congress net worth before and after office 2020

When the members who lost money during this time period are removed from the calculation,[35] the growth in wealth among the "wealth gainers" stands out. 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. Inhofe also worked as an independent businessman for three decades and was the president of Quaker Life Insurance Company. Obernolte, who joined Congress in 2019, also reported several investments worth millions in Vanguard tax-managed mutual funds. Rep. Vicente Gonzalez is serving his second term in Congress, representing the 15th District in the southern part of Texas. Much of his wealth is from investments he made with his earnings from years as a corporate tax attorney. The Center for Responsive Politics is posted under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License. Before representing Washington's 4th District on Capitol Hill in 2015, Republican Dan Newhouse served as the director of Washington state's Department of Agriculture. Please email us if you would like to suggest a revision. 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. ? the user asked. 60. Allen & Associates, which operates in six states and is headquartered in Augusta, which is within the district Allen represents. Members of Congress are required to disclose the value of their assets only in broad ranges, such as $15,000 to $50,000. For example, for. And much of Romney's fortune is in Goldman Sachs mutual funds. 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. The data outlined on this page comes from OpenSecrets.org. 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. Hern's wealth is split between trusts and IRAs belonging to him and his immediate family. Republican Paul Mitchell, elected to serve Michigan's 10th District in 2016, is worth an estimated $37.7 million. 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 Feinstein herself has a $25 million plus stake in Carlton Hotel Properties. Congress saw a total increase of $316.5 million in assets held by all members in the study. 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.. 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. Norman was elected to Congress in a special election in 2017 after President Donald Trump appointed his predecessor, Mick Mulvaney, to be the director of the Office of Management and Budget. Insider's calculations are conservative estimates based on the minimum values disclosed by members. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Jimmy McAllister Samuel Postell More than half of Isakson's estimated wealth is held in a blind trust he established in 2012. The main source of Kelly's wealth comes from the eponymous Mike Kelly Chevrolet Cadillac dealership, which he bought from his father and eventually expanded to include a Kia and Hyundai dealership. He. Rose also owned at least $500,000 worth of stock in Citizens Bank and more than $100,000 worth of Alphabet stock, and he reported 100% ownership of Rose Farm, worth between $5 million and $25 million. A few members of Congress' minimum sum of liabilities far surpassed the minimum sum of their disclosed assets. Note: Report numbers may reflect incoming and outgoing members of congress. Rep. Kenny Marchant of Texas is serving his eighth term in the House of Representatives. His largest investment is an interest in Lebanon House Inc., which owns the Golden Lamb Inn, the oldest continuously operating company in Ohio. First elected to the Wisconsin State Senate in 1978, Rep. Jim Sensenbrenner is currently the second longest serving member of the House of Representatives. U.S. House of Representatives, accessed March 9. Student volunteers wanted! Hern joined the House of Representatives in 2018. Both the average and median for congressional and American citizen net worth growth are provided below. Though he is a Tennessee native, Trey Hollingsworth has served in Indiana's 9th District since taking office in 2017. CNN . 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. 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. Hollingsworth's wealth is largely from his father's Knoxville-based company, Hollingsworth Capital Partners, which refurbishes old, often abandoned factories and industrial buildings. External Relations: Moira Delaney Hannah Nelson Caroline Presnell She reported at least $165,000 in liabilities in the form of credit-card debt through various banks. 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. At the start of his 2020 presidential campaign Biden released his financial information disclosures as well as state and federal tax returns for 2016, 2017, and 2018 and based on those forms,. The second-term senator and former governor returned to practicing law in 2003 after he finished his term as governor. Before the success he found in Florida, Buchanan founded American Speedy Printing in Michigan in the mid-1970s, growing the business to 730 locations across 44 states before declaring bankruptcy. Coming from a long line of Tennessee politicians, Jim Cooper served Tennessee's 4th District from 1983 through 1995 and District 5 since 2003. She is also a co-author of the book "This Is Not the Life I Ordered: 50 Ways to Keep Your Head Above Water When Life Keeps Dragging You Down.". Prior to being elected to office, she made much of her wealth in the private sector. and subtracted major liabilities (loans, credit card debt, etc.).