced that he had liquidated all of his stocks, bonds, and mutual funds to avoid any conflict of interests. 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. As stated above, this is the total change in the amount of assets the. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Negative to positive increases The Washington Free Beacon also estimated then that Pelosi's net worth had risen by $140 million since 2008. The salary of a typical member of Congress is $174,000. After receiving his medical degree and following his residency, Marshall returned to Kansas and established his medical practice in the town of Great Bend. She is a newcomer to Congress, joining the ranks in 2021. Help us provide information on American politics. He also has investments in mineral rights and oil wells in North Dakota. For someone like Sen. Ted Cruz, however, his total net worth increase would be the same as his average yearly net worth increase, since the only available data is the increase between 2011 and 2012. 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 gathers this information to build a range of potential values. Three newer members of Congress Reps. Mitchell won't seek reelection this November. While financial disclosures show that Ocasio-Cortezs personal wealth has not skyrocketed during her time in Congress, her political fundraising has taken off alongside her national profile, according to Federal Elections Commission filings. Your California Privacy Rights / Privacy Policy. By clicking Sign up, you agree to receive marketing emails from Insider The former for-profit college executive's average net worth skyrocketed from $101 million to nearly $180 million. Some exceptions apply; for example, in the case of previously approved income and some book royalties and advances. CNN . 618 members are included in the congressional data, compared to the millions sampled in the census data. When possible OpenSecrets tried to determine a more accurate figure. The Ohio legislator was elected to the Senate eight years ago after serving in the house from 1993 to 2015. Alexandria Ocasio-Cortez Emerges as a Political Star, 'Change Is Closer Than We Think.' This allows us to: For more detailed information on the actual net worth of members of Congress, rather than the growth of their net worth, please see: Net worth of United States Senators and Representatives. Angus King is the only independent representative on this list, though he caucuses mostly with Democrats. 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.. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. Although this data is harder to compare member-to-member because the starting year may be different, it still provides insight as to who experienced the most drastic total increases. Gov. Our fact check work is supported in part by a grant from Facebook. He is the longest-serving Indian American currently in Congress. Through most of her 20s, Ocasio-Cortez lived paycheck to paycheck, according to Time. 1 spot on the list through his extensive holdings in stocks, bonds, LLCs, private-equity funds, gold trusts, and treasury notes. Data on the net worth of members of Congress came from the 2018 Wealth of Congress report from CQ Roll Call, an intelligence and advocacy group based in Washington, D.C. Net worth figures are based on recent financial filings and are representative of the time that each House member or senator was beginning his or her term in the 115th Congress. It's not possible to know the precise net worth of members of Congress as they are only required to provide a range of values in their financial disclosures and not specific dollar amounts. Senators and Representatives, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Net_worth_of_United_States_Senators_and_Representatives&oldid=8826276, Conflicts in school board elections, 2021-2022, Special Congressional elections (2023-2024), 2022 Congressional Competitiveness Report, State Executive Competitiveness Report, 2022, State Legislative Competitiveness Report, 2022, Partisanship in 2022 United States local elections, The ten wealthiest (and poorest) members of both the, How members' net worth has changed from previous years, How much the congressional delegations of each state are worth, Breakdown of net worth between House and Senate, A complete list of the net worth averages for congressional members since 2004. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. He is the founder of the law firm of V. Gonzalez & Associates. The ten current senators and representatives listed below experienced the highest overall net worth gains (by percentage) from 2004-2012. Notable stocks that Manning or her spouse held included Alphabet, Apple, Starbucks, Disney, Microsoft, Nike, Johnson & Johnson, and Pfizer. Below are average net worth numbers for first year freshman members for each recent session of Congress. Four-term Rep. Markwayne Mullin serves Oklahoma's 2nd District in the eastern part of the state. That also makes it difficult to pin down exactly how much Pelosi's net worth has grown since she first became speaker in 2007, but she has been reported to be one of the wealthier members of Congress. For a direct comparison to each individual member's figures (as shown on his or her Ballotpedia profile), the yearly median change will correspond with each member's average yearly change. Pence left Congress in 2012 to become the governor of Indiana. In the private sector, Coons was an attorney with Delaware-based manufacturing company W.L. 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. In that case, a few very high numbers could, for instance, change the average, but they would not change the median. 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. Currently, used car information website Carfax is Beyer's top campaign contributor. Rep. Lisa Blunt Rochester of Delaware. The 2012 figure will be updated when available. Members disclose the value of their assets in broad ranges. Other notable stocks owned by Jacobs includes more than $100,000 invested in stocks of Apple, Microsoft, and Mastercard. Disclaimer: All data relating to the average net worth of individual members of congress from OpenSecrets.org/ Notable stocks held by Hern and his family included more than $250,000 worth of Amazon, at least $100,000 worth of Alphabet, and more than $530,000 worth of Microsoft. And much of Romney's fortune is in Goldman Sachs mutual funds. His family owns companies in construction and property development. One of these categories is "equity in own home," but Ballotpedia did not factor the average citizen's home equity into this figure because the Congressional net worth does not require members to report property (including personal residences) that is not used for investment purposes. Mortgages reported on properties that were not listed as assets were excluded from the wealth calculations, but are displayed on our profiles of the corresponding officials. Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. Rep. Susan W. Brooks is serving her fourth term in Congress. Congressional millionaires had an average yearly percentage increase of 23.9 percent. Sign up to get that here. 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. Phillips held more than $250,000 worth of Apple stock, at least $50,000 worth of Facebook stock, and over $1 million in the SPDR S&P 500 Trust ETF. Based on the $19,000 in student loan debt Ocasio-Cortez said she had in September 2019, she could be in the hole to the tune of nearly $17,000. Sheldon Whitehouse is a third-term senator from Rhode Island who was re-elected by about 30 points in 2012. Beyer reported at least $8.6 million in liabilities, almost all of which were mortgages on various properties he owned. Senators and Representatives (Personal Gain Index). Do you have a tip on a politics story that Newsweek should be covering? D.C.-based nonprofit OpenSecrets.org estimated Pelosi's net worth at $115. 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). Elected officials and senior staff are prohibited from receiving honoraria for speeches, articles or appearances. Sen. Steve Daines served in a management position at Procter & Gamble, worked in his family's construction company, and was a vice president at a cloud-computing startup that was eventually bought by Oracle in 2012. Prior to being elected to office, she made much of her wealth in the private sector. 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 data outlined on this page comes from OpenSecrets.org. Rep. Collin Peterson. Insider's analysis does not include four members of Congress whose disclosures were uniquely complicated and lengthy, comprising hundreds of pages of handwritten or scanned documents: Reps. Ro Khanna of California, Vicente Gonzalez of Texas, Kurt Schrader of Oregon, and Harold Rogers of Kentucky. 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. The figures reflect the. He is a cofounder of Penny's Coffee, a Minnesota-based coffee shop chain, a former chairman for Talenti Gelato, and the former CEO of Phillips Distilling Company. 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. Speier is of counsel at the law firm of Hanson Bridgett LLP in San Francisco. She is an emeritus professor at Harvard University. 15. subscribe to our print edition, ad-free app or electronic newspaper replica here. Rep. Lucille Roybal-Allard, a Democrat from California: -$1,008,000, Rep. Steven Horsford, a Democrat from Nevada: -$1,047,992, Sen. Cynthia Lummis, a Republican from Wyoming: -$1,401,991, Sen. Tammy Duckworth, a Democrat from Illinois: -$1,877,936, Rep. August Pfluger, a Republican from Texas: -$2,000,002. Phillips, who joined Congress in 2019, reported at least $2 million in liabilities in the form of mortgages.
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