One in 10 Virginia lawmakers hold million-dollar investment portfolios
Fourteen members of the 140-seat Virginia General Assembly reported holding investment portfolios valued at $1million or more last year. But another 33 reported that they hold investments of $10,000 or less.
That's according to an analysis by the Virginia Public Access Project of legislator's financial disclosures. Members of the General Assembly are required to disclose some information about their outside income and financial disclosures, but they do not have to name, exactly, they how much they receive.
The legislators must name companies from whom they received at least $10,000 in salary for the year. (Delegates receive $17,600 each year for their part-time public job; senators get $18,000) VPAP's analysis shows that 38 legislators reported that there was no company from which they received at least $10,000--though that includes lawmakers who are retired and some lawyers whose income comes as a result of partnerships.
Ninety legislators said they own property other than their primary residence; 49 said they own no property other than their home. Forty-eight said they they have debts--other than their home mortgage--totaling more than $10,000; 91 said their debts are less than $10,000.
Eleven lawmakers said they hold stock in ExxonMobile, the most of any one company. Another 11 said they have investments in GE, and 10 said they hold stock in the bank BB&T.
VPAP is a nonpartisan, nonprofit organization that tracks money in Virginia campaigns and government.
Rosalind S. Helderman
| February 10, 2011; 12:30 PM ET
Categories: General Assembly 2011, House of Delegates, Rosalind Helderman, State Senate
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