Congress has many millionaires, but the chairmen of the powerful House and Senate committees that regulate banking and Wall Street aren’t among them, according to both lawmakers’ annual disclosure forms.
Members of Congress are required to file annual forms listing their major sources of income, assets, liabilities and gifts. Most lawmakers, except for members of leadership, were paid $174,000 in 2010. Each is allowed to earn up to $26,100 in annual income for work performed outside Congress.
However, the chairman of the House Oversight and Government Reform Committee -- which has a subcommittee dedicated to monitoring the roll-out of the Dodd-Frank financial reform law and repayment of federal bailouts -- is a different story. He listed assets totaling at least $150 million.
Following are the 2010 disclosures made by the chairmen of the House and Senate committees that regulate financial services, and by the chairman of the House Oversight and Government Reform Committee, as reported by the Associated Press:
Rep. Spencer Bachus, R-Ala., chairman, House Financial Services Committee
Earned income: $174,000
Major assets: Accounts with Congressional Federal Credit Union, Fidelity Investments and Regions bank, each less than $1,000.
Major sources of unearned income: Earnings on credit union, Fidelity and Regions accounts, less than $200 each.
Major liabilities: Loan from BBVA Compass Bank, $15,001-$50,000