[2]. As a starting point, congressional financial disclosure forms use value ranges, rather than precise amounts, when reporting assets and liabilities. He went on to sell it for $10 million to McAfee . Scott did not list any liabilities or debts in his filings. He is the founder of the law firm of V. Gonzalez & Associates. Rep. Brad Schneider served Illinois' 10th District from 2013 through 2015 and began serving once again in 2017. Research: Josh Altic Vojsava Ramaj 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. That data, currently available for the years 2004 to 2010, is listed in part below in the section Individual data. Worth an estimated $70 million, Democratic Sen. Richard Blumenthal of Connecticut is wealthier than all but a handful of other lawmakers on Capitol Hill. U.S. Speaker of the House Nancy Pelosi (D-CA) delivers remarks from the House Chambers of the U.S. Capitol Building on November 17, 2022 in Washington, DC. Note that the ethics law does not require filers to report property, including personal residences, that is not held for investment purposes and does not produce income. Many of the wealthiest legislators first had successful and lucrative careers in the private sector. In the private sector, Bennet was managing director at Anschutz Investment Co. Bennet is currently campaigning to be the Democratic nominee for President. After representing Oregon's 3rd District for 15 years, Ron Wyden has represented Oregon as a senator since 1996. 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. Tech: Matt Latourelle Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. When she scored a surprise victory during the 2018 Democratic primary, Ocasio-Cortez spent about $1.8 million of the $2.2 million she raised. Tucker Carlson ousted at Fox News following network's $787 million settlement. During a September 2019 hearing on student loan debt, Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. Her family also owns farm equipment company Heartland Tractor. [37], The ten current senators and representatives listed here experienced the greatest declines in net worth (by percentage) from 2004-2012.[37]. Some longtime members of Congress watched their wealth rise to record levels in 2018. This included members of Congress. Ocasio-Cortez said she made a payment that had reduced her student loan debt to $19,000. Congressional disclosure forms don't provide a precise number, but the midpoint. In this study, we look at changes in net worth during an incumbent's time in office. Net worth figures are by no means comprehensive or exact, as members of Congress are not required to report their principal residences or their contents (the largest assets for most Americans), and they report their financial assets and liabilities in broad ranges of value. Filers must disclose positions they hold with non-governmental organizations, except for their membership in religious, social, fraternal or political organizations. Ro Khanna has served California's 17th District, which covers much of Silicon Valley, since 2017. The Republican, now in his fifth term, is a certified professional engineer who worked in the construction industry before he entered Congress. Her income is estimated to be around $174,000 annually. DeLauro is married to political strategist and best selling author Stanley Greenberg. Senators and Representatives (Personal Gain Index). This is the first part of the Personal Gain Index. In August 2019, Isakson announced he would resign from his senate seat at the end of the year due to health problems. Though Scheider founded a consulting firm, much of his wealth comes from his wife, Julie Schneider, whose family started what was the largest privately owned insurance brokerage in Chicago. 51. 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 documents cover 2020, a year in which the world's richest people grew their fortunes by trillions of dollars. Much of Issa's fortune comes from a car-alarm system called Steal Stopper and his time as the CEO of Directed Electronics. 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. Lowey is the current chair of the Committee on Appropriations. The public employee retirement fund amount should have been in the thousands and not millions. Jim Risch has served Idaho on Capitol Hill as Senator since 2009. Members of Congress are permitted to ask for a three-month extension. Data is not available for a limited number of congressional members. Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. Bera worked as a medical doctor before choosing to run for elective office. Rep. Carolyn Maloney was first elected to the U.S. House of Representatives in 1992, serving New York's 14th Congressional District from 1993 to 2013 and New York's 12th Congressional District from 2013 to the present. 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 Census Bureau, the source of the average citizen data, breaks down net worth into wealth categories. All other content, including data analysis of net worth change, is posted under Ballotpedia's standard content license. For the second year in a row, Representative Darrell Issa tops the lot with a net worth of $357.25 million, largely the result of. 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. Here are those "poorest" members. But this year Trump's net worth dropped to $2.5 billion. Researchers used data provided by OpenSecrets.org to calculate the change in net worth of each congressional incumbent from either 2004 or the year he or she was first elected, if that year was after 2004.[6]. The congressman's wife, Lynn Gorguze, is the president and CEO of a private equity firm, Cameron Holdings. [5] This page is about changes in net worth of U.S. McCaul, who represents Texas's 5th District, amassed much of his wealth through his marriage to Linda McCaul, whose father founded Clear Channel Communications. He is worth an estimated $31.2 million. However, there were substantial increases in wealth of the members who fell into this category. He snagged his first job in D.C. in 1968, working as the chief legislative assistant to Kentucky Sen. Marlow Cook. Alexandria Ocasio-Cortez Emerges as a Political Star, 'Change Is Closer Than We Think.' 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. Her estimated net worth has increased significantly since 2008 thanks in large part to the success of her husband, Paul Pelosi, who is a venture capitalist and property investor. By clicking Sign up, you agree to receive marketing emails from Insider He also owns several rental properties around the University of Georgia campus. