WASHINGTON - The political fortunes of new congressional leaders Nancy Pelosi and Harry Reid soared last year, and financial disclosure forms revealed Thursday they're also doing well in personal money matters.
New House Speaker Pelosi, through her investor husband, holds stocks and property worth well into the millions. Senate Majority Leader Reid, a gold miner's son, reported property around his hometown of Searchlight, Nev., as well as investments valued at several million dollars.
They are hardly the richest members of Congress. Sen. Edward Kennedy D-Mass., reported four Kennedy family trust funds worth $20 million to $100 million.
Senate Intelligence Committee Chairman Jay Rockefeller, D-W.Va., heir to his family's oil fortune, has three blind trusts worth more than $80 million.
Sen. Herbert Kohl, D-Wis., listed numerous investments, including stock in the Milwaukee Bucks valued at more than $50 million, the highest category on the forms. Kohl owns the professional basketball team, which Forbes magazine valued at $260 million this year.
The Republican leaders also reported healthy incomes and assets.
Senate Republican leader Mitch McConnell, R-Ky, said he held property in the District of Columbia worth $1 million-$5 million. But a large portion of the family assets is held by his wife, Labor Secretary Elaine Chao. She had investments, mostly in index and mutual funds, totaling between roughly $850,000 and $1.9 million, plus retirement accounts valued at between $265,000 and $600,000.
House GOP leader John Boehner, R-Ohio, reported assets of $1 million to $5 million in the retirement plan of a plastics company he previously headed. than $80 million.
The annual disclosure forms, while not exact, give a glimpse of the financial activities of lawmakers beyond their basic salaries. Last year rank-and-file members received $165,200 while minority leaders, the positions Pelosi and Reid held last year, got $183,500. The House Speaker and Senate Majority Leader had salaries of $212,100.
The forms don't often tell much about the legal or financial problems some members face. Rep. William Jefferson, D-La., facing a 16-count indictment on charges he received more than $500,000 in bribes, said his major sources of unearned income were rent from two tracts of land on Lake Providence in Louisiana, worth less than $7,500. He reported $56,250 in gifts to his legal defense trust fund.
Sen. Hillary Clinton, D-N.Y., who is running for president, reported that her husband, former President Clinton, made more than $10 million for giving speeches last year. The couple held two accounts - a regular bank account and a blind trust, each valued at between $5 million and $25 million. The forms don't require Congress members to report exact figures, only to note the ranges their holdings fall within.
Not everyone in Congress is rich. Rep. Dave Obey, D-Wis., and Sen. Robert Byrd, D-W.Va., the two Appropriations Committee chairmen who are in charge of annual budgets worth almost $1 trillion, reported among the most simple personal budgets. The 89-year-old Byrd listed among his major assets a $100,000-$200,000 retirement account, while Obey claimed two IRAs totaling less than $115,000.
Byrd, the longest-serving senator in U.S. history, holds considerably fewer assets than he reported last year. He had $15,000-$50,000 in his checking account compared to $100,000-$200,000 the previous year. He no longer lists a money market fund in which he held a reported $15,000-$50,000 previously.
"He lives very modestly," his spokesman Tom Gavin said.
Reid owns 160 acres in Bullhead City, Ariz., worth up to $500,000 and land holdings and old mining claims in Nevada worth between $496,000 and $1.39 million. His office said that while the property is referred to as mining claims, there are no mining operations. Reid has promised to revise earlier disclosure forms after questions arose last year over a Las Vegas land deal, but his staff said he is still awaiting Ethics Committee signoff on the proposed revisions he submitted.
Pelosi's investor husband, Paul, reported 30 stock sales and purchases last year, often involving sums up to $500,000 or $1 million each. The couple also own a vineyard together in St. Helena, Calif., valued at $5 million to $25 million.
The disclosure forms reveal a variety of income sources. Senate Banking Committee Chairman Christopher Dodd, D-Conn., took in rent of $5,001-$15,000 for his cottage in Ireland, and received a $30,000 book advance for "Letters from Nuremburg." His father was a prosecutor at the Nuremburg war crime trials after World War II.
