Rep. John Salazar (D) is the wealthiest member of our Congressional delegation, with an average personal net worth of $1.8 million, according to a new website, Fortune 535, launched today by the Sunlight Foundation.
The new website allows you track, for the first time [1] how much, or how little, a particular lawmaker's wealth has grown while in Congress. The data stretch over 11 years, the amount of time they are available.
For example, Rep. Mark Udall (D), who in 2006 had an averagenet worth of $1.7 million, was worth $1.5 million in 1998. Rep. Edwin Perlmutter (D) was worth $1.7 million in 2006. Sen. Wayne Allard (R), had anaverage net worth of $848,005 in 2006, and $695,857 in 1995.
There are also charts showing how much average American households were worthfor comparison purposes. For example, in 2006, the average net worth for a typical American household was $93,000.
The Sunlight Foundation [2](note: I am a consultant for the group) compiled the data on lawmakers' personal finances-assets, liabilities,outside income-and the gifts and travel provided for them by outside organizations.
While doing the project, the group found that it was quite difficult to measure a member's net worth because the personal financial disclosure forms they file require them to report this information only in ranges. Sunlight supports changing the law [3]to make these reporting requirements more precise.
Why is this information important? Armed with it, voters and the media can see whether and how lawmakers are getting wealthier or poorer while serving in office. Sometimes a jump in wealth might mean a lawmaker is taking advantage ofhis or her position. Sometimes a drop in fortune is also noteworthy. The poin tis that the information should be there for all to see.