Updated 10:25 p.m., Friday, October 5, 2012
SFGate.com:
Washington --
California Sen. Dianne Feinstein and House Minority Leader Nancy Pelosi are among the 15 wealthiest members of Congress, according to a new survey.
The annual rankings by Roll Call, a Capitol Hill newspaper, showed the two San Francisco Democrats have a combined worth of at least $68 million, and potentially much more.
Rep. Michael McCaul, R-Texas, tops the list with a minimum net worth of $306 million, roughly 4,000 times greater than the average American household. His wife, Linda, is the daughter of Lowry Mays, founder and CEO of Clear Channel Communications.
No. 3 on the list, Rep. Darrell Issa, R-Vista (SanDiego County), is the richest California member. His wealth, which stems from his car-alarm business, is estimated to be at least $141 million.
"I don't necessarily think people begrudge their member of Congress for having money, but ... it reinforces the message that in order to play in our political system that you need to have money," said Mary Boyle of Common Cause, a nonprofit that promotes good government.
Feinstein, the ninth-richest member, has a net worth of at least $42 million, according to the survey. Feinstein's husband, Richard Blum, is president and CEO of the private equity firm Blum Capital Partners LP. Together they have a number of valuable assets, including a share of San Francisco's Carlton Hotel properties, which is worth up to $25 million.
She also continues to draw a $53,068 pension from the city and county of San Francisco, where she served 18 years as mayor and as a member of the Board of Supervisors.
Pelosi, the 13th wealthiest member, reported a minimum net worth of $26 million. Among her assets is a $5 million to $25 million investment in the Sacramento Mountain Lions of the United Football League, owned by her husband Paul.
Of the 50 members who made Roll Call's list, 31 are Republicans. Three of the top five are Democrats including Sens. John Kerry, D-Mass., Mark Warner, D-Va., and Jay Rockefeller, D-W.Va.
"Congress over the past 10-plus years has moved to becoming more of a club for millionaires," Boyle said. "It changes the dynamic of a Congress when you have people who are not in touch with the day-to-day realities of the vast majority of Americans."
Roll Call's rankings are based on annual financial disclosure forms. The mandatory reports list assets, including stock-market holdings, rental properties, and checking accounts, as well as liabilities such as mortgages, credit card balances and in some cases, student loans.
The analysis provides an incomplete assessment of each lawmaker's wealth because all assets and liabilities are listed in broad ranges sometimes spanning millions of dollars.
For example, Pelosi and her husband have several investments in real estate property, including a vineyard in St. Helena, which her disclosure form estimates is worth between $5 million to $25 million.
The disclosure suggests Pelosi could be worth as much as $174 million. However the Roll Call rankings only use the lowest possible number.
A 2010 analysis by the Center for Responsive Politics, a nonpartisan organization that studies money and politics, estimated that 328 members of Congress are millionaires. The analysis found the average wealth of a senator is over $13 million and nearly $6 million for a House member.
The California News Service is a journalism project of the University California Washington Center and the UC Berkeley School of Journalism.
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