So who is the richest member of your congressional delegation?
NJ Advance Media has compiled the net worth of lawmakers from annual Senate and House filings that show the minimum value of stocks, properties and other assets. The disclosures covered the 2021 calendar year.
The lawmakers, who are paid $174,000 a year, disclose the value of their assets within ranges. We only counted assets held individually by the legislator or jointly with a spouse. NJ Advance Media’s calculations omitted assets held solely by a spouse or dependent child.
Many members of the state congressional delegation came to Washington through Trenton or local government and have pensions from their previous government positions,
With the coronavirus pandemic Still spreading, none of New Jersey’s two U.S. senators and 12 House representatives reported trips or speeches funded by outside groups. Although some legislators list their personal residences, they are not required to do so.
Some declared very few assets because they did not disclose their domicile or because most of their listed investments belonged only to their spouse.
Here are the 2021 disclosures from New Jersey’s federal lawmakers, ranked from poorest member to richest member.
Rep. Albio Sires, D-8th Dist., $1,000
Sires, who is not seeking re-election, declared only one asset: a checking account. He also received a pension of $38,000 per year. He sold his condo in western New York and was able to pay off that mortgage, one of at least $250,000, as well as one of at least $100,000 for his house in Fort Myers, Florida.
Representative Donald Payne Jr., D-10th Dist., $5,000
Most of his assets were in bank accounts. Since holdings are reported within ranges, Payne could have assets of up to $75,000.
Rep. Chris Smith, R-4th Dist., $127,214
Unlike most lawmakers, Smith disclosed the exact values of his assets and liabilities, which included a $96,550 bank account and a $138,487 mortgage.
Bonnie Watson Coleman, D-12th Dist., $316,000
A deferred compensation plan was worth at least $250,000. She also reported state pension income of $44,724. Watson Coleman had a mortgage of at least $100,000 and two auto loans of at least $25,000.
US Senator Robert Menendez, $365,000
Menendez received a pension of $11,429. He owned a rental property in Union City worth at least $250,000 that brought in at least $15,000 in rent.
US Senator Cory Booker, $475,000
Booker made 54 separate trades buying or selling mutual funds. He also indicated that he would receive a government pension of $31,500 which would begin at age 60.
Representative Jeff Van Drew, R-2nd Dist., $817,000.
A former state senator, Van Drew also brought home $25,000 from his state pension.
Rep. Andy Kim, D-3rd Dist., $865,000
The largest portion of Kim’s assets was rental property valued at at least $500,000. It brought in at least $15,000 in revenue last year. He has two mortgages totaling at least $803,000.
Representative Tom Malinowski, D-7th Dist. : $1 million?
In his 2021 public disclosure, Malinowski declared $1 million in assets.
But his earlier failure to timely disclose his stock transactions as required by federal law led to an ethics investigation and a decision to place his holdings in a blind trust that did not identify his net worth this year.
He had been criticized for trading stocks during the coronavirus pandemicAlthough the Independent Congressional Ethics Office concluded that the trades were made by a securities adviser without Malinowski’s knowledge or on his instructions.
Representative Frank Pallone Jr., D-9th Dist. : $1 million
As an officer and director of F&J Pallone Realty LLC, most of Pallone’s assets, at least $750,000, are tied to Long Branch property. His properties brought in at least $35,000 in rent last year. He has mortgages and a home equity margin totaling $365,000.
Representative Mikie Sherrill, D-11th Dist., $1.5 million
Most of its assets are in mutual funds. She declared two mortgages totaling at least $2 million and credit card debt of at least $15,000.
Rep. Donald Norcross, D-1st Dist., $2 million
Norcross received $54,848 in union pension payments. He declared a mortgage of at least $250,000 and a home equity line of credit of at least $10,000.
Representative Bill Pascrell Jr., D-9th Dist., $2.6 million
Pascrell had a life insurance policy worth at least $1 million. He also had a state pension of at least $250,000, which paid him $50,000 last year. Pascrell sold property in Cape May worth at least $100,000.
Rep. Josh Gottheimer, D-5th Dist., $18.2 million
A member of the House Financial Services Committee, Gotheimer holds stakes in Goldman Sachs, Morgan Stanley, Ally Financial and other companies within the purview of his panel.
Gottheimer said his transactions are done without his knowledge or the involvement of a third party.
He also has $5.5 million in stock in Microsoft Corp., his former employer, and options to buy $6.5 million in the company next month.
Gottheimer is the richest member since 2019. He was elected in 2016, overthrowing a North Jersey Republican seat previously held by Rep. Scott Garrett.
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