Members Of Congress Grow Wealthier Despite Recession

Despite the economic recession and declining household wealth, the net wealth of members of Congress continues to rise, according to a Roll Call analysis of financial disclosure forms.

Members of the House and Senate have a collective net worth of $2.04 billion, up from $1.65 billion in 2008. The vast majority of the increase goes to the wealthiest members of Congress, who also account for most of Congress' net worth.

Members' net wealth may be much higher, however, since Roll Call only used the minimum valuation of assets in the range required by disclosure forms, and disclosure forms do not include non-income-producing assets, such as a personal residence.

Rep. Darrell Issa (R-Calif.) reported that his assets were worth at least $295 million. Much of his wealth comes from the money he earned in the car alarm business. 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.

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.

Comments

[DeNeece]

10:40 AM on 12/28/2011

When is enough enough. People in this country are going hungry, losing their homes, losing their jobs but yet the members of congress income increases!!! There are more than 50% more children in our country that are homeless now due to the economy but yet congress continues to get richer!!!!!!! HOW!!! Seems to me there is something seriously wrong with this picture. How is that members of congress are part of the 1%? Shouldn't they be just regular people like you and me? How did the rich come to make life changing decisions for the regular joe!!! The only way this is going to stop is if we as a country stand together and let them know we are done!!!!! Revolt!!!!!!!

[Christi Costigan]

01:37 AM on 11/03/2011

Is it time to occupy the capitol?

[Brian Holder]

07:09 AM on 11/02/2011

End this madness. Vote for Ron Paul

[MysticInd]

04:18 AM on 11/02/2011

It is what it is; Let's see the tea party net worth...oh I forgot that would be tied to Kochs

[leajazz]

11:16 PM on 11/01/2011

They all take care of #1 first.

[stoopinlow]

10:00 PM on 11/01/2011

And what kind of work did they do today? The House introduces a resolution to reaffirm " In God We Trust" as our country's motto..... Where are the jobs, Mr Weeper?

[l78lancer]

08:53 PM on 11/01/2011

It is interesting that the net wealth of many Americans has diminished during the same period. I'm not mad because many of them are rich. But it is a bit irritating that the expect me to enjoy being screwed in the process.

[l78lancer]

08:50 PM on 11/01/2011

Then again, maybe birds of a feather do flock together. Congress, Lobbyist, big business...perhaps the only true special interest of congress it itself.

[l78lancer]

08:48 PM on 11/01/2011

Well, this only proves that congress is not a charitable organization.

[Tracy Shaffer]

08:43 PM on 11/01/2011

Looks like a ban on "entitlements" and Congressional benefits might be in order. Want to reduce the size of government? Give up your pensions. The extra pensions you get for serving on committees. Pay for your own health care... I could go on. I never expected them to be anything less than wealthy as it takes wealth to get elected. It just puts a new light on what they fight for and why.

[eehd]

07:33 PM on 11/01/2011

I'll defer to my micro-bio.

[RepublicanDepression]

10:09 PM on 11/01/2011

Nice!

[SYR]

07:27 PM on 11/01/2011

Sickening, sickening, sickening. Reminds me of the fox in the hen house story. They are in congress because they are bought and paid for. This life is all about the money. End of story.

[shorty avki]

07:05 PM on 11/01/2011

This is why calling your Congressperson is futile. How does getting elected suddenly make these people genius investors? They enter with a networth of 150K and two years later it's 500K. Just dumb luck? Occupy America does not have a soundbite or slogan for the Media because within this corrupted political and financial system the best that can be hoped for is to hasten its demise.

[coolhand66]

05:34 PM on 11/01/2011

Darrell Issa what a Sumbag.

[mountaindelivery]

06:36 PM on 11/02/2011

Did you notice the qualifying statement that went with his name.
They did not say his net worth increased.
And what is a Sumbag?

[Flight]

05:18 PM on 11/01/2011

Keep 'draining the swamp' in 2012.

[scythus]

07:11 PM on 11/01/2011

Drain it till it's bone dry......