The Michigan Republican will announce his campaign in his home state, making him the third House Member to enter the race. Reps. Michele Bachmann (Minn.) and Ron Paul (Texas) have also launched campaigns.
McCotter spokeswoman Michaela Huntley told the Detroit News that the lawmaker had made a decision about whether to run, but she declined to disclose his plans.
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.