Lucrative Legislators: How Much Is RI’s Delegation Worth?

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Tuesday, September 06, 2011

Dan McGowan, GoLocalProv News Contributor

They’re sent to Washington to represent the people, but each member of the state’s four-person Congressional Delegation is far wealthier than the average Rhode Islander, according to the most recent financial disclosure information.

GoLocalProv sifted through the records of Senators Jack Reed and Sheldon Whitehouse and Congressmen James Langevin and David Cicilline to find out just how well-off each member of the Delegation is.

Each year, every member of Congress is required to fill out a financial disclosure form to explain how much they have in assets and liabilities. The Representatives must also list each piece of property owned.

And while the numbers fail to explain exactly how much each member of Congress is worth, the ballpark figures certainly shed light on the income they’re taking in each year.

Richest: Senator Whitehouse

According to OpenSecrets.org, Senator Whitehouse had the 24th highest net worth in the Senate in 2010. Those figures, which are based on 2009 income reports, show Whitehouse having 163 assets worth between $3,675,233 and $13,934,000.

And while the new net worth ratings among members of Congress have yet to be released, it’s safe to say Whitehouse didn’t lose too much ground with his 2010 income.

The Senator’s most recent financial disclosure shows he owns between $2,000,000 and $7,000,000 in Morgan Stanley-related assets such as IRAs or family trusts.

Whitehouse also reports collecting between $15,001-$50,000 in interest each with dozens of publicly traded assets including Goldman Sachs, Google, IBM, Microsoft, Research in Motion, Bank of America, Bear Stearns, Verizon and AT&T.

Senator Reed’s Numbers

While Senator Whitehouse finds himself among the wealthier members of the Senate, the state’s senior-most member of Congress is at the other end. The 2010 net worth numbers had Reed as the 78th wealthiest member of the Senate for 2009, with between $183,029 and $749,000 in assets.

But Reed appears to be getting wealthier. According to OpenSecrets.org, last year was the first time since his first year in the Senate that Reed ranked inside of the top 80 Senators when it comes to wealth. And his latest financial disclosure shows his incomecontinues to grow.

Reed reports having two assets each worth between $50,001-$100,000, three worth between $15,001-$50,000 and dozens worth between $1,001-$15,000. Included in that list are stocks for companies such PepsiCo, Intel, Coca Cola, Costco, Cisco, Proctor & Gamble Co.

Langevin A Millionaire

On the House side, both Congressman Langevin and Congressman Ciciilline are considered millionaires. The 2010 OpenSecrets.org profile pegged Langevin as being the 136th wealthiest member of the House, with a net worth ranging from $-42,970 to $3,404,994. The negative number on the low-end was due to a half dozen liabilities such as mortgages on various properties.

Langevin’s recent financial disclosure shows he owns at least eight pieces of property with seven being worth between $100,001 and $250,000:

14901 Park Lane Drive #101, Ft. Meyers, FL - $100,001-$250,000
15 Jefferson Street, Warwick, RI - $100,001-$250,000
17 Scott Avenue, Warwick, RI - $100,001-$250,000
25 Scott Avenue, Warwick, RI - $100,001-$250,000
340 Shawmut Avenue, Warwick, RI - $100,001-$250,000
65 Chesterfield Street, Warwick, RI - $100,001-$250,000
9 Jefferson Street, Warwick, RI - $100,001-$250,000
Bonnet Shores Beach Cabana - $15,001- $50,000

Congressman Langevin also reports having a life insurance policy from SunLife worth between $500,001-$1,000,000 as well as two Blackrock Munivest funds worth anywhere from $16,002 to $65,000.

Langevin also owns stock in General Electric and Goldman Sachs (between $6,002-$17,500) and has an Invesco Value Fund ($50,001-$100,000) as well as a Morgan Stanley Cap Trust worth between $50,001-$100-000.

He reports having $410,003 in liabilities from three mortgages and a home projects credit from Visa.

Cicilline’s Wealth

The newest member of Congress from Rhode Island fit right in with the rest of Washington as he was one of more than 20 new millionaires on the Hill this year. Congressman Cicilline reported his income (based on 2010 figures) as $105,486 during his time as Mayor of Providence. He now makes $174,000 per year as a Representative.

Cicilline also reported three pieces of property that doesn’t include his home on the East Side of Providence.

1297 Caraboa Lane, Port Charlotte, Fl – $1,001-$15,000
387 Atwells Ave, Providence, RI (50 percent ownership) -$250,00- $500,000
-46 South Ridge Rd, Chilmark, Mass - $500,000-$1,000,000

Cicilline also reported earning interest of between $1,001-$15,000 in an account at Citizens Bank and having a life insurance policy from Met Life worth between $15,001-$50,000.

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