Who’s Really Rich in Washington?
It’s no secret that the richest folks in the U.S. often headline the conversation about influence. But how rich are the folks who actually sit in the Capitol?
The 2012 STOCK Act: A Mixed Blessing
After Stock Act was drafted in 2012, the idea was to make sure every senator’s trades were front‑and‑center for public scrutiny. In practice, the results were as mixed as a bag of mixed‑fruits.
Finbold’s April 2024 Deep Dive
- Top ten senators combined wealth: a staggering $930 million (yeah, that’s almost a billion).
- Because the reporting rules are a bit… lenient, we could be off by a perfect storm of $600 million either way.
- Worst‑case estimate: $341 million
- Best‑case estimate: $1.5 billion
Assets That Slip Through the Net
Some goodies can hide from the watchdogs:
- Retirement savings and savings accounts can remain invisible.
- Gifts from family members, too.
- And a host of other “black‑box” assets.
Case Study: Senator Rick Scott – The Florida Gold Mine
Rick Scott tops the list in Florida, but what’s his real ask? The estimates kick around like a roulette wheel:
- $280 million – the “publicly known” net worth.
- When you pull the numbers out of the filing (which was filed for 2022 after a 90‑day extension that moved the 2023 deadline to August 13), the range narrows down to:
- Possible high: $450 million
- Possible low: $112 million
Bottom line: the richest senators live in a realm where their wealth can swing more dramatically than a mayor’s salary after a citywide bake sale. Even with the STOCK Act’s shiny intention, the transparency tank isn’t fully full yet.
Why present Congressional financial reporting standards may be deficient
Senate Swank & the 2020 Stock‑Scandal Sizzle
Picture this: a room full of senators who could comfortably fund a small country with their pockets, and yet the same folks keep playing with the markets like a toddler with a cookie jar. 2020’s insider‑trading circus just fed the fire that’s pushing everyone to demand better rules for how these dons report their trades.
Why Transparency Is Now a Must‑Listen
- Private money driving big decisions—think the 2003 Iraq invasion—sounds about as thrilling as a wheel‑of‑fortune turn that cost the nation dearly.
- When personal profit and national service mix, the outcome is often a recipe for disaster—looks like the same thing happened again in 2024.
- Research lead Andreja Stojanovic warns: “If these backyard deals were any less shallow, we’d have seen less chaos.”
Promises? More Like Empty Promises
Despite a parade of pledges, no game‑changer for congressional stock rules has actually rolled around. Some lawmakers even say they’ll “re‑format the rules” once the next budget cycle hits.
What We Need (and Won’t—yet)
- Clear, publicly‑posted disclosures with no hidden delays.
- Automatic stops for buying inside confidential briefs.
- Audits that peer into every transaction—no more “who knew what?”.
Until these reforms kick in, the Senate’s glossy vaults will keep glittering, while the rest of us can only stare… and sigh.
