Familiar names top Roll Call's annual survey of Congressional wealth.
Rep. Michael McCaul (R-Texas) is the richest Member of Congress for the second year in a row, reporting a vast fortune that in 2011 had a minimum net worth surpassing $300 million for the first time.
McCaul is followed by Sen. John Kerry (D-Mass.), who reported a minimum net worth of $198.65 million, and Rep. Darrell Issa (R-Calif.), who reported a minimum net worth of $140.55 million. The two lawmakers swapped places since last year's list.
The lawmakers who round out the top five, Sens. Mark Warner (D-Va.) and Jay Rockefeller (D-W.Va.), also flipped positions from 2010 to 2011, with Warner's reported minimum worth rising about $9 million to $85.81 million and Rockefeller's minimum worth rising slightly to $83.08 million.
Since 1990, Roll Call has reviewed the annual financial disclosure reports filed by all House and Senate lawmakers to calculate the 50 richest Members of Congress. Their minimum net worth is determined by subtracting the total minimum value of all liabilities from the total minimum value of all assets.
The annual disclosure forms show information about lawmakers' assets and liabilities, including stock-market holdings, rental properties, checking accounts, credit card balances, student loans and other financial obligations. Even so, the details provide an incomplete picture of overall wealth.
Though lawmakers report the value of mutual funds, bank accounts and other assets, they are not required to disclose federal retirement savings accounts. And while they had to include mortgages on personal residences for the first time this year, they did not have to report the value of those properties as assets.
All assets and liabilities are also listed in broad ranges spanning millions of dollars, making it impossible to arrive at a lawmaker's exact minimum net worth.
Read more: http://www.rollcall.com/50richest/the-50-richest-members-of-congress-112th-2012.html?pos=hftxt
Rep. Michael McCaul (R-Texas) is the richest Member of Congress for the second year in a row, reporting a vast fortune that in 2011 had a minimum net worth surpassing $300 million for the first time.
McCaul is followed by Sen. John Kerry (D-Mass.), who reported a minimum net worth of $198.65 million, and Rep. Darrell Issa (R-Calif.), who reported a minimum net worth of $140.55 million. The two lawmakers swapped places since last year's list.
The lawmakers who round out the top five, Sens. Mark Warner (D-Va.) and Jay Rockefeller (D-W.Va.), also flipped positions from 2010 to 2011, with Warner's reported minimum worth rising about $9 million to $85.81 million and Rockefeller's minimum worth rising slightly to $83.08 million.
Since 1990, Roll Call has reviewed the annual financial disclosure reports filed by all House and Senate lawmakers to calculate the 50 richest Members of Congress. Their minimum net worth is determined by subtracting the total minimum value of all liabilities from the total minimum value of all assets.
The annual disclosure forms show information about lawmakers' assets and liabilities, including stock-market holdings, rental properties, checking accounts, credit card balances, student loans and other financial obligations. Even so, the details provide an incomplete picture of overall wealth.
Though lawmakers report the value of mutual funds, bank accounts and other assets, they are not required to disclose federal retirement savings accounts. And while they had to include mortgages on personal residences for the first time this year, they did not have to report the value of those properties as assets.
All assets and liabilities are also listed in broad ranges spanning millions of dollars, making it impossible to arrive at a lawmaker's exact minimum net worth.
Read more: http://www.rollcall.com/50richest/the-50-richest-members-of-congress-112th-2012.html?pos=hftxt
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