Congress full of Millionaires! A new study compiled by the Center for Responsive Politics shows 237 members of the U.S. Congress or 44 percent are millionaires. While only 1 percent of U.S. citizens nationwide qualify as millionaires. Dave Levinthal, who helped compile the study’s findings said:
“What’s easy to see is that the economic reality of our elected officials is not reflective of the general population.”
Among the wealthiest members of Congress are Darrell Issa, R-Calif., whose net worth is estimated at a whooping $251 million, and Jane Harman, D-Calif., who boasts a net worth of around $244.7 million.
A slight majority of those elected to Congress are not millionaires. And some of the least well-off members include Alcee Hastings, D-Fla., and Jeff Fortenberry, R-Neb., both of whose net worth is less than zero, according to the RCP database.
By compiling financial disclosure statements and public tax records, the Center for Responsive Politics was also able to examine the investment holdings of elected officials.
In 2008, the same year that the federal government bailed out several U.S. banks, the second most commonly held stock among members of Congress was Bank of America, the data showed. Other popular bank stocks included Wells Fargo, Citi Group and Goldman Sachs, all of which received congressionally approved funds.
And as Congress continues to work on the issue of health care reform, Levinthal noted that industry-related stocks were also commonly held by many on Capitol Hill.
“Pfizer was the sixth most commonly held stock in 2008, for instance. Oftentimes, members of Congress are heavily invested in companies who will be affected by decisions the federal government makes.”
Surprisingly, in a year in which the economy ravaged the retirement savings and overall net worth of so many Americans, some members of Congress experienced just the opposite. In the Senate, Richard Shelby, R-Ala., saw his net worth increase by $2.8 million. Daniel Inouye, D-Hawaii, earned $2.6 million, and Minority Leader Mitch McConnell’s earnings rose by $9.2 million.