Several other senators were also involved in book projects: Clinton reported royalties of $350,000 for her book "Living History." Sen. Kit Bond, R-Mo., vice chairman of the Senate Intelligence Committee, received a $16,667 advance for a book he is co-writing on radical Islamic movements in Southeast Asia.
Sen. Barbara Boxer, D-Calif., chairwoman of the Senate Environment and Public Works Committee, made $1,462 from sales of her suspense novel, which features a combative, liberal senator much like herself.
Boxer also was paid $737 for playing herself on an episode of the HBO series "Curb Your Enthusiasm."
Lawmakers cannot make more than 15 percent of their salaries in outside earned income, although book royalties are exempt from that limit.
At least one lawmaker, freshmen Rep. Kirsten Gillibrand, D-N.Y., posted her disclosure form on her congressional web site. Gillibrand campaigned on greater transparency and ethics in government. "To do my part, I have been trying to lead by example," she wrote on the web site.
Two watchdog agencies, Taxpayers for Common Sense and the National Legal and Policy Center, wrote to congressional leaders urging them to make the disclosure forms more comprehensive by including such information as business partners and spousal income.
Judy Biggert, R-Ill., had some luck last year, being picked as one of 25 winners of the United Airlines' Mileage Plus 25th Anniversary. She received 1 million frequent flyer miles, valued at $25,000, plus $5,000 to cover federal taxes on the award.
One lawmaker who is taking a pay cut this year is former Speaker Dennis Hastert, R-Ill., who is returning to regular member salary after pulling down $212,100 last year as the House's senior leader. Hastert also came out with a book in 2004 entitled "Speaker, Lessons for Forty Years in Coaching and Politics." Royalties in 2006 were zero.
Rep. William Jefferson, D-La.
Earned income: $165,200
Honoraria, all donated to charity: None
Major assets: 60 acres in Lake Providence, La., $100,000-$200,000; bank certificate of deposit, $50,000-$100,000; Loan of $100,000-$250,000 to "Jefferson Interests."
Major sources of unearned income: Rent from Lake Providence land, $3,502-7,500.
Major liabilities: Loans from Noah Samara, chairman and CEO of Worldspace Satellite Radio, $50,000-$100,000; loans from Dryades Bank and Liberty Bank, both of New Orleans, $15,000-$50,000; Installment owed to Robert L. Johnson of Washington, D.C., $100,000-$250,000.
Gifts: Jefferson lists $56,250 in gifts to his legal expenses trust fund but did not identify the donors.
Narrative: A federal grand jury indicted Jefferson earlier this month on 16 counts of racketeering, soliciting bribes, wire fraud, money laundering, obstruction of justice and conspiracy. He is accused of receiving more than $500,000 in bribes and seeking millions more in nearly a dozen separate schemes to enrich himself by using his office to broker business deals in Africa. Jefferson, who faces a possible maximum sentence of 235 years, has pleaded innocent to the charges.
In his disclosure report, Jefferson said he accepted two privately funded trips last year, one to Qatar in April paid by the Islamic Free Market Institute and the Qatar Chamber of Commerce. The other was to Tunica, Miss., from Aug. 10-14 paid for jointly by the Jefferson Committee, the Congressional Black Caucus Institute and Jefferson himself.
Rep. Duncan Hunter, R-Calif., senior Republican, House Armed Services Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Cabin in Warren County, Va., $100,001-$250,000; 18 acres in Warren County, Va., $100,001-$250,000; Quarter-acre lot in Bear Lake, Utah, $1,001-$15,000; North Island Federal Credit Union accounts, $215,000-$550,000; ING Savings account, $15,001-$50,000; Pacific Western Bank account, $100,001-$250,000.
Major sources of unearned income: Interest on bank and credit union accounts, $13,705-$38,500.
Major liabilities: Two car loans, each $15,001-$50,000; Southwest Airlines credit card, $15,001-$50,000.
Gifts: None.
Narrative: Hunter is running for the Republican nomination for president in 2008 and does not plan to seek re-election to Congress. His son Duncan D. Hunter, a Marine reservist recently recalled to active duty and sent to Afghanistan, is running for his seat.
