Nancy Pelosi keeps title as wealthiest US House leader

Nancy Pelosi keeps title as wealthiest US House leader

Sun Jun 15, 2014 11:56PM GMT

The wealthiest Democrat in US House leadership held her title while the top Republican leader, Eric Cantor, will lose his at the end of July.

House Democratic leader Nancy Pelosi and her husband, Paul, have $42.4 million to $199.5 million in assets. That includes commercial property in San Francisco, stock in Apple Inc. and Visa Inc., an interest in the Auberge du Soleil resort in Rutherford, California, and an ownership stake in the defunct United Football League.

That fortune makes her once again the wealthiest member of the leadership in the US House of Representatives, according to financial-disclosure reports released yesterday. The Pelosis disclosed $6.75 million to $31.5 million in liabilities against those assets.

Lawmakers are required to disclose most assets and liabilities annually and make periodic disclosures after purchasing or selling stocks. The reports cover 2013.

House Speaker John Boehner, an Ohio Republican, reported assets valued between $2.3 million and $6.7 million, an increase from 2012 when he reported holdings between $1.8 million and $5.4 million.

Most of Boehner’s holdings are in widely held funds and individual retirement accounts. He holds a pension from the state of Ohio valued at between $50,001 and $100,000.

It’s difficult to tell exactly how wealthy individual lawmakers are, and the variation increases as members gain more wealth. 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.

Republican Leaders

House Republicans soon will lose the wealthiest member of their leadership team.

Majority Leader Cantor, who lost his primary June 10 in Virginia, has a net worth of $6.2 million to $20 million. He will resign from his leadership position July 31, he said this week.

The largest assets held by Cantor and his wife, Diana, include more than $1 million in stock in Domino’s Pizza Inc. and more than $500,000 in deferred stock of Media General Inc., which owns two Virginia television stations. Diana Cantor is a director of both companies.

McCarthy’s Assets

California Republican Kevin McCarthy, the leading candidate to take over the party’s No. 2 leadership spot in the House, reported between $76,000 and $266,000 in assets, mostly in mutual funds managed by California-based Capital Research & Management. The single liability for the former deli owner is a mortgage valued between $100,000 and $250,000 on his home in Bakersfield, California.

The median value of McCarthy’s assets — $171,000 — has dropped from $299,500 since 2007, his first year in office, when he held a mix of mutual funds and stocks.

Idaho Republican Raul Labrador announced Saturday that he’ll challenge McCarthy for majority leader. Outside of his home, Labrador has few assets. He has $5,000 to $75,000 in retirement accounts and up to $15,000 in a bank account. Labrador owes $45,000 to $150,000 in student loans and lines of credit. He also owes $265,000 to $550,000 on his home in Eagle, Idaho.

If McCarthy wins, three Republicans will vie to replace him as majority whip, the third-ranking leadership job, which requires persuading party members to back legislation.

Peter Roskam of Illinois, the chief deputy whip, listed assets valued at almost $350,000 to $1.5 million, mostly from bonds and exchange-traded funds.

Study Committee

Steve Scalise of Louisiana, currently chairman of the Republican Study Committee, reported a negative net worth. He holds assets between $4,000 and $60,000, offset by mortgage debt. Scalise also reported a personal loan of $15,000 to $50,000 and a revolving charge account of $10,000 to $15,000.

Assets for the third majority whip contender, Marlin Stutzman, weren’t immediately available. The Indiana Republican requested an extension to file by Aug. 13.

At a time when Democrats are trying to force a debate over income inequality, the leaders’ wealth means they are rarely personally affected by paycheck concerns, such as the need to pay off student loans.

While student loan debt surpassed $1.2 trillion, only one current top House leader, Cathy McMorris Rodgers, reported she had any. Labrador, if elected majority leader, would be the second.

Senate lawmakers this week failed to advance legislation that would have allowed students to refinance student loan debt. Someone who took out an undergraduate Stafford loan in the 2011-2012 year at a 6.8 percent interest rate could have refinanced at the 2013-2014 rate of 3.86 percent.

The measure drew Republican opposition in part because it would be paid for with new taxes on wealthy individuals. The Republican-led House hasn’t taken up similar legislation. Bloomberg

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