McCaul Leaps to Top of 50 Richest Members of Congress
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Updated: 9:34 p.m.
Everything is bigger in Texas, including the bank accounts.
According to Roll Call’s annual survey of Member wealth, Rep. Michael McCaul (R-Texas) is now the richest Member of Congress, with a fortune worth at least $294 million, a vast increase over last year that was apparently the result of large transfers from his in-laws.
The Texas lawmaker topples Sen. John Kerry (D-Mass.) from the No. 1 position, who reported a minimum net worth of $193 million on his most recent financial disclosure report and is now the third richest Member of Congress.
McCaul also leapfrogged Rep. Darrell Issa (R-Calif.), who remains the second richest Member of Congress, with a reported fortune of more than $220 million.
Roll Call reviewed the annual financial disclosure reports of all House and Senate lawmakers to determine the 50 Richest Members of Congress, as it has done each year since 1990. To calculate minimum net worth, Roll Call adds the minimum value of all assets and subtracts the total minimum value of all liabilities.
While the reports detail Members’ assets — bank accounts, stocks and rental properties — as well as liabilities such as mortgages, student loans and credit card debts, the forms are an imperfect measure of individual wealth. Members are not required to disclose a host of other holdings, including their personal homes or federal retirement savings accounts...
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