Most Members of Congress Are Millionaires

For the first time ever.

House Oversight And Government Reform Committee Chairman Darrell Issa questions members of the Nuclear Regulatory Commission during a hearing December 14, 2011 in Washington, DC. In October the four commissioners sent a letter White House Chief of Staff William Daley expressing "grave concerns" that NRC Chairman Gregory Jaczko's deficiencies as a leader could compromise nuclear safety.
National Journal
Matt Berman
Jan. 9, 2014, 9:46 a.m.

Your mem­ber of Con­gress is not like you. Your mem­ber of Con­gress, most likely, is much, much rich­er than you.

For the first time, most U.S. law­makers are mil­lion­aires, ac­cord­ing to a new ana­lys­is from the Cen­ter for Re­spons­ive Polit­ics. At least 268 cur­rent mem­bers of Con­gress, out of 534, had an av­er­age 2012 net worth of at least $1 mil­lion. That’s just a tiny bit more than half of the total. The con­gres­sion­al me­di­an net worth was $1,008,767.

Con­gres­sion­al Demo­crats had a slightly high­er me­di­an net worth than Re­pub­lic­ans, $1.04 mil­lion to $1 mil­lion. It’s not like there’s been some kind of ma­jor, re­cent fin­an­cial sea change, though. The last ana­lys­is had those num­bers at $990,000 for Demo­crats and $907,000 for Re­pub­lic­ans.

Un­sur­pris­ingly, sen­at­ors on the whole are much wealth­i­er than House mem­bers on the whole: The me­di­an net worth in the Sen­ate was $2.7 mil­lion, com­pared with a $896,000 me­di­an net worth in the House. Sen­ate Re­pub­lic­ans are the ones who are truly rak­ing it in, with a $2.9 mil­lion me­di­an net worth.

As for the in­di­vidu­al wealth­i­est mem­ber? House Over­sight Com­mit­tee Chair­man Dar­rell Issa, R-Cal­if., has over­taken Rep. Mi­chael Mc­Caul, R-Texas, with an av­er­age 2012 net worth of $464 mil­lion, com­pared with Mc­Caul’s $143.1 mil­lion. Mc­Caul had been worth over $500 mil­lion in 2011, but he got bumped down due to a change in fin­an­cial-re­port­ing rules.

On the op­pos­ite side of the spec­trum is Rep. Dav­id Valadao, R-Cal­if., the least wealthy mem­ber of Con­gress. He had an av­er­age net worth of neg­at­ive $12.1 mil­lion in 2012, due to loans for his fam­ily’s dairy farm.

The av­er­age U.S. house­hold had a net worth of $539,500 in 2012, ac­cord­ing to the St. Louis Fed.

You can see the full 2012 fin­an­cial break­down here:

What We're Following See More »
INTERCEPT IN MIDDLE EAST
Navy Calls Iranian Ships’ Actions Dangerous, Unprofessional
23 minutes ago
THE LATEST

"Four Iranian ships made reckless maneuvers close to a U.S. warship this week, the Pentagon said Thursday, in an incident that officials said could have led to dangerous escalation." The four Iranian vessels engaged in a "high-speed intercept" of a U.S. destroyer in the Strait of Hormuz. A Navy spokesman said the Iranina actions "created a dangerous, harassing situation that could have led to further escalation including additional defensive measures" by the destroyer.

Source:
$300 SAVINGS CARD
Under Pressure, EpiPen Maker Drops Prices
31 minutes ago
THE LATEST

Amid public outcry and the threat of investigation by the Senate Judiciary Committee, Mylan has agreed to effectively drop the price of EpiPens. "The company, which did not lower the drug's list price, said it would reduce the patient cost of EpiPen through the use of a savings card, which will cover up to $300 of EpiPen 2-Pak."

Source:
AN ENGLISHMAN IN MISSISSIPPI
Nigel Farage: Trump Can Beat Polls
2 hours ago
THE LATEST

Nigel Farage, who led the Brexit effort in the United Kingdom, appeared at a Trump rally in Mississippi yesterday. Farage told the 15,000-strong crowd: "Remember, anything is possible if enough decent people are prepared to stand up against the establishment."

Source:
MOB RULE?
Trump on Immigration: ‘I Don’t Know, You Tell Me’
2 hours ago
THE LATEST

Perhaps Donald Trump can take a plebiscite to solve this whole messy immigration thing. At a Fox News town hall with Sean Hannity last night, Trump essentially admitted he's "stumped," turning to the audience and asking: “Can we go through a process or do you think they have to get out? Tell me, I mean, I don’t know, you tell me.”

Source:
BIG CHANGE FROM WHEN HE SELF-FINANCED
Trump Enriching His Businesses with Donor Money
1 days ago
WHY WE CARE

Donald Trump "nearly quintupled the monthly rent his presidential campaign pays for its headquarters at Trump Tower to $169,758 in July, when he was raising funds from donors, compared with March, when he was self-funding his campaign." A campaign spokesman "said the increased office space was needed to accommodate an anticipated increase in employees," but the campaign's paid staff has actually dipped by about 25 since March. The campaign has also paid his golf courses and restaurants about $260,000 since mid-May.

Source:
×