By Reid Wilson - 06/11/09 12:39 PM EDT
House Minority Whip Eric Cantor (R-Va.) has emerged as a strong challenger to Minority Leader John Boehner (R-Ohio), but only in the race for the wealthiest member of Republican leadership.
Cantor, who was a lawyer in private practice before winning a seat in the Virginia House of Delegates and a seat in Congress in 2000, is worth between $2.37 million and $6.95 million, according to personal financial disclosure reports.
Cantor's net worth comes largely from dozens of investments in mutual funds and individual stocks. Cantor's wife draws salaries from a New York bank and the Virginia College Savings Plan, as well as director fees from Media General Inc. and Domino's Pizza.
But Cantor's net worth has suffered along with other members who invest in the stock market. For example, Cantor invested between $1,000 and $15,000 in General Motors on June 4, 2008, when the stock was trading at $17.01. On Wednesday, General Motors stock closed at $1.45.
Last year, Cantor also purchased a rental unit in Arlington, Va., for between $500,000 and $1 million. Cantor secured a loan through Countrywide, the massive mortgage lender that has been accused of giving sweetheart deals to some lawmakers in prominent positions.
A Cantor spokesman said the Virginia Republican was not one of the lawmakers who got a deal better than that available to the general public.
"Like millions of Americans, Mr. Cantor engaged in a run-of-the-mill transaction to get a mortgage through a mortgage broker," spokesman Brad Dayspring told The Hill. "He secured a standard 30-year fixed-rate loan which was in line with the prevailing interest rate."
Boehner's wealth is also spread between diversified investments, though the majority of his money comes from his former company. Boehner is owed millions through a retirement plan.
Rep. Mike Pence (R-Ind.), the GOP conference chairman, is worth between $111,000 and $420,000, though he has two mortgages on his home in Columbus, Ind. And Republican Policy Committee Chairman Thaddeus McCotter (R-Mich.) has assets totaling between $228,000 and $747,000, according to the reports, though most of that money is tied up in retirement accounts.
Kiera McCaffrey contributed to this report