TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Issa tops long list of millionaires in Congress

Email Newsletters

Click here to sign up for one of our email newsletters.

Daily Photo Galleries

By USA Today
Thursday, Jan. 9, 2014, 9:12 p.m.
 

WASHINGTON — In a week dominated by politicians' talk about income inequality, a new tally shows that most members of Congress are millionaires.

Of 534 lawmakers on Capitol Hill, at least 268 had an median net worth of $1 million or more in 2012, the analysis by the non-partisan Center for Responsive Politics found. That's up from 257 members — or about 48% of lawmakers — in 2011 and marks the first time that a majority of politicians on Capitol Hill were in the millionaire's club.

The richest lawmaker: Rep, Darrell Issa, R-Calif., who oversees the House Oversight and Government Reform Committee and made a fortune in his car-alarms business. The center calculates his average net worth at $464 million.

Senators generally are better off than House members, with an average net worth of $2.7 million in the Senate compared with $896,000 in the House.

It's impossible to know exactly how much money lawmakers have. They are required to report their assets in broad ranges only.

Real estate is the most popular investment vehicle, valued at between $442.2 million and $1.4 billion. For lawmakers dabbling in the stock market, General Electric was the most popular stock pick. Seventy-one lawmakers owned shares in the company last year.

The analysis was released as officials in both parties are putting a spotlight on income disparities.

Wednesday marked the 50th anniversary of President Lyndon B. Johnson's State of the Union address declaring “war on poverty.” President Obama is expected to talk about income inequality in his annual address to Congress this month as Democrats sound populist themes ahead of November's congressional midterm elections. Sen. Marco Rubio, R-Fla., outlined his anti-poverty proposals this week, which include consolidating federal anti-poverty money into “flex funds” that could be transferred to states.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Nation

  1. Parks threatened by dispute over renewal
  2. Veterans frustrated by GOP presidential debate on Iraq War
  3. Harvey Girls recognized for role in history of West
  4. Why FedEx truck slammed into bus in Calif. in fatal crash still unknown year later
  5. Senate foils phone spies in close vote
  6. Michigan woman marks 116th birthday
  7. Texas, Oklahoma residents urged to flee flooding
  8. Clinton Foundation reports as much as $26.4M in previously undisclosed payments
  9. Congress passes short-term fix for highways program
  10. Pipeline didn’t have shut-off valve
  11. Police kill suspect in fatal shootings of Missouri woman, son