Methodology Explainer
What you need to know about the terminology of Hunter's Political Wealth Index
Congressional Personal Financial Reporting Rules
The U.S. Senate & House of Representatives both have different rules and systems around the process of personal financial disclosures for their members and staff.
1. Why minimums: net worth, net assets?
I take the conservative approach of using the minimums for values that are reported in ranges because the top range for spouse-held assets is open-ended (i.e. over $1 million). Also, mortgages on non-investment or rental properties are usually disclosed, but the combined value of those properties is not disclosed as assets which lowers any net worth calculations.
2. What information is NOT publicly available?
Members do not have to disclose certain items like any items worth less than $1,000 or generated income of less than $200 in the year; any personal property not held for income purposes (primary homes, cars, vacation homes not rented out, etc.); and any liabilities (personal obligations) to one creditor that total less than $10,000 in aggregate.
3. What else?
Filing deadlines for the previous calendar year’s annual report usually extend into August; therefore, reporting will talk about 2022 reports starting in late fall 2023 until the 2023 information comes out in August 2024.