Tuesday, June 17, 2008
House leadership not hit by slump
House leaders are doing well financially during this economic slump.
Their lucrative investments and, in many cases, well-compensated spouses supplement their House salaries.
Speaker Nancy Pelosi, California Democrat, one of the wealthiest members of Congress, and her real estate magnate husband, Paul Pelosi, spent between $1 million and $5 million to buy the home they had been living in on San Francisco's Broadway. They also own a vineyard in St. Helena, Calif., worth between $5 million and $25 million and a town house in Norden, Calif., valued at between $1 million and $5 million, according to annual financial disclosures released Monday.
The Pelosis also took in rental income of as much as $5 million on five separate commercial properties in the San Francisco Bay area. Mr. Pelosi reported nearly four dozen stock sales and purchases last year, sometimes involving sums up to $1 million or more.
As speaker, Mrs. Pelosi's government salary is $212,100, about $47,000 higher than virtually everyone else in Congress.
Other senior lawmakers reported hundreds of thousands of dollars in retirement savings, stock and mutual fund investments - and no major liabilities.
House Majority Leader Steny H. Hoyer, Maryland Democrat, has as much as $665,000 invested in individual retirement accounts.
House Minority Leader John A. Boehner, Ohio Republican, has an array of mutual fund investments, including seven with a value of at least $100,000 each. He also has a profit-sharing retirement plan from Nucite Sales, his former company, worth between $1 million and $5 million.
In their leadership posts, Mr. Hoyer and Mr. Boehner both earned $183,500 last year.
House members and senators outside the top six leadership posts receive annual salaries of $165,200.
Rep. James E. Clyburn of South Carolina, the No. 3 Democrat, has retirement savings accounts worth up to $100,000 and investments valued between $150,000 and $350,000.
Rep. Roy Blunt, Missouri Republican, his party's whip, reports the fewest investments of any of the top leaders - just $50,000 to $100,000 in stock in Springfield-based Churchill Coffee Co., which he proudly serves in his Capitol office.
But Mr. Blunt's wife, Abigail, who works in government relations for Kraft Foods, owns stock in the company worth $50,000-$100,000. She also owns stock in her former employer, Altria Group, worth $250,000-$500,000.
The annual disclosure forms, while not exact, give a glimpse of the financial activities of lawmakers beyond their basic salaries.
Other representatives' spouses contribute to their comfortable financial picture.
Rep. Robert W. Goodlatte, Virginia Republican and the ranking member of the Agriculture Committee, has investments worth between $117,000 and $605,000 and retirement savings of $96,000-$265,000. His wife, Maryellen, owns 17 separate 401(k) accounts, with a combined value of as much as $1.8 million.
Rep. Spencer Bachus, Alabama Republican, the ranking Financial Services Committee member, lists just one major asset: a $100,000-$250,000 rental home in Birmingham. But he reported significant assets in his wife's name, including retirement accounts and annuities worth between $350,000 and $750,000, mutual funds worth $100,000-$250,000, and an investment in a real estate entity worth $100,000-$250,000.
Those investments yielded as much as $100,000 in capital gains and rental income in 2007.
Lawmakers mired in criminal inquiries reported collecting money to defend themselves in court.
Retiring Rep. John T. Doolittle, California Republican, lists $66,250 in contributions to a legal defense fund he established last year to defend himself in the ongoing Jack Abramoff lobbying investigation.
Mr. Doolittle hasn't been charged in the probe, and he denies wrongdoing. His wife, Julie, has a fundraising and event-planning company, Sierra Dominion Financial Services Inc., that did work for Abramoff, an arrangement that's a focus of federal investigators.
Rep. William J. Jefferson, Louisiana Democrat, lists among his gifts contributions to his legal defense fund topping $20,000.
Mr. Jefferson's disclosure form reflects his indictment for purportedly receiving hundreds of thousands of dollars in bribes in exchange for using his influence to broker business deals in Africa.
He famously was discovered with $90,000 in the freezer of his Washington home. A federal judge last month rejected Mr. Jefferson's motion to throw out 15 of 16 counts against him.
Among Mr. Jefferson's liabilities are a personal loan of between $15,000 and $50,000 from Noah Samara, CEO of WorldSpace Inc., a company that provides digital satellite-radio services to Africa. Robert L. Johnson, the founder of Black Entertainment Television, has also loaned Mr. Jefferson between $100,000 and $250,000.
Not everyone in Congress is rich. Some prominent House members list relatively modest holdings.
Rep. David R. Obey, Wisconsin Democrat, the Appropriations Committee chairman who wields power over hundreds of billions in federal funds, lists a credit union account of between $15,000 and $50,000 and two individual retirement accounts, together worth $51,000 to $115,000 as his only major assets.
Rep. Silvestre Reyes, Texas Democrat, the chairman of the House Permanent Select Committee on Intelligence, also lists a $15,000-$50,000 credit union account as his only major asset.
No matter what their finances, the reports show that lawmakers travel extensively on privately funded trips.
Mr. Hoyer and Rep. Doc Hastings, Washington Republican, the ranking Rules Committee member, went to Tel Aviv on a trip funded by the American Israel Education Foundation, affiliated with the pro-Israel lobby group American Israel Public Affairs Committee.
Rep. John Conyers Jr., Michigan Democrat, the chairman of the Judiciary Committee, reported 14 expense-paid journeys, including to Haiti, New York, Cincinnati, Chicago and San Diego.
Rep. George Miller, California Democrat, the chairman of the Education and Labor Committee, traveled to Puerto Rico, Slovenia, Liberia and Costa Rica, courtesy of the international nonprofit Aspen Institute.
Several lawmakers, including Reps. Charles B. Rangel, New York Democrat, the Ways and Means Committee chairman; and Bennie G. Thompson, Mississippi Democrat, the Homeland Security chairman, traveled to Antigua, compliments of the Carib News Foundation.