The Office of Government Ethics took an important step towards greater transparency yesterday when they launched an improved system for... View ArticleContinue reading
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Lawyers allege that Sen. Ted Stevens received additional gifts outside of the over $250,000 in labor and renovations to his... View ArticleContinue reading
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Michael Stern at Point of Order, one of the better blogs for legal issues in Congress, covers the legal background... View ArticleContinue reading
The Hill highlights a problem that we've seen far too often with personal financial disclosures. Lawmakers do not always follow the rules in properly filling out these important disclosure forms. More often than not, the public is not privy to the lack of disclosure because oversight is spotty at best. Sometimes it takes an unfortunate story to point out what is lacking from a financial disclosure form:
Rep. Laura Richardson (D-Calif.) could face fines for leaving a heavily indebted mortgage off her financial disclosure statement, according to campaign finance experts.Continue reading
Just as members of Congress are filing their latest annual personal disclosure reports (due this Thursday), we are launching "Fortune 535," a new Web site which lets you track how much, or how little, lawmakers' wealth has grown during the past 11 years -- the period of time from which lawmakers' personal financial data is available.
For the first time ever, we compiled and visualized online lawmakers' net worth from personal financial disclosure filings to show the growth in net worth for each member of Congress from 1995 to 2006. These filings reveal lawmakers' personal finances-assets, liabilities, outside income-and the gifts and travel provided for them by outside organizations. Fortune 535 also lets you compare the net worth growth of each lawmaker to that of the average American family, and lists the wealthiest lawmakers (Rep. Jane Harman, Rep. Darrell Issa and Sen. John Kerry), those with the greatest change in their net worth, those who began their congressional careers with no net worth and those whose net worth was less than $0 in 2006. Sen. Clinton, for example, started her Senate career with over $6 million in debt, but is now worth over $30 million.
One thing we learned while working on this project: measuring lawmakers' net worth is very difficult (and sometimes impossible) because of the seriously flawed disclosure system used by members of Congress. Because the personal financial disclosure reports lawmakers file asks for assets and liabilities in ranges, we could not determine whether some lawmakers, like Speaker Pelosi, are extremely wealthy or on the verge of declaring bankruptcy (or somewhere in between). That's why we support more precise reporting requirements as well as full online disclosure and preservation of lawmakers' personal financial disclosure reports.Continue reading