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Rep. Young passed away on October 18, 2013. peak net worth: $594.2 million In office: 1789-1797 George Washington was America's first president and also its wealthiest for more than a century. Allen's net worth of $11.7 million is largely self-made. Senators and Representatives (Personal Gain Index), All data relating to the average net worth of individual members of congress from. Mitchell spent $3.6 million of his own fortune to win the seat. Gianforte amassed his fortune after founding a software company in the mid 1980s, which he eventually sold to McAfee Associates. Sen. Johnny Isakson was elected to the U.S. House of Representatives in 1998, and to the U.S. Senate in 2004. See which incumbents had the largest gains in net worth. Only lawmakers with an estimated net worth of more than $3 million are included on this list. 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. Worth an estimated $58.5 million, California Sen. Diane Feinstein is by far the wealthiest woman on Capitol Hill. Senators and Representatives, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Changes_in_Net_Worth_of_U.S._Senators_and_Representatives_(Personal_Gain_Index)&oldid=8739186, 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. Insider used these members' "candidate reports," some of which include financial data from 2021. As compared to the yearly average gains, the total average gains percentage change looks at the total change between the first year data is available for each member[36] and the 2012 data. OpenSecrets combines all assets and liability to form a total potential range of values, and then provides an average value as the best guess of each individual's net worth. Upton's fortune mainly derives from an appliance company that his grandfather founded, Whirlpool, which the congressman reported holding at least $1 million of stock in. However, all mortgages are required to be disclosed. Rep. Steve Cohen has served six terms as the congressman from Tennessee's 9th District, which is in the southwest corner of the state. For the first time in history, the majority of America's elected officials in Washington, D.C. are millionaires. We estimated the net worth of members of Congress by analyzing financial-disclosure reports. Sixteen . net worth in 2018: $19,145,013 > Assumed office: Jan. 3, 1987 > Current term ends: 2023 > Approval . U.S. House of Representatives Press Gallery, accessed March 9. Because 2012 household net worth figures had not been released as of publication date, this figure represents the 2011 numbers adjusted for inflation. 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. 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. The company, now called iHeartMedia, is a $6.3 billion company. It is no wonder, then, that when the average citizen has the means to take a peek at each members ability to handle his or her personal finance, intrigue abounds. Warner's wealth is divvied up among mutual funds, private-equity funds, and hedge funds. Neal Dunn represents the 2nd District in Florida, which covers most of that state's panhandle. Senators and Representatives (Personal Gain Index), Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License, Information on financial disclosure forms from the Office of the Clerk of the House of Representatives, Older congressional financial disclosure forms available on, Net Worth of United States Senators and Representatives, Homeland Security and Governmental Affairs, United States House of Representatives Committee on Oversight and Government Reform, Cooperative of American Physicians IE Committee, Changes in Net Worth of U.S. The tables and graphs on this page show some of the highlights of the study. The Top 100 table includes a handful of politicians who left office during or after 2012. Rep. Nancy Pelosi, the Speaker of the House, represents California's 12th District, which includes San Francisco. Insider compiled members' annual disclosures filed this year, analyzing thousands of pages of documents to estimate the minimum and maximum net worth of members of the US Senate and the US House of Representatives, including nonvoting delegates. subscribe to our print edition, ad-free app or electronic newspaper replica here. 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. Below are average net worth numbers for first year freshman members for each recent session of Congress. This includes her salary as an elected official and income from her business ventures. Jacobs listed one liability in her financial disclosure: a mortgage on a Washington, DC, property worth at least $500,000. Before his election to Congress, Hill was a commercial banker and investment manager. Take Our Poll: What Do You Plan To Use Your Tax Refund For? We estimated the net worth of members of Congress by analyzing financial-disclosure reports. The majority of Feinstein's wealth is from her husband, Richard Blum, according to her financial filings. Matsui's husband, Roger Sant, is the founder of the AES Corporation, a Fortune 500 holding company specializing in electricity generation and distribution. 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. 24/7 Wall St. reviewed the estimated net worth of U.S. congressional representatives from Roll Call, a Capitol Hill news outlet, to identify the 76 richest members of Congress. This is the first part of the Personal Gain Index. Norman also reported four liabilities worth a total of at least $2 million, each in connection to his property investments. Rep. Nita M. Lowey has served in Congress since 1989, and currently represents New York's 17th District located in southern New York State, just north of New York City. He got his start in banking as a bookkeeper at First Western Bank & Trust in Minot, which was bought by his father. Before serving in Congress, Mullin dropped out of college to manage the family's plumbing company, building it into a regional business. Much of his $27 million fortune came from a career as an economist and intellectual property lawyer. [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. Negative to positive increases Feinstein is married to Richard Blum, founder of Blum Capital, an equity investment firm that has stakes in multiple industries, including health care, media, retail, finance, and transportation.

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