Wednesday, December 2, 2009

Frank LoBiondo: Wealth and Seniority

Blue Jersey has a post called Money and Power in Congress, looking at the Roll Call report on wealth in the House of Representatives. As Roll Call explains,

The table below lists the minimum value of the assets and liabilities of Members of the House of Representatives as reported on their 2009 financial disclosure forms (covering calendar year 2008). Assets include stocks, bank accounts, rental properties and other income-producing holdings; liabilities are most frequently mortgages and other bank loans. Assets and liabilites are reported in broad ranges; this table uses the minimum of all reported ranges and subtracts liabilities from assets to produce a minimum net worth.

Anyone who has voted in New Jersey--whether a liberal, moderate or conservative, Democrat or Republican--has voted for some very wealthy people, but it's still nice to know.

Frank LoBiondo has an estimated $370,000 in assets, but $100,000 in liabilities, for a minimum net worth of $270,000. Needless to say that's comfortable -- remember it is a minimum -- but not really rich, as rich is defined nowadays in Congress, and nowhere near the scale of wealth that allows one to self-finance statewide campaigns.

Also, LoBiondo is 131st in seniority.