Hunter's home east of San Diego burned down in 2003 during Southern California wildfires and he has rebuilt it over the past several years. Hunter is now back living in the home and values the property at $500,001-$1 million.
Hunter has been a partner in his Blue Ridge Mountains cabin in Virginia with Army undersecretary and former Democratic U.S. Rep. Pete Geren of Texas. Although his 2006 form doesn't reflect this, Hunter aides said he sold the cabin in April of this year.
Hunter is on the board of the American Conservative Union.
Rep. Alan Mollohan, D-W.Va.
Earned income: $165,200
Honoraria, all donated to charity: None.
Major assets: Part ownership in Washington property firm Remington Inc., $1 million-$5 million; Washington, D.C. rental property, $250,001-$500,000; Part ownership of MNM Holdings, which owns West Virginia real estate, $250,001-$500,000; Part ownership in company that owns the Ramada Inn in Morgantown, $100,001-$250,000; House with adjacent lot in Canaan Valley, W. Va., $500,001-$1 million; Real estate on Bald Head Island, N.C., $1 million-$5 million.
Major sources of unearned income: Capital gains from the sale of condominium in Southport, N.C., $100,001-$1 million; rent and capital gains from sale of real estate on Bald Head Island, N.C., $200,002-$2 million; capital gains on sale of real estate in Canaan Valley, W. Va., $100,001-$1 million.
Major liabilities: Mortgages on Bald Head Island, N.C. properties; $600,002-$1,25 million; Mortgage on apartment units of Remington Inc., $1 million-$5 million.
Gifts: None.
Narrative: Mollohan and his wife Barbara each own a 25 percent share in Remington Inc., a Washington-based real estate firm. They own or share property in West Virginia, Washington and North Carolina.
Mollohan, formerly the top Democrat on the House ethics committee, has acknowledged in the past that he filed inaccurate financial statements and asked the House Clerk's office to correct or amend more than a dozen items on his reports dating back to 2000. The Justice Department also is investigating whether he has benefited from directing federal funds to nonprofit groups he helped start.
Rep. Tom Davis, R-Va., senior Republican, House Committee on Oversight and Government Reform.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Property partnership in Virginia Beach, $100,001-$250,000; more than 30 investments, mainly mutual funds and certificates of deposit, the largest a CD worth $100,001-$250,000.
Major sources of unearned income: Interest and dividends from investments, none more than $5,000.
Major liabilities: None.
Gifts: None.
Narrative: Davis listed four trips in which he was reimbursed for expenses, including two to Las Vegas, one sponsored by the Consumer Electronic Association, and one by the National Association of Letter Carriers.
Rep. Ralph Hall, R-Texas, senior Republican, House Science and Technology Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Crowley Holding Co. stock, $500,001-$1 million; Lakeside Bancshares Inc. stock, $500,001-$1 million; Rockwall residence, $500,0001-$1 million; 152 acres Texas farmland, $100,001-$250,000.
Major sources of unearned income: Dividends, Lakeside Bancshares Inc., $50,001-$100,000; Crowley Holding Co. dividends, $15,001 -$50,000; state legislative pension, $65,748.
Major liabilities: Business loan from Rockwall bank, $100,001-$250,000.
Gifts: None.
Narrative: Hall, who switched parties in 2004 after Texas redistricting, earned about $10,000 more from his pension in 2006 than the previous year. He also earned more dividends in 2006. His wife owns 22 acres in Texas valued at $100,001-$250,000.
Rep. James Oberstar, D-Minn., chairman, House Transportation Committee.
Earned income: $165,200
Honoraria, all donated to charity: None.
Major assets: Bank accounts, $115,000-$300,000
Major sources of unearned income: Interest on bank account, $2,700-$6,000.
Major liabilities: None.
Gifts: None.
Narrative: Oberstar sold stock in Sirius Satellite Radio and Lucent Technologies, and bought stock in Cepheid Inc.
Rep. John L. Mica, R-Fla., senior Republican, House Transportation and Infrastructure Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Personal residence, Cocoa Beach, Fla., $250,000-$400,000; residence, Winter Park, Fla., $500,000-$1 million; two lots in Blowing Rock, N.C., $500,000-$1 million; Bank accounts, $550,000-$1.1 million; annuity, $100,000-$250,000.
