YOUR SENATORS’ FINANCIAL INTERESTS
America’s 100 senators account for $800 million in personal assets, on the low end. The high end estimate is $12.6 billion.
100 people (that’s the economy cabin on a 737), with accounts larger than the GDP of 76 countries, make laws in America.
But Senators weren’t always wealthy.
This chart compares four different salary levels over 60 years.
The poverty threshold, full-time minimum wage earnings, median individual income, and the US Senate salary.
In the 70s, Senators were part of the American middle class.
Since 1960, minimum wage earners working full-time have barely escaped the federal poverty threshold.
These workers saw an average income growth of around 59¢/day since the mid-20th century.
Meanwhile median individual income has moved from $33,077 to $56,199.
That’s an average growth of $1/day over 60 years.
But Senate income has climbed — moving from $22,500 to $174,000.
That’s an average growth of around $7/day over 60 years.
How did Senators escape the middle class? Let’s adjust two metrics, Median Individual Income and US Senate Salary.
Adjusted for inflation (2022), we can follow the dotted lines to see a 1:1 comparison.
In 1980, a person making $44,701.50 — adjusted for inflation — was making $150,785.10 in today’s dollars.
Between 1970 and 1980, the middle class [dotted green] saw their accounts shrink while Senators continuously adjusted their salary [dotted purple] to counter inflation.
The last time the middle class was at income parity with the Senate was 1976.
But Senate salaries only tell part of the story.
Every lawmaker is required to complete an annual report detailing their financial interests.
But these reports don’t request actual account balances — only ranges.
Valuation of Assets example; reporting only shows value ranges, not specifics.
How it works:
if someone has $45,000 in an account, they mark the box labeled 15,000 - 50,000
they’re not required to report the actual amount in the account ($45,000)
anyone reading these reports can only make estimates, not specifics
The map below shows estimated net worth (high & low) for each Senator.
The map also shows whether a Senator bought or sold stock during the reporting period (2020).
Why that matters..
list of Senate committees
Every Senator sits on at least two committees or subcommittees. These groups have influence over policy and regulations affecting every industry.
If a Senator invests in a business that falls under their authority as regulator they may have a conflict of interest, but that’s difficult to prove. Many Senators claim they pay someone else to manage their investments.
Also, the Speech & Debate clause in the US Constitution prevents investigators from questioning lawmakers about work conducted in either House.
So US Senators are allowed to make investments that align with their committee assignments. It’s not proof of a conflict of interest. It’s legal.
But the appearance of a conflict can erode public confidence in our lawmakers. If it seems like they’re performing their duties out of self-interest, instead of the public good, voters could lose confidence in our democratic system.
The interactive map below puts Senate committee assignments and individual investments in the same place for simple analysis.
For example, you can see Senators on the Appropriations Committee’s Defense subcommittee who also own Defense stocks.
It’s not against the law to have a shared financial interest with the companies they regulate.