By Howard Nema
Now that another mid term election is behind us and the Republicans have seized both the House and Senate, lets take a look at the wealth of our representatives, history and the widening gap between the have and have nots and determine if our elected officials are really doing the work of We the People, or if they are simply padding their own pockets at the detriment of America.
History proves that for the last 50 years both political parties have contributed to the socio-economic conditions America faces today.
The “Great Society” social welfare programs, the government take over of education, NAFTA, GATT, trade imbalances, outsourcing of jobs overseas, corporate welfare have all been courtesy of Congress and every president since Lyndon Johnson.
To put all of this into perspective, the combined net worth of the United States Congress is a whopping $1.54 billion.
And you wonder what is wrong with Our country.
(Courtesy of Roll Call)
Rep. Michael McCaul (R-Texas)$294.21Million
Assets
$294.21 Million
Liabilities
$0.00 Million
Change
298.9%
When McCaul first appeared on Roll Call’s annual survey of the 50 Richest Members of Congress in 2005, he was a wealthy guy, reporting a minimum net worth of about $12 million.
His financial disclosure report now depicts a fortune worth almost 25 times that amount, making him the wealthiest Member of Congress, at least on paper.
McCaul ranked fifth among last year’s class of richest lawmakers, with a minimum net worth of at least $73.75 million, but has since risen to more than $294 million.
The lion’s share of McCaul’s wealth is held by his wife, Linda McCaul, the daughter of Clear Channel Communications CEO and founder Lowry Mays, and the Congressman’s dramatic rise in net worth in 2010 appears to be the product of generational wealth transfer.
A footnote to McCaul’s newest report noted that “certain assets” owned by his spouse were “acquired via a gift from spouse’s parents.” The accounts were not identified.
On his financial disclosure, McCaul listed a new asset — the Linda McCaul Descendant Trusts — owned by his wife that was valued at more than $50 million. According to his report, that trust was invested in several other family partnerships.
McCaul, likewise, added two trusts under the ownership of his dependent children, including one trust valued at $25 million to $50 million and another at $1 million to $5 million.
Another of Linda McCaul’s investment accounts also appears to have doubled in value, moving from a minimum worth of $25 million to a minimum of $50 million.
Rep. Darrell Issa (R-Calif.)$220.40Million
Sen. John Kerry (D-Mass.)$193.07Million
Sen. Jay Rockefeller (D-W.Va.)$81.63Million
Sen. Mark Warner (D-Va.)$76.30Million
Rep. Jared Polis (D-Colo.)$65.91Million
Sen. Richard Blumenthal (D-Conn.)$52.93*Million
Sen. Dianne Feinstein (D-Calif.)$45.39Million
Rep. Vern Buchanan (R-Fla.)$44.21Million
Rep. Jim Renacci (R-Ohio)$35.87*Million
Rep. Nancy Pelosi (D-Calif.)$35.20Million
Rep. Rick Berg (R-N.D.)$21.60*Million
Sen. Bob Corker (R-Tenn.)$21.18Million
Rep. Rodney Frelinghuysen (R-N.J.)$20.35Million
Sen. James Risch (R-Idaho)$19.78Million
Rep. Gary Miller (R-Calif.)$17.45Million
Sen. Claire McCaskill (D-Mo.)$17.00Million
Rep. Kenny Marchant (R-Texas)$16.45Million
Rep. Nita Lowey (D-N.Y.)$15.46Million
Rep. Richard Hanna (R-N.Y.)$13.73**Million
Rep. Mike Kelly (R-Pa.)$11.90*Million
Rep. Trent Franks (R-Ariz.)$11.60Million
Rep. Scott Rigell (R-Va.)$10.69*Million
Rep. Diane Black (R-Tenn.)$10.63*Million
Rep. Tom Petri (R-Wis.)$10.60Million
Sen. Lamar Alexander (R-Tenn.)$10.38Million
Sen. John McCain (R-Ariz.)$10.35Million
Sen. Tom Harkin (D-Iowa)$10.28Million
Rep. Carolyn Maloney (D-N.Y.)$10.14Million
Rep. Jim Sensenbrenner (R-Wis.)$10.14***Million
Sen. Olympia Snowe (R-Maine)$9.88Million
Sen. Mitch McConnell (R-Ky.)$9.84Million
Rep. Tom Price (R-Ga.)$9.43Million
Rep. Nan Hayworth (R-N.Y.)$9.35*Million
Rep. Shelley Berkley (D-Nev.)$9.29Million
Sen. Herb Kohl (D-Wis.)$9.23Million
Rep. Lloyd Doggett (D-Texas)$8.53Million
Rep. Blake Farenthold (R-Texas)$8.51*Million
Rep. John Campbell (R-Calif.)$8.44Million
Sen. Ron Johnson (R-Wis.)$8.18*Million
* Indicates a freshman Member of Congress. Roll Call did not calculate percent change from forms filed as candidates.
** Member has not yet filed a disclosure form this year. The number here is based on the last available data, a disclosure form filed last year when he was a candidate for Congress. This information will be updated.
*** Roll Call added Sensenbrenner to this list after initial publication based on more detailed information about his wealth provided by his office. Sensenbrenner used to file a personal wealth statement — detailing not only his stock investments and bank accounts, but his travelers checks and stamp collection — along with the standard disclosure form. He did not attach a similar accounting with his 2010 financial report filed this spring, which showed a net worth of at least $5.19 million. But during Roll Call’s review of the details of Sensenbrenner’s nearly 700-page report, his office pointed to a separate financial statement he submitted to the Congressional Record in May, which indicates the Wisconsin lawmaker has a net worth of $10.14 million dollars, including several items that he does not have to report on the disclosure form. With Sensenbrenner’s addition, Rep. Rosa DeLauro (D-Conn.) drops from our list. (COURTESY OF ROLL CALL)
More Stories
BIDEN RECEIEVED $5 MILLION IN QUID PRO QUO BRIBERY SCHEME
Cheese Pizza? Meta’s Instagram Facilitated Massive Pedophile Network
RFK JR: “THE CIA KILLED MY FATHER”