A review of the financial holdings of freshman lawmakers shows that on the whole, the class has more modest means than other elected officials in recent history.
Several freshman members said they learned during their campaigns why Congress is largely made up of wealthy people: Running for office takes up a lot of time that isn’t spent at work, bringing home a paycheck.
Lawmakers’ salaries also set a cap for their staffers, prompting some experienced Hill aides to leave for more lucrative jobs lobbying or working elsewhere in the private sector. “It put a knot in my stomach for sure,” she said of the tax hit she faced for removing money from her account before retirement. But she didn’t see any other way to run for office and pay her bills. “I’m not from a wealthy family. I don’t have my own independent wealth.”
That experience, he said, enables him to bring a different perspective to congressional debates. “I am someone who could look at that [kind of policy,] and say: ‘Wait a minute. Someone might actually need that reimbursement in the moment.’ That’s the kind of thing that is … almost unfathomable to some members.”
Candidates don’t need to post the value of their primary residence unless they make money off of it, such as by renting it out. But mortgages must be disclosed, which can make people look worse off than they are. And in some cases, they can report that the value of an asset is unknown, such as a business or the NFL pensions that former football players Reps. Colin Allred and Anthony Gonzalez will be entitled to when they are older.
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