WASHINGTON — Members of this year’s freshman class in Congress are far wealthier than the people they represent, with dozens of millionaires joining the ranks of the House and Senate, according to a new analysis released Wednesday.
The Center for Responsive Politics calculates that 60 percent of Senate freshmen and 40 percent of new House lawmakers are worth $1 million or more, according to financial-disclosure forms that provide ranges of assets held by each member. The CRP, a nonprofit group that tracks money in politics, notes only about 1 percent of Americans are worth that much.
The richest freshman by far is Connecticut Sen. Richard Blumenthal, a Democrat, with an estimated wealth of nearly $95 million, according to the report. Blumenthal spent more than $2.5 million of his own money in that race.
The next seven wealthiest rookies are all House Republicans: Diane Lynn Black of Tennessee ($49.4 million), Rick Berg of North Dakota ($39.2 million), Blake Farenthold of Texas ($35.8 million), E. Scott Rigell of Virginia ($29.9 million), James Renacci of Ohio ($28.4 million), Stevan Pearce of New Mexico ($23.2 million) and Richard Hanna of New York ($22.1 million).
At least a few members of the 2010 class, however, seem to have financial problems. Financial disclosures by Tea Party-backed Rep. Joe Walsh, R-Ill., suggest he is somewhere between $153,000 to $482,000 in the red. Aides say the negative numbers stem from an Evanston, Ill., condo that went into foreclosure in 2009.
Several other members may or may not be in hock. Sen. Marco Rubio, R-Fla.; Sen. Mike Lee, R-Utah; and Rep. Sean Duffy, R-Wis., all reported asset numbers that are below zero at their minimums but above that line for maximums. The ranges reported make it impossible to be more precise about members’ net worth.
All in all, the CRP calculates, Senate freshman have a median net wealth of nearly $4 million, while new House members have a median of about $570,000.
