Congress: More Than 200 Millionaires

The Politico reported November 6 that two-hundred-and-thirty-seven members of the House and Senate are millionaires. The story is based on a report from the Center for Responsive Politics. That means nearly half of the guys and gals elected to jobs on Capitol Hill are millionaires, while only 1 percent of the general population is.

From the Politico: "CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million. All told, at least seven lawmakers have net worths greater than $100 million, according to the Center's 2008 figures."

So only one Republican in the top 5, huh?

Dave Levinthal, spokesman for the Center for Responsive Politics, is quoted as saying, "Many Americans probably have a sense that members of Congress aren't hurting, even if their government salary alone is in the six figures, much more than most Americans make. What we see through these figures is that many of them have riches well beyond that salary, supplemented with securities, stock holdings, property and other investments."

Can we say out of touch? I wonder what it's like to have that kind of money? I certainly wouldn't mind finding out, at least for a little while. For Senators the median amount was $1.79 million, down from just over $2.25 million in 2007. For the House the median amount was $622,254, down from nearly three quarters of a million in 2007.

And this is always nice (just forget about the ethics for a moment): Politico says, "Some lawmakers have profited from investments in companies that have received federal bailouts; dozens of lawmakers are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America."

Don't worry. I'm sure that didn't play into their decision to bail these firms out.

Among executive branch officials, CRP says the richest is Securities and Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated at $26 million.

And what about the lawmakers with a net worth less than zero (now we're talking about folks similar to a lot of Americans, except for that six figure salary): According to the Politico, Rep. Alcee Hastings (D-Fla.), freshman Rep. Harry Teague (D-N.M.), Rep. Jeff Fortenberry (R-Neb.), Rep. John Salazar (D-Colo.) and Rep. Sander Levin (D-Mich.) each a net worth of less than zero, CRP says. One caveat on those numbers: Federal financial disclosure laws don't require members to list the value of their personal residences. That information could alter the net worth picture for many lawmakers."

http://www.politico.com/news/stories/1109/29235.html