The net worth of the members of Congress continues to rise regardless of the economic recession. An analysis of financial disclosure forms by Roll Call Magazine, using the minimum valuation of assets, showed that members of the House and Senate have a collective net worth of $2.04 billion, a $35.4 billion increase from the $1.65 billion held in 2008. Disclosure forms do not include non-income-producing assets.
Federal Reserve data released in March showed Americans’ household net worth declined 23 percent between 2007 and 2009 from $125,000 to $96,000, due to declining home equity (not included in congressional disclosure forms) and investments. Families also took on slightly more debt. Families in the top 10 percent of net worth saw smaller declines of 13 percent on average.
Rep. Darrell Issa (R-Calif.) reported that his assets were worth at least $295 million. House Minority Leader Nancy Pelosi’s (D-Calif.) wealth also increased from 2009 to 2010, from $21.7 million to $35.2 million. Speaker of the House John Boehner (R-Ohio), Senate Majority Leader (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) all had multimillion-dollar net worths in 2010.
Article Title: Members of Congress Grow Wealthier Despite Recession: Information Clearing House
Source: Huffington Post, Nov. 1 2011
Author: Luke Johnson
Student Researcher: Ellis Huber, Sonoma State University
Faculty Evaluator: Peter Phillips, Sonoma State University