This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Washington • Sen. Mike Lee decided to take out more personal loans last year, while Rep. Jim Matheson watched his investments grow.
Members of Congress filed new financial reports this week offering a glimpse into their personal investments and their consumer debts.
Lee's report is his first since joining the Senate in January and covers the 2010 calendar year. During that time, Lee took out a line of credit worth between $50,000 to $100,000, which he promised to pay back in 12 months.
The reports only include broad ranges making it difficult to pinpoint a person's true net worth. While the 2010 reports haven't been compiled yet, the Center for Responsive Politics found that the average senator's net worth is around $13 million and that Lee, an attorney by trade, is one of the least wealthy members of the 100-person body.
Lee's new line of credit, coupled with student loans and at least $15,000 in credit card debt has dropped his net worth by at least $40,000 in the past year. As a result, Lee could have up to $150,000 or could be as much as $118,000 in the hole. No other member of Utah's delegation reported any debt.
The reports don't take into account home or car loans and don't include the $174,000 salaries paid to members of Congress each year.
Lee, 39, is the youngest senator and has spent much of his time since law school working in state government or as a law clerk. Most recently he was a partner in the Howrey law firm. He earned $375,000 in that job for the first 10 months of 2010 before resigning in November. He also earned $10,000 for delivering a speech at the Young America's Foundation less than two weeks after he won his election. Once a widespread practice, Congress banned members of Congress from accepting such honoraria in 1991.
Lee's speech was legal since he had not yet been sworn in as a senator. He said he asked his attorney to check into the matter before he talked to the conservative youth group in Virginia. He said the Senate ethics rules are "an on and an off switch" flicked only when he entered the body and ending when he leaves.
For the second straight year, Matheson — Utah's wealthiest member of the House — saw his personal fortune rise. In 2009, his broad investment in the stock market left him with a net worth between $380,000 and $1.05 million. Matheson is now worth between $543,000 and $1.37 million.
His House colleagues — Reps. Rob Bishop and Jason Chaffetz — saw less significant movement. Bishop, a former high school history teacher, continues to draw his educator pension of $29,000 and has meager personal investments in the range of $16,000 to $65,000, but an improvement over past year, when his net worth topped out at $16,000.
Chaffetz, who voluntarily lists his Alpine home and its mortgage on the report, held relatively steady with a worth between $39,000 and $987,000.
Sen. Orrin Hatch, R-Utah, is by far the wealthiest member of Utah's delegation with vast stock holdings in dozens of mutual funds. He is worth between $1.36 million and $3.09 million. He also accepted slightly more than $10,000 in royalties from music he wrote. And like Lee, he was paid for speeches, though as a sitting senator he had to send the three $2,000 checks to charities.
mcanham@sltrib.comTwitter: @mattcanham —
Net worth
A look at what Utah's federal officials reported on their personal financial disclosures, as reported in ranges.
Sen. Orrin Hatch • $1.36 million to $3.09 million
Last year • $1.29 million to $3.17 million
Sen. Mike Lee • minus $118,000 to $150,000
Last year • $33,000 to $194,000
Rep. Jim Matheson • $543,000 to $1.37 million
Last year • $479,000 to $1.24 million
Rep. Rob Bishop • $16,000 to $65,000
Last year • $1,000 to $16,000
Rep. Jason Chaffetz • $39,000 to $987,000*
Last year • $39,000 to $1.03 million
*Chaffetz discloses his personal home as an asset and his mortgage as a liability. This is not required by federal rules and no other Utah lawmaker does this.
Source: personal disclosures