Monday, November 21, 2011

The Richest 1% of the California Congress

The Occupy Wall Street movement has focused the national discourse on wealth inequality and, specifically, the split between the richest 1 percent and the 99 percent that's left. While most Californians, by definition, are not members of the wealthiest 1 percent, it turns out that many of us are represented in Congress by those who have attained that elite status.

The cutoff for the top 1 percent of American households, in terms of net worth, is about $9 million, according to New York University economics professor Edward Wolff. His estimate is based on the Federal Reserve Board's Survey of Consumer Finances, which put the figure at $8.2 million in 2007, he said.

That puts many members of Congress squarely within the 1 percent, including prominent members of California's delegation, such as Democratic Sen. Dianne Feinstein; Rep. Nancy Pelosi, also a Democrat; and House Oversight and Government Reform Committee Chairman Darrell Issa, a Republican.

Rep. David Dreier - (R) Net Worth $11,489,546
Rep. Dreier's family is in real estate development, and he is Vice President of Dreier Development Company in Kansas City. Dreier has been the U.S. Representative for California's 26th congressional district since 1981.

Rep. Darrell Issa (R) - Net Worth $303,575,011
Rep. Issa acquired wealth as the founder of Directed Electronics, a California-based car alarm manufacturer. Issa is the U.S. Representative for California's 49th congressional district and has served in Congress since 2001.

Sen. Dianne Feinstein (D) - Net Worth $77,082,134
Sen. Feinstein is married to wealthy investment banker, Richard C. Blum. She is the senior U.S. Senator from California and has served in the U.S. Senate since 1992.

Rep. Nancy Pelosi (D) - Net Worth $58,436,537
Rep. Pelosi got most of her wealth from her husband Paul Frank Pelosi, who is a successful businessman. Pelosi is the Minority Leader of the United States House of Representatives and has represented the 8th congressional district of California since 1987.

Rep. Gary Miller (R) - Net Worth $51,833,526
Rep. Miller founded several companies before going into politics, including G. Miller Development, G. Miller Masonry and G. Miller Framing. Miller is the U.S. Representative for California's 42nd congressional district and has served in Congress since 2003.

Rep. John Campbell (R) - Net Worth $23,254,531
Before entering politics, Rep. Campbell was a CPA, tax accountant, and CEO of Campbell Automotive Group, Saturn of Orange County and Saab of Orange County. Campbell has been the U.S. Representative for California's 48th congressional district since 2005.

Rep. Jackie Speier (D) - Net Worth $12,532,038
Rep. Speier was a staffer for U.S. Representative Leo Joseph Ryan of California and was a lawyer in private practice before entering politics. She is married to investment consultant Barry Dennis. Speier is the U.S. Representative for California's 12th congressional district, serving since 2008.

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