Most Congressional Leaders Lost Money In 2011

by InvestorPlace Staff | June 15, 2012 11:39 am

[1]The economy’s struggle to regain its past strength was no stranger to many on Capitol Hill. According to financial disclosure forms released by many (but not all[2]) members of Congress yesterday, a large number of Congressional leaders lost net worth from 2010 to 2011[3].

House Speaker John Boehner, R-Ohio, saw his net worth drop from $2.1 million to $1.7 million. Senate Majority Leader Harry Reid, D-Nev., lost $800,000 from his total net worth, mostly from a decrease in one of his property’s values.

Nancy Pelosi, D-Ca., the richest leader in Congress, also lost the most money last year. Worth $26.4 million in 2011, her net worth was down $8 million. Much of that loss came from a failed investment in the United Football League and one of the league’s teams by Pelosi’s husband. He lost as much as $10 million in those deals.

The news wasn’t all bad for Congressional leaders. House Majority Leader Eric Cantor, R-Va., had his net worth stay stable at around $2.97 million. Changes in filing requirements, though, revealed that Cantor has $1 million in mortgages on two homes in Arlington, Va. and in Richmond, Va. He took out a loan on his personal home in 2011, adding between $500,000 and $1 million to his debt.

Still, compared to some of the losses Cantor’s colleagues faced in 2011, the Majority Leader is practically living in prosperity.

— Benjamin Nanamaker, InvestorPlace Money & Politics Editor

The opinions contained in this column are solely those of the writer.

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