Report: AZ's congressional delegation includes 4 millionaires

2012-10-09T20:02:00Z Report: AZ's congressional delegation includes 4 millionairesBy Matthew Standerfer, Cronkite News Service Arizona Daily Star

WASHINGTON — At least four members of Arizona’s congressional delegation had estimated wealth of more than $1 million in 2010, according to a report by the Washington Post.

Rep. Trent Franks, R-Glendale, topped the list with an estimated net worth of $33.9 million, an increase of more than 400 percent since 2004, according to the analysis.

He was followed by Republican Sen. John McCain with $16 million, Rep. David Schweikert, R-Scottsdale, with $6.2 million, and Rep. Ed Pastor, D-Phoenix, with $1.1 million.

Rep. Paul Gosar, R-Flagstaff, was just shy of the mark at $982,500.

But Gosar, like all the lawmakers in the Post’s 535-member analysis, could have had net worth higher or lower because of imprecision in the reporting Congress requires of itself.

The report was based on annual financial disclosures in which members are required to report assets and liabilities only in broad ranges. They are not required to list homes, non-interest-bearing accounts or the congressional retirement savings plan.

John Hudak, a governance studies fellow at the Brookings Institution, said those exclusions blur the financial picture.

“Any information is better than none, but these reports leave a lot to be desired,” Hudak said.

Calls this week to members of Arizona’s delegation seeking response to the estimates - or comments on their accuracy - were not returned.

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