Politics & Government

Issa Richest Congressman in U.S.

Darrell Issa is worth about $448 million, based on income disclosures.

Temecula's Congressman was the richest person in the House of Representatives in 2010, according to a report.

Darrell Issa (R-Vista) has an average net worth of $448,125,017, the Center for Responsive Politics reported.

Issa co-founded Directed Electronics, the country's largest manufacturer of vehicle anti-theft devices, according to the report.

The Center for Responsive Politics is a nonprofit organization dedicated to tracking money in U.S. politics and its effect on elections and public policy, according to its mission statement.

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Issa's relative wealth has stirred controversy for him before.

Some of his constituents accused him of requesting earmarks that would increase the value of some of his real estate. To read the accusations,

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He also opposed a recent bill that would extend a tax break affecting more than a million middle class workers. To read about it, .

He also supported a bill that would bar the government from gathering information on potential contractors' campaign donations. To read about it,

He also championed the cause of small government.

He criticized the federal government for its failings during the earlier this year, he from taking effect, and he blasted a government agency for botching a gun sting and .

Figuring out the net worth

The $448 million figure of Issa's wealth is an estimate based on financial disclosure forms congress members have to file, according to the center.

"When members of Congress file these annual reports, they are allowed to list of the value of their assets and liabilities in broad ranges," the organization states in a report. "The Center for Responsive Politics determines the minimum and maximum possible values for each asset and liability for every member of Congress and then calculates each lawmaker's average estimated net worth."

Issa's minimum estimated net worth for 2010 is $195 million, and his maximum is $700 million. This gives him an average net worth of $448 million, the report states.

The average net worth of the second-richest member of congress is $68 million less than Issa's. Michael McCaul (R-Texas) is worth about $380 million, the report shows.

Problems with calculations

This way of calculating may cause the net worth of Congress members to be undervalued, the center reports.

Members of Congress are required to report their own assets and liabilities and those of their spouses and dependents, but the top bracket of assets held by senators' spouses is simply, "more than $1 million."

This means congress members with rich spouses may be richer than they seem, the center states.

"Kerry's sizable net worth is thanks, largely, to the assets of his wife, Teresa Heinz Kerry," the report states.

Heinz Kerry is the chair of The Heinz Endowments, which supports various philanthropic causes and gets its funding from the H.J. Heinz Company, the maker of the famous ketchup.

Heinz Kerry's first husband was an heir to the company's assets.

John Kerry ranks third in the center's list, but because of the lack of information on his wife's wealth, he may be richer -- possibly much richer.

"Some estimate that Heinz Kerry's net worth may exceed $1 billion," the report states.


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