Franken and Klobuchar release details on personal finances

WASHINGTON – It’s that time of the year when members of the Senate have to reveal details about their 2012 personal finances. Minnesota’s two Democratic Senators, Amy Klobuchar and Al Franken, filed their disclosures on time and the official filings are available here for those who wish to dive deeper into them.

It’s difficult to be precise about what members of Congress are worth because their assets and debts are reported in broad ranges, but from the 30,000 foot perspective allowed by the Senate filings, Franken and Klobuchar’s personal finances are little changed from last year.

The Senate is sometimes referred to as a club for millionaires and Franken’s net worth certainly qualifies him for membership while Klobuchar would only count for membership based on the highest estimates of her net worth.

Franken’s assets are worth somewhere between $4.3 million and $12.8 million, essentially unchanged from his 2012 filing. Those assets are spread over a very broad set of investment funds and a personal business that manages the assets and income from Franken’s previous career as a comedian, actor and writer before entering the Senate in 2009. Franken has a mortgage on his house in Minnesota that’s between $100,000 and $250,000.

Franken reported outside income between $144,500 and $387,500, higher than the $103,000 and $290,000 he reported last year. While much of that money came in the form of interest and dividends, Franken also collected between $50,000 and $100,000 in rent from a co-op apartment he owns in New York City.

Klobuchar assets are worth between $400,000 and $1.2 million, an increase from last year when she reported assets between $310,000 and $1 million. Those assets are almost entirely spread across a series of investment and college funds. She reports holding no debts and minimal outside income from those investments.

For comparison’s sake, the last place member of Congress on Roll Call’s 2012 list of the 50 wealthiest members of Congress had a minimum net worth of $6.2 million although at least seven members of that list have retired or been defeated since it was published.

Disclosures by members of U.S. House will be released in the middle of next month.

  • Mac Hall

    Hi Brett,

    Thanks for posting this.

    Just curious, there was a report out as the Repeal the Medical Device Tax effort was progressing citing that Erik Paulsen owned a couple of medical device companies … do you know if either of the Minnesota Senators are invested in those type of stocks ? What about some of the other leaders on that issue ?

    The other stock that has been mentioned that involved members ownership is TransCanada which the House just approved legislation on yesterday. I believe that John Kerry had some ownership but don’t know about others.

  • Brett

    Mac,

    It’s likely that they indirectly hold a few med device stocks but only because they have broad funds. But look at the reports, they’re not sector-specific funds so it’s hard to say that the impact of any one piece legislation would likely have a big impact on their portfolios. Ditto on TransCanada.

    Brett

  • James Carson

    When will MPR publish an article that talks about the pressure that Senator Franken put on the IRS to pursue 501C4 malefactors?