Town Hall Meeting

18 Nov 2010

The Millionaires Club

Filed under: — Al @ 12:04 pm

I knew the Senate was called “the millionaires club,” but it looks like the House is becoming its own millionaires club too.

Study: Lawmakers’ Personal Wealth Increased 16% in 2008

A new study shows members of Congress saw a boost in personal wealth as the U.S. economy suffered the worst of the economic recession. According to the Center for Responsive Politics, lawmakers’ personal wealth increased an average 16 percent between 2008 and 2009. The number of millionaires rose to 261, nearly half the total members of Congress. The median wealth of a House member topped $765,000, while the average for a senator was more than $2.3 million.

That [number of millionaires] compares to about 1 percent of Americans who lay claim to the same lofty fiscal status.

When averaging lawmakers’ minimum and maximum potential wealth for 2009, Rep. Darrell Issa (R-Calif.) tops the list with holdings exceeding $303.5 million. Issa is followed by a fellow Californian, Rep. Jane Harman (D-Calif.), with $293.4 million. Sen. John Kerry (D-Mass.) places third at $238.8 million.

The most popular investment among congressional members reads as a who’s who list of the most powerful corporate political forces in Washington, D.C. — companies that each spend millions, if not tens of millions of dollars each year lobbying federal officials. Many of them likewise donate millions of dollars to federal candidates each election cycle through their top employees and political action committees.

With 82 current members of Congress invested, General Electric tops this list. It’s followed by Bank of America (63), Cisco Systems (61), Proctor & Gamble (61) and Microsoft (54).

Read the entire article here

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