All Congressmen in the House and Senate earn the same annual salary of $174,000, which is not that exceptional considering that to live comfortably in Washington D.C. you need to earn a base salary of around $144 $000. And that number is growing every year.
Some framers of the Constitution assumed that most senators would likely come from wealthy families and therefore did not need a salary at all. For a brief period under the Articles of Confederation, states could effectively suspend the salary of their representative in Congress if they were dissatisfied with their work.
Although officially earning what some might consider relatively modest salaries (compared to, say, executives of S&P 500 companies), some members of Congress are estimated to be in the tens of millions of dollars, with several approaching nine-figure net worth. every year. Some came from wealthy families, while others intermarried with them. Some made their fortune in the private sector before entering politics. But what the wealthiest all have in common are highly diversified portfolios of stock options, government securities, mutual funds, exchange-traded funds and real estate – which are more extensive than real estate – among other assets.
Suspicions of insider trading, in which a legislator’s work makes them privy to information hidden from the general public and therefore able to act in their own financial interests, led to the Stop Trading on Congressional Knowledge Act. of 2012. The STOCK Act requires all stock and securities transactions to be fully disclosed within 45 days of the transaction, as well as disclosure of any assets worth more than $1,000 at the end of the transaction. calendar year or that generated income of more than $200. during the year.
Yet ethical dilemmas abound. Information that isn’t technically considered inside information and the laws associated with insider trading can still give lawmakers an unfair advantage in the marketplace. A 2022 New York Times analysis of the Capitol Trades database created by 2iQ Research found that 3,700 transactions disclosed by lawmakers on both sides between 2019 and 2021 posed potential conflicts of interest between their job responsibilities, such as the committees in which they reside, and their personal lives. finance. Additionally, several members of Congress, many of whom are on the following list, have recently been convicted of violating the STOCK Act, according to a November 2022 insider report.
Using a database compiled by Insider from congressional disclosure reports, Stacker ranked current Democratic politicians in Congress based on their estimated total net worth. Estimated values were taken from documents uploaded by each member of Congress’ office for 2020, sometimes handwritten, and refer to the lower end of the estimated value range for each asset. For some elected officials on this list, the assets of their spouses and dependents are included in their financial estimates, as these assets are relevant to that official’s accumulated wealth in relation to their position in the federal government.
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