US Congressmen among nation`s richest

Last Updated: Monday, November 9, 2009 - 18:58

Washington: Their wealth declined in the wake
of the financial meltdown last year but the US Congressmen are
still among the nation`s richest people, with average worth of
the representatives falling as much as five per cent.

The median wealth of current Congressional members
dropped about five per cent in 2008 as compared to the
previous year, according to American research group Center
Responsive Politics (CRP).

"US senators currently serving have a median reportable
worth of USD 1.79 million for 2008, down from USD 2.27 million
in 2007.

"... currently serving House members` median income was
USD 622,254 in 2008, down from USD 724,258 in 2007," CRP said
in a statement.

As many as 50 members of Congress have an estimated
wealth of at least USD 10 million.

Noting that 237 millionaires are still serving in the
Congress, the group said that most of them are "doing fine"
compared to many of their constituents living pay check by pay

"About one per cent of all Americans are considered
millionaires, while more than 44 per cent of Congressional
members claim that distinction," it added.

Moreover, many Congress members were holding assets in
companies like Bank of America and Goldman Sachs, which had
received Federal funds to tackle the financial crisis.

The conclusions are based on an analysis of Federal
personal financial disclosure reports.

Bureau Report

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First Published: Monday, November 9, 2009 - 18:58

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