House Members' Finances Reflect Economic Downturn
Richest members of Congress were not immune from last year's economic meltdown.
WASHINGTON -- The richest members of the House of Representatives were not immune from last year's economic meltdown, financial disclosure forms released Wednesday indicate.
The near-collapse of insurance giant American International Group hurt the fortunes of House Speaker Nancy Pelosi, her report shows. Her husband, developer Paul Pelosi, lost between $100,000 and $1 million when he sold AIG shares at the end of the year, the report says.
The California Democrat reported that the couple's net worth is as much as $96 million, down from as much as $144 million in 2007.
Members of Congress are required each year to report their assets and debts, other than their homes, listing the value of each in broad ranges. That makes it impossible to determine a lawmaker's net worth, except in general terms. Pelosi's reported assets and liabilities, for example, show her 2008 net worth could be as low as negative $33.2 million, compared with negative $19 million in 2007.
The House clerk's office is scheduled to release members' reports Friday, and the Senate will follow on Monday. LegiStorm, a non-partisan website that provides financial information about Congress, posted the House disclosures Wednesday after the House inadvertently put them online briefly Tuesday.
Democratic Rep. Jane Harman of California — who was identified by the non-partisan Center for Responsive Politics as the wealthiest House member in 2007 — reported a net worth last year of between $105.9 million and $363.8 million.
That's down from between $236.3 million and $558.5 million in 2007, according to an analysis by the center. Harman's husband, Sidney Harman, stepped down last year as chairman of Harman International Industries, an audio equipment manufacturer.
Rep. Vern Buchanan, R-Fla., whose wealth comes largely from auto dealerships, reported a net worth of between negative $70.9 million and $345.2 million in 2008, compared with a range of between negative $69.7 million and $401.2 million in 2007. One of the dealerships Buchanan owns was among hundreds dropped by Chrysler this week during the carmaker's bankruptcy.
