The 50 Richest Members of Congress Downturn Hits Even the Wealthiest Lawmakers

Even membership in Congress’ most exclusive club couldn’t insulate lawmakers from the economic downturn.

According to Roll Call’s annual examination of House and Senate financial disclosure forms, while the 50 richest Members of Congress remain financially flush — each with a minimum net worth of nearly $5.5 million — many of them suffered significant financial losses in 2008.

Lawmakers on this year’s list reported a combined loss of more than $275 million from their minimum net worth since 2007. While the combined wealth of the 50 richest Members tallied approximately $1.3 billion in 2008, that figure falls nearly $171 million short of the previous club, which put up a total of almost $1.5 billion.

Among the 38 lawmakers who return to the 50 richest club in 2008, the average reported wealth has declined more than 10 percent. Those who ranked at or near the top of the list last year reported some of the biggest losses, including Rep. Jane Harman’s (D-Calif.) decline of more than 50 percent, or $114 million less than she previously reported.