By James O’Toole
January 9, 2014
For the first time ever, more than half of current members of Congress are millionaires, according to a new report from the non-profit Center for Responsive Politics.
Among the 534 current members of Congress, at least 268 had an average net worth of $1 million or more for 2012, the CRP said, citing disclosure forms filed last year. A year ago, the total stood at 257 members, or about 48%.
The group said the new figure “represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and theminimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code.”
CRP executive director Sheila Krumholz said the data reflect the reality that “in our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with.”