By Heidi Przybyla - Jun 15, 2012 1:41 AM GMT+0700
House Minority Leader Nancy Pelosi and her Republican counterpart, Majority Leader Eric Cantor, are the wealthiest members of the U.S. House leadership, according to financial disclosure forms.
Pelosi, 72, of California tops the list of House leaders, with $40 million to $187 million in financial assets she reports with her husband, San Francisco commercial real estate investor Paul Pelosi. Most of their assets are listed as rental properties in California and partnership income in companies including investment management and restaurants.
House Minority Leader Nancy Pelosi in the Capitol Visitor Center. Photographer: Tom Williams/CQ Roll Call/Getty Images
Cantor, 49, of Virginia listed financial assets including stocks and real estate holdings valued at almost $4 million to $9.6 million on his annual financial disclosure statement released today.
In the Senate, Minority Leader Mitch McConnell of Kentucky stands far above all his leadership counterparts, listing assets valued between at least $9.9 million and $44.5 million. Much of the wealth is held by his wife, Elaine Chao, who served as labor secretary throughout former President George W. Bush’s eight years in office.
Arizona Senator Jon Kyl, the chamber’s second-ranking Republican, reported assets between $467,000 and $1.08 million, with the bulk of it in individual retirement accounts.
Domino’s Pizza
Among Cantor’s biggest stock holdings is an investment of $500,000 to $1 million in Domino’s Pizza Inc. (DPZ) His wife, Diana, a former Goldman, Sachs & Co. (GS) vice president who is chairman of the board of the Virginia Retirement System, is a director of Domino’s Pizza and Media General Inc. (MEG), a Richmond-based newspaper and broadcast company.
The Cantors also own an Arlington, Virginia, condominium valued at between $500,001 and $1 million. He listed between $500,000 and $1 million in Bank of America bank accounts.
Maryland Democrat Steny Hoyer, the minority whip, is among the least wealthy House leaders.
He cited assets of $30,000 to $100,000. Hoyer reported he owes at least $100,000 and as much as $250,000 in a mortgage on his home in Mechanicsville, Maryland, to SunTrust Banks in Richmond.
Financial disclosure forms filed by members of Congress require lawmakers to state the value of holdings in broad ranges. Precise figures aren’t made public.
Mutual Funds
House Speaker John Boehner, an Ohio Republican who once owned a small business, listed unearned income of at least $10,116 and as much as $46,700 from mutual-fund dividends or capital-gains distributions.
Boehner listed assets valued between $1.8 million and $5.4 million. All of his stock and bond investments in companies including Intel Corp., Home Depot Inc., Honeywell International Inc., Pfizer Inc. and JPMorgan Chase & Co. (JPM) were through individual retirement accounts. He and his wife, Debbie, who works as a real estate agent, didn’t report a mortgage on their home near a golf course in suburban Cincinnati.
Pelosi, who yielded the speakership to Boehner after Republicans won control of the House, and her husband own a vineyard in St. Helena, California, valued between $5 million and $25 million.
Reid’s Assets
In the Senate, Majority Leader Harry Reid of Nevada is the wealthiest Democratic leader, listing assets between $2.78 million to $6.19 million, with much of his net worth in real estate holdings in his home state of Nevada and in Arizona. Reid, the son of a Nevada hard-rock miner, has holdings in bonds and stock mutual funds and other investments.
Patty Murray of Washington state, the fourth-ranking Senate Democrat and the only woman in the chamber’s leadership, listed assets between $564,000 and $1.5 million. Senator Charles Schumer of New York, the chamber’s third-ranking Democrat, listed assets of $320,000 to $950,000.
About 20 percent of U.S. House members applied for filing extensions this year.
Members of Congress are required to report details of mortgages on their personal residences for the first time this year, a provision included as part of a congressional ethics law. While the Senate required members to list the terms of their mortgage -- including interest rates, length and points used to pay down their rates -- the House didn’t.
Mortgage Rates
Among lawmakers paying the highest home-mortgage interest rates is Schumer, who has a 15-year mortgage taken out in 2002 at 6.85 percent.
House Financial Services Committee Chairman Spencer Bachus, an Alabama Republican who will preside over a hearing on JPMorgan next week, has 2 mortgages with the bank, according to federal disclosure documents. JPMorgan chief executive Jamie Dimon is scheduled to testify before the committee on June 19.
Senate Democrat Jay Rockefeller of West Virginia reported among the best interest rates on a 1998 loan from the United National Bank of Charleston. It is listed as New York Prime minus 1 percent. As of June 13, the prime rate was 3.25 percent.
Today’s filings also show what gifts lawmakers have received. Representative Gary Ackerman, a New York Democrat, acknowledged exceeding legal limits. Ackerman, who is retiring at the end of the year, accepted a “priceless” gift, according to his personal financial disclosure form. What did the Long Islander get?
“The blessed opportunity for 30 years to pay back, in some small measure, the good things that happened to me.” And who gave it to him? “The people,” his form said.
To contact the reporters on this story: Heidi Przybyla in Washington at hprzybyla@bloomberg.net
To contact the editor responsible for this story: Jodi Schneider in Washington at jschneider50@bloomberg.net.
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