By Kevin Bogardus and Megan R. Wilson - 06/14/13 04:28 PM EDT
House Minority Leader Nancy Pelosi’s (D-Calif.) substantial personal wealth dropped for the second year in a row after she took on more debt with her husband, according to her latest financial disclosure report.
Pelosi’s personal fortune was at least $24.4 million in 2012, according to her financial disclosure statement released on Friday. That’s an almost 8 percent decline from her minimum net worth of $26.4 million for 2011.
Last year, Pelosi’s husband, Paul, reported holding a brokerage margin account — valued as a $1 million liability — while the two jointly held a $500,000 equity line of credit. Neither debt was listed on Pelosi’s 2011 report.
Much of the minority leader’s wealth can be attributed to assets she holds with Paul, or that he owns himself — including investments in real estate, stocks and sports franchises.
Paul Pelosi has holdings in a San Francisco commercial property worth at least $5 million, and partnership interests in United Football League franchises in Jacksonville, Fla., and Sacramento, Calif., that are worth $5 million each. He also holds at least $1 million in common stock for Visa.
The Pelosis also have an investment in a vineyard in St. Helena, Calif., that is worth at least $5 million.
The House Clerk’s office released the financial disclosure forms Friday for Pelosi and other members of the House, following the release last month of the forms for some members of the Senate.
The Hill’s annual list of the 50 wealthiest lawmakers is based on the information that lawmakers provide in the yearly disclosure forms. Pelosi has ranked among the wealthiest members, last year falling just outside the top 10.
This year’s list could show lawmakers benefitting from the rebound in the stock market, and some lawmakers are already reporting gains in their portfolios.
Speaker John BoehnerJohn BoehnerThe Hill's 12:30 Report Rep. Meadows to run for Freedom Caucus chairman Dems brace for immigration battle MORE (R-Ohio) reported a net worth of at least $1.9 million, a slight increase over the $1.8 million he reported in 2011.
BoehnerJohn BoehnerThe Hill's 12:30 Report Rep. Meadows to run for Freedom Caucus chairman Dems brace for immigration battle MORE held at least $50,000 in assets with the Congressional Credit Union last year. He also had individual retirement account investments in several stocks and bonds in brand name companies like Apple, Bank of America and Chevron.
Rep. Paul RyanPaul RyanIntelligence director: Withholding classified briefings from Trump, Clinton ‘not an option’ Ladies, don’t give it up for Trump California National Guard official: Congress knew about bonus repayments MORE’s (R-Wis.) wealth also grew. The 2012 GOP vice presidential candidate’s minimum net worth was $2.3 million last year — compared to about $2.2 million for 2011.
Much of Ryan’s wealth comes from a trust attributed to his spouse that is worth at least $1 million. The trust was passed onto Ryan’s wife in 2010 after her mother passed away.
The House Budget Committee chairman also included one liability on his 2012 form — a mortgage on his and his wife’s personal residence in Janesville, Wis., worth at least $250,000.
The reports do not disclose exact values for lawmakers’ assets and liabilities. The reports provide value ranges so, at best, they offer approximations of lawmakers’ worth.
The Hill uses the smaller number in each value range of lawmakers’ assets and liabilities to estimate his or her minimum net worth. The sum of a lawmaker’s liabilities is subtracted from the sum of their assets to calculate their wealth.
Lawmakers have to detail their personal residences’ mortgages, which they did for the first time last year under the STOCK Act. That typically adds to lawmakers’ liabilities — bringing down their net worth when compared to prior years
The disclosure forms for many members of Congress are not yet available. A number of House lawmakers, such as Reps. Lloyd Doggett (D-Texas) and Darrell Issa (R-Calif.) among others, have requested extensions. They will be filing their statements later this year.