FOLLOWING MONEY IN 2016 PRESIDENTIAL POLITICS

Monday, January 13, 2014

Most of Arizona's Congressional Delegation Are Now (Hypothetical) Millionaires - Like Rest of Congress; Trent Franks Wealthiest, "Worth" Between $11-55 Million

Six members of Arizona's Congressional delegation are hypothetical millionaires, according to thir personal financial disclosure statements for 2012, and Rep. Trent Franks (R-CD8) among the 30 wealthiest members of Congress, with an approximate net worth of $33 Million.  Two Arizonans - Senator Jeff Flake (R) and Rep. Kyrsten Sinema (D-CD9) - could actually have a negative net worth, with the latter listing no assets to offset her outstanding student loans.  

(copies of the Arizona delegation's personal financial disclosure statements are below the jump) 

The statements that the officeholders are required to file do not provide a complete net worth or financial picture because they provide wide ranges for the values of the assets and liabilities, do not require homes or home mortgages to be listed, and various other limitations.  However, the Center for Responsive Politics has taken the provided listings and ranges, and calculated a median estimated net worth of all members of  Congress.  CRP finds that - for the first time - a majority of lawmakers have an "average net worth" of more than $1 Million.  (Flake's assets and liabilities provide the best illustration of how CRP arrives at its figures; see footnote (1) below for details.)

Arizona also crossed that same 50% threshhold in 2013, thanks to re-districting and the special election to replace the retired Rep. Gabrielle Giffords.  In 2012 (with disclosure statements showing assets and liabilities as of December 31, 2011), four out of Arizona's 10 Congressional delegation members showed an "average net worth" greater than $1 Million.  With the (re-)addition of Rep. Ann Kirkpatrick (D-CD1) and the special election (and re-election) of Rep. Ron Barber (D-CD2),

Using the wide-ranging categories and rules, and methods for arriving at an "average"/median, Franks actually saw his net worth drop slightly between the end of 2011 and 2012.  Some of that is due to the fact that he reported two charge accounts of at least $15,000 each that had not previously been listed.  His principal sources of wealth, interests in privately held petroleum trusts, have remained valued at the same $11-55 Million for the last several years.


Name
Chamber
Party
Min. Net Worth
Avg. Net Worth
Max. Net Worth
Trent Franks (R-Ariz)                 HR$11,050,005$33,185,001$55,319,998Research by the Center for Responsive Politics
John McCain (R-Ariz)SR$2,719,122$7,428,052$12,136,982Research by the Center for Responsive Politics
David Schweikert (R-Ariz)HR$704,016$3,149,506$5,594,997Research by the Center for Responsive Politics
Ed Pastor (D-Ariz)HD$863,012$1,404,006$1,945,000Research by the Center for Responsive Politics
Ann Kirkpatrick (D-Ariz)HD$693,015$1,169,007$1,645,000Research by the Center for Responsive Politics
Ron Barber (D-Ariz)HD$406,021$1,143,981$1,881,942Research by the Center for Responsive Politics
Paul Gosar (R-Ariz)HR$515,003$982,501$1,449,999Research by the Center for Responsive Politics
Matt Salmon (R-Ariz)HR$165,004$257,502$350,000Research by the Center for Responsive Politics
Raul M. Grijalva (D-Ariz)HD$74,012$199,506$325,000Research by the Center for Responsive Politics
Jeff Flake (R-Ariz)SR-$198,997$83,001$364,999Research by the Center for Responsive Politics
Kyrsten Sinema (D-Ariz)HD-$50,000-$32,500-$15,001Research by the Center for Responsive Politics

(1) To figure out the "average net worth", CRP calculated the range of the assets, and then reduced the low end of the asset range by the high end of the liabilities range, and vice-versa.  This provided the lowest possible net worth and the highest possible net worth.  They then calculated the midpoint of this range and called it the "average net worth."  

For example, Sen. Flake lists three assets.  The lowest possible value of these assets is $301,003 and the highest possible value is $615,000.  His only liability is between $250,001 and $500,000.  Therefore, his lowest possible net worth is negative $198,997 and his highest is $364,999.  The "average net worth" assigned to Sen. Flake is therefore $83,001.

Note:  Both Senate and House disclosure rules now exclude any residential properties not rented out, and mortgages on those properties.  Other rules might also skew the actual financial net worth of these public officials.

(copies of the Arizona delegation's personal financial disclosure statements are below the jump) 

























We welcome your comments about this post. Or, if you have something unrelated on your mind, please e-mail to info-at-arizonaspolitics-dot-com or call 602-799-7025. Thanks.

No comments: