Many of Congress’s most wealthy members avoided the pain of the Great Recession, but a number were hit as hard or harder than the average American.
A Washington Post investigation that ran Saturday showed that the wealthiest one-third of Congress saw an increased net worth of 14 per cent between 2004 and 2010, according to their reported assets and liabilities.
The Post reported 11 lawmakers increased their portfolios by at least $10 million:
“Rep. Kenny Marchant (R-Tex.) posted an estimated $22 million gain. House Minority Leader Nancy Pelosi (D-Calif.) saw an estimated $60 million increase in her reported wealth as the value of her husband’s commercial real estate holdings in San Francisco climbed dramatically during the first decade of the century.”
Moreover, the estimated wealth of Republicans was 44 per cent higher than that of Democrats in 2004, but the difference evaporated by 2010. Additionally, the number of millionaires in Congress is at its lowest level since 2004.
As for the losers, Rep. Reuben Hinojosa (D-Tex.) is the only member to have filed for bankruptcy but Rep. Alcee L. Hastings (D-Fla.) reported debts of between $2 million and $7 million in debts.
The second article in the Post’s series ran today and examine the potential conflicts between lawmakers’ financial portfolios and their voting records. According to the analysis, “73 members of Congresss have sponsored or co-sponsored legislation in recent years that could benefit businesses or industries in which either they or their family members are involved or invested.”
For more info on the finances of specific lawmakers, the Post report came with this super cool multimedia element.