Lawmakersí portfolios shrugged off pre-election jitters, concerns about the European debt crisis and suspense surrounding the fiscal cliff. It took a minimum reported net worth of $6.67 million just to crack the exclusive 50 Richest club.
Financial disclosures also revealed a widening gap between membersí wealth and that of their constituents. The median net worth of the 112th Congress stood at $442,007 in 2012. Nineteen percent of lawmakers reported no debts at all, while 15 percent had trusts.
In contrast, the median household net worth in the United States stood at $68,828 in 2011, with 69 percent of households holding some form of debt, according to the most recent U.S. Census statistics. Median household net worth decreased by 16 percent from 2000 to 2011, those figures show.
The disclosure forms reveal details such as each lawmakerís stock market holdings, rental properties, checking accounts, credit card balances, student loans and other assets and liabilities.
Even so, the forms provide an incomplete and, in some cases, misleading picture of the overall wealth of lawmakers.
Assets and liabilities are listed in broad valuation categories spanning millions of dollars, making it impossible to determine a lawmakerís precise net worth unless the individual opts to voluntarily disclose the actual dollar amounts. And though theyíre required to report the value of mutual funds, stock holdings, bank accounts and other assets, they donít have to disclose the value of personal residences or federal retirement savings accounts.
Leaders from military and veterans service organizations joined Sens. Roger Wicker, R-Miss., Kelly Ayotte , R-N.H., and Lindsey Graham, R-S.C., at a press conference to urge the Senate to replace a provision in the budget proposal that cuts retirement benefits for veterans. Wicker, Ayotee, and Graham earlier called for a bipartisan solution to replace the $6.3 billion in cuts to military retiree benefits.
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.