Major sources of unearned income: Rental fees on investment properties and interest on accounts.
Major liabilities: Mortgage on rental property in Maitland, Fla., $15,000-$50,000.
Gifts: None.
Narrative: Mica reported no gifts, no outside travel and no speaking fees.
Rep. Tom Lantos, D-Calif., chairman, House Foreign Affairs Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Investment account that includes Boeing Co. stock, $1 million-$5 million; Xerox stock, $250,000-$500,000; stock holdings in American Airlines parent company AMR Corp., Eastman Kodak, General Electric Company and Walt Disney Co., each $100,000-$250,000; Pfizer Inc. stock, $50,000-$100,000. Retirement account investment in government reserves, $100,000-$250,000; Retirement account distribution, $100,000-$250,000.
Major sources of unearned income: Boeing Co. stock dividends; $15,001-$50,000; dividends from retirement account, $55,000-$115,000
Major liabilities: None.
Gifts: None.
Narrative: Lantos's wife, Annette, owns an apartment building in Vancouver, Canada, valued at $500,000-$1 million. She earned rental income of $100,000-$1 million from that asset. She also owns a rental property in Denver, Colo., worth $250,000-$500,000, which brought in rental income of $15,000-$50,000. She has a $250,000-$500,000 mortgage on the Denver property and another mortgage of $100,000-$250,000 on a property in Lowell, Mass.
Lantos sold United Airlines stock last year for between $117,000-$330,000.
He reported just one travel expense covered by an outside source, a five-day visit to Cleveland, Ohio, in which his wife's airfare and their lodging was paid for by the Cleveland Hungarian Revolution 50th Anniversary Committee. Lantos and his wife are both natives of Hungary.
Lantos received pensions of $14,150 and $15,347 from the state of California.
Rep. Jim McCrery, R-La., senior Republican, House Ways and Means Committee.
Earned income: $165,200.
Honoraria, all donated to charity: $2,000.
Major assets: One-sixth interest in 62 acres of land in Rapides Parish, La., $15,001-$50,000; Investment account, $15,001-$50,000.
Major sources of unearned income: None.
Major liabilities: None.
Gifts: None.
Narrative: The Quadrangle Group LLC, a private investment firm specializing in media and communications companies, paid McCrery' expenses to attend its Foursquare conference in New York.
Rep. Spencer Bachus, R-Ala., senior Republican, House Financial Services Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Rental house in Birmingham, $100,001-$250,000.
Major sources of unearned income: Rental income from Birmingham house, $15,001-$50,000.
Major liabilities: Mortgage on Birmingham rental house, $100,001-$250,000.
Gifts: None.
Narrative: Baucus reported significant assets in his wife's name, including a Pacific Life annuity worth $250,001-$500,000; a Smith Barney retirement account worth $100,001-$250,000; and an investment in Southwood Properties worth $100,001-$250,000. He reported interest, dividends and capital gains from her Smith Barney retirement account of $15,001-$50,000, and rental income from Southwood Properties of $5,001-$15,000.
Bachus was reimbursed for four domestic trips, including one to St. Louis, paid for by the Burlington Northern Sante Fe railroad company and one to Marietta, Ga., paid for by Alabama Power Co.
Rep. Joe Barton, R-Texas, senior Republican, House Energy and Commerce Committee.
Earned income: $165,200.
Honoraria, all donated to charity: None.
Major assets: Ennis Business Forms stock, $15,001-$50,000; Reliant Energy stock, $15,001-$50,000; TXU Corp. stock, $15,0001-$50,000.
Major sources of unearned income: Ennis Business Forms dividends, $1,001-$2,500.
Major liabilities: Personal loan, GNB Bank, Ennis, less than $10,000.
Gifts: None.
Narrative: Barton's wife earns a salary working on his congressional campaign committee. He sold a condominium in College Station, Texas, for $50,000-$100,000.
Posted in Govt-and-politics on Friday, June 15, 2007 12:00 am Updated: 2:59 am.
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