Thread: Most in Congress wealthier than constituents

Most in Congress wealthier than constituents

CAPTIONU.S. Sen. Bill Nelson, D-Fla. - National Rank 143Joe Burbank / MCT
Name and territory: U.S. Sen. Bill Nelson, D-Fla. Minimum net worth: $1.2 million Average net worth: $3.4 million Maximum net worth: $5.7 million

By Anthony Man Sun Sentinel contact the reporter

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South Florida members of Congress worth far more than voters

Most, but not all, senators and representatives are financially well off


Some shop at Publix. Most drive their own cars. Many of their kids go to public schools.

But in one big way, South Florida's members of Congress aren't like most of the rest of us.

Hint: It involves money.

Newly crunched numbers from the Center for Responsive Politics find the Florida congressional delegation, including the members from Broward, Palm Beach and Miami-Dade counties, is much like the rest of the U.S. Senate and House — far wealthier than everyday Americans.

The median net worth of Florida's two senators and 27 representatives is $1.06 million. Most of the 29 people are millionaires.


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Their holdings set them apart from most of the people they represent. The average American household's median net worth is $56,355, according to the Center for Responsive Politics report. The median net worth for the Florida congressional delegation is almost 19 times greater.

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The richest member of Congress from Florida, with an estimated net worth of $98.2 million, is Rep. Vern Buchanan, a Sarasota Republican who owns car dealerships and an aircraft leasing business. Buchanan is the ninth wealthiest member among the 533 representatives and senators. There are two vacancies in the House.

Citizens can peek into the personal finances of the members of Congress thanks to annual financial disclosures required by federal law. The law, written by the people who are subject to its provisions, doesn't require many details. The disclosure reports list only the values of their assets and liabilities in broad ranges, so their exact wealth can't be determined and the center's figures are estimates.

The richest from Broward, Palm Beach or Miami-Dade counties is Rep. Patrick Murphy. The Democrat, re-elected to a second term in November, represents northern Palm Beach, Martin and St. Lucie counties.


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The center put his net worth at $3 million, though because of the way finances are disclosed, he could be worth as little as $1 million or as much as $5.1 million.

Florida's poorest, and second from the bottom nationwide, is Rep. Alcee Hastings, a Democrat who represents Broward and Palm Beach counties. His estimated net worth is negative $4.7 million.

Hastings always shows up at the bottom of such lists, and with a high negative net worth. The former federal judge incurred large debts from 1981 to 1989 in legal fees from his two trials, which ended in his acquittal on criminal charges and his impeachment and removal from office by the House and Senate on related charges.

Though a Republican is the richest and a Democrat the poorest in the Florida delegation, wealth — or lack of it — doesn't follow party lines.

The second wealthiest is Rep. Alan Grayson, D-Orlando. His wealth is estimated at $64.4 million, though it could be as low as $6.7 million and as high as $122 million.

Second from the bottom is Rep. Ron DeSantis, R- Ponte Vedra Beach, with a negative net worth of $36,500, though it could range from negative $9,000 to negative $64,000.

Third from the bottom is U.S. Rep. Mario Diaz-Balart, a Miami-Dade Republican whose district includes part of south Broward. His net worth is estimated at a negative $24,500, though the center said it could range from no net worth to negative $49,000.


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Lawmakers earn $174,000 a year.

The Center for Responsive Politics, which operates theOpenSecrets.org website, is a nonpartisan, nonprofit organization that tracks money in U.S. politics. It's been reporting on lawmakers' net worth each year since 2006.

The center bases its estimates on financial disclosure forms filed by member of Congress last year reflecting assets and liabilities as of Dec. 31, 2013. For newly elected members of Congress, the center uses candidate filings from 2014 covering the previous year.

Assets and liabilities are disclosed in broad ranges, making it impossible to figure out a lawmaker's precise net worth. For example, a member of Congress might have multiple assets, with each one given a range of possible values. One box that can be checked is for assets between $100,001 and $250,000; another is for assets between $4 million and $25 million Liabilities are also reported in broad ranges. Also, they're allowed to exclude their homes.

So the center's analysis lists the minimum possible net worth, based on what the politician filed, and the maximum. It also comes up with an average of the minimum and maximum.

One thing the numbers don't answer, the center's executive director Sheila Krumholz said in the organization's website, is "whether voters elect them because they are successful or because people of modest means do not run."

http://www.sun-sentinel.com/news/pol...119-story.html

http://www.alipac.us/f19/richest-1%2...m-says-316918/