Income Disclosure Reports Reaffirm Senate’s Rich Heritage

Like many of their U.S. Senate colleagues, California Democrats Dianne Feinstein and Barbara Boxer do not need to count the days until their next congressional paycheck arrives.

Feinstein and her husband, investment banker Richard C. Blum, are so wealthy that her annual financial disclosure statement filed Friday runs 102 pages, 20 longer than last year. The couple reported assets in excess of $22 million.

Boxer’s handwritten five-page report listed a $1-million to $5-million blind trust held by herself and husband Stewart, an attorney.

While they are financially better off than the average American, Boxer and Feinstein hardly stand out in a Senate full of millionaires, including Sen. Herbert Kohl (D-Wis.), owner of the Milwaukee Bucks basketball team, and a Rockefeller: John D. “Jay” Rockefeller IV (D-W.Va.), who listed three blind trusts, one worth more than $50 million.

Since senators are only required to list their personal finances in broad ranges--$250,001 to $500,000, for example--it is difficult to determine a member’s precise net worth. But previous surveys have shown that nearly half of the 100 senators are millionaires.

Majority Leader Trent Lott (R-Miss.) and Minority Leader Tom Daschle (D-S.D.) reported comparatively smaller portfolios than many of their colleagues.

Lott’s major assets include a half partnership in six rental apartments in Mississippi with a combined value of $50,001 to $100,000, three investment funds worth between $1,001 and $15,000 and 161 unimproved acres in his home state worth up to $100,000. Most of the family assets are in Lott’s wife’s name and all are valued at $50,000 and under.

Daschle listed two dozen mutual funds, but only one reached the $50,001 to $100,000 range in 1998. The Democratic leader also owns two rental apartments in Washington’s Virginia suburbs and one in Sioux Falls, S.D.--each worth between $50,001 and $100,000 and producing $5,001 to $15,000 in annual income.

A number of senators supplemented their $136,700-a-year Senate salary--floor leaders such as Lott and Daschle earn $151,800--with income from spouses and investments. Senators are not required to disclose spouses’ salaries.

Feinstein and her husband earned more than $1 million last year from their investments and other sources, including her $37,456 pension as a former San Francisco mayor and city supervisor. Boxer and her husband earned more than $100,000 from their blind trust.

In comparison, a mere 1/10th of 1% of tax returns filed in California for 1996 were for incomes in excess of $1 million. The vast majority of Californians--about 93%--reported adjusted gross incomes below $100,000.

Feinstein also reported having two blind trusts each valued at between $1 million and $5 million. Blind trusts, whose assets are managed without the knowledge of the owners, are designed to shield public officials from conflicts of interest.

Feinstein and her husband listed among their assets an interest in the Carlton Hotel in San Francisco and a home in Kauai, Hawaii.

The reports revealed other personal insights about senators.

Sen. Jim Bunning (R-Ky.), who pitched a perfect game in 1964 for the Philadelphia Phillies, earned $34,884 from baseball card shows and other memorabilia activities.

Sen. Fred Thompson (R-Tenn.) earned $29,286 in residuals from his work as a movie actor. His credits include “Hunt for Red October” and “In the Line of Fire.”

Sen. Orrin G. Hatch (R-Utah) earned $15,160 from the release of two compact discs of patriotic and inspirational music for which he composed the lyrics.

Kohl earned $68,100 from a horse breeding ranch in Wyoming.

At the other end of the spectrum, Wisconsin’s other senator, Russell D. Feingold, reported little but a state retirement system account valued at between $15,001 and $50,000.

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Senators’ Finances

Financial details on California’s senators:

Sen. Barbara Boxer (D)

* Senate salary: $136,700.

* Finances: With husband, has blind trust worth $1 million to $5 million; income from blind trust, $100,000 to $1 million.

Sen. Dianne Feinstein (D)

* Senate salary: $136,700.

* Finances: With husband, has assets worth at least $22 million; owns residence in Hawaii; interest in San Francisco hotel; disclosure form is 102 pages.

Source: Senate disclosure forms