Rich Congressional representatives are getting poorer

Downturn pinches Wisconsin's congressional delegation

Washington — Rep. Jim Sensenbrenner has seen about a fifth of his wealth disappear over the past year, according to his latest personal financial disclosure report. The Menomonee Falls Republican reported a net worth of $8.9 million as of March 31, a more than 20% decrease from the previous year. Most of the $2.4 million drop in the value of his assets could be attributed to declines in the stock market that have posed serious investment losses for millions of Americans.

American households have lost $9.8 trillion of their wealth in the last year, falling 16% from early 2008 to early 2009, according to a report released Thursday by the Federal Reserve. "Unfortunately, everyone has suffered from this economic downturn," Sensenbrenner said in a statement. "That's why I've been working hard in Congress to get government spending under control and find practical answers for immediate economic solutions."

Sensenbrenner is unusual in Congress in that he has entered a detailed account of his assets and liabilities in the Congressional Record every year since he first entered the House in 1979. Members of Congress are required to file financial disclosure reports by May 15 each year, but lawmakers are allowed to report their assets and liabilities in broad ranges. Those reports were publicly released Friday.

The information disclosed by Wisconsin's federal lawmakers shows their financial situations vary dramatically. Sen. Herb Kohl, a Milwaukee Democrat who is one of the richest members of Congress, owns assets worth at least $110 million. On the other end, Feingold reports assets worth $386,000. Reps. Gwen Moore (D-Milwaukee) and David Obey (D-Wausau) also report assets valued in the low six figure range.

Other members of Wisconsin's congressional delegation provided varying degrees of detail on their personal finances to the Journal Sentinel, which each year asks the members for more information than they are required to disclose, including their tax returns and a complete statement of net worth.

http://www.jsonline.com/news/statepolitics/48035532.html

:nopity:

Senselessbrainer looks like he could cut back on the fat anyway.