"Overall, 27 of the 63 freshmen [in Congress] - 43 percent - declared holdings that exceeded $1 million, compared with 1 percent of the American public."
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Dozens of Millionaires in 2002 Congress Wed Dec 25,12:08 PM ET
http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20021225/ap_on_go_co/freshmen_finances
By JONATHAN D. SALANT, Associated Press Writer
The congressional Class of 2002, which has more than two-dozen millionaires, will face votes on issues that could affect their financial holdings.
Eleven of the 63 Senate and House freshmen have investments in banking or credit card companies, including bank directorships, as they prepare to consider industry-backed legislation making it harder for consumers to declare bankruptcy, according to an Associated Press review of financial disclosure forms filed during the campaign.
Several incoming freshmen also have significant financial holdings in the pharmaceutical and oil industries, both of which could be the subject of congressional action next year.
For example, Congress will consider legislation to help senior citizens buy prescription drugs. Democrats want to put the program under Medicare; Republicans and the pharmaceutical industry want a smaller program run by private insurers.
The oil industry favors opening Alaska's Arctic National Wildlife Refuge to oil and gas exploration, a subject of heated dispute in the past Congress. President Bush Bush and many Republicans favor the exploration, while many Democrats and environmental interests oppose it.
And there are two doctors who may face votes on whether to limit how much patients may collect for medical malpractice.
Overall, 27 of the 63 freshmen — 43 percent — declared holdings that exceeded $1 million, compared with 1 percent of the American public.
"How representative of the American people are these new freshmen members?" asked Charles Lewis, director of the Center for Public Integrity, a Washington watchdog group.
Rep.-elect C.A. Dutch Ruppersberger, D-Md., said talents that make people successful in business also can make them good lawmakers.
"They bring a lot to the table, especially in our difficult times," said Ruppersberger, whose holdings are valued at $700,000 to $1.58 million. "You want people who have good judgment and have the courage to stand up for what they believe in. If people have done well, that means they're successful. Maybe that's part of leadership."
Gary Ruskin, director of the Congressional Accountability Project, a watchdog group affiliated with consumer advocate Ralph, said the lawmakers are able to financially benefit from their votes.
"Only richer people tend to win office," Ruskin said. "It's those very same people who tend to hold lots of stock. They have conflicts of interest in respect to their voting when they come to office."
But Rep.-elect Jeb Bradley, R-N.H., who reported holdings of $1 million to $5 million, much of it from stocks, said the only way he would benefit is if the economy improves, which helps everyone.
"What you try to do is to set the stage for the economy to benefit," Bradley said. "As long as you're acting in the public interest, as opposed to a private self-interest, I don't think anybody should have a problem with that."
Two freshmen worked for the lawyer-lobbying firm of Arent, Fox, Kintner, Plotkin & Kahn — Sen. Jim Talent, R-Mo., and Rep.-elect Chris Van Hollen, D-Md.
The firm has represented dozens of companies with interests before the federal government, including American Airlines; the Pharmaceutical Research and Manufacturers of America, the drug companies' trade group; and defense contractor Raytheon Co.
"The issues I worked on in the private sector are the same issues I worked on in the Congress such as Missouri's jobs, small business and education," said Talent, who previously served in the House and already has been sworn into office. "And I am willing to work with anyone who is interested in making a difference on behalf of Missouri's interests."
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On the Net:
Center for Public Integrity: <A href="http://rd.yahoo.com/dailynews/ap/ap_on_go_co/inlinks/*http://www.publicintegrity.org">http://www.publicintegrity.org</A>
Congressional Accountability Project: <A href="http://rd.yahoo.com/dailynews/ap/ap_on_go_co/inlinks/*http://www.congressproject.org">http://www.congressproject.org</A>
Senate: <A href="http://rd.yahoo.com/dailynews/ap/ap_on_go_co/inlinks/*http://www.senate.gov">http://www.senate.gov</A>
House: <A href="http://rd.yahoo.com/dailynews/ap/ap_on_go_co/inlinks/*http://www.house.gov">http://www.house.gov</A>
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