Minnesota’s Congressional delegation not struggling to put food on table

The Center for Responsive Politics has posted its first batch of 2007 personal financial disclosure forms for members of Congress. The initial offering includes almost all U.S. senators and many House members. Because federal legislators are only required to submit ranges for the worth of their personal assets, the disclosure forms are an imperfect means to gauge the economic well-being of elected officials. But they provide the only insight available into which legislators are accumulating conspicuous amounts of wealth while serving in Washington.

Sen. Amy Klobuchar’s 2007 disclosure form lists 87 publicly traded assets (almost exclusively mutual funds), none valued at more than $50,000. The Sunlight Foundation estimated the freshman Democrat’s net worth at the end of 2006 to be $860,023.

By contrast Sen. Norm Coleman lists just a single publicly traded asset, a US Bank IRA. According to a bank document that Coleman included with his report, the investment was valued at $619,000 at the end of 2007, increasing by barely $5,000 during the previous 12 months. The Republican’s report also notes debts of between $25,000 and $65,000 for student loans, presumably for his two children.

On the House side, Rep. James Oberstar leads the Minnesota delegation with 93 assets, principally stocks and mutual funds. For instance, the chairman of the House Transportation and Infrastructure Committee holds Exxon Mobil stock valued at between $50,000 and $100,000, along with a John Hancock mutual fund worth between $250,000 and $500,000.

Rep. Jim Ramstad will be leaving Washington without any economic worries. The retiring 3rd District Republican lists 18 assets, most notably 3,020 acres of property in North Dakota valued between $1 million and $5 million, and stock in First Western Bancorp with a similarly gaudy estimated value. Ramstad also holds stock in General Mills, General Electric and Wal-Mart, among other companies. At the close of 2006, his net worth was estimated to be $6.6 million by the Sunlight Foundation.

Rep. John Kline lists a more modest 15 assets, primarily mutual funds. Most notable is 534 acres of property in Houston, Minn., valued at between $100,000 and $250,000. Rep. Betty McCollum shows 13 assets, none valued at more than $15,000, while Rep. Keith Ellison discloses seven mutual fund holdings, all worth less than $15,000. Veteran Democratic legislator Colin Peterson lists just five assets, with a value estimated at between $82,000 and $230,000.

The reports for freshman Reps. Michele Bachmann and Tim Walz have not yet been posted by the Center for Responsive Politics.