How lawmakers are making money at the same time

A book deal brought in more than $ 380,000 for US Senator Tammy Duckworth last year before the recent publication of her memoir, according to federal documents.

The Hoffman Estates Democrat was the only member of the congressional delegation representing the western, northwest or northern suburbs to benefit from the publication last year, according to a Daily Herald analysis of their latest financial disclosure reports.

But all 10 lawmakers have reported assets and sources of income in excess of their annual salaries of $ 174,000. They ranged from bank accounts and investment funds to owned stocks of private companies.

What the forms show

Filed annually by members of the House and Senate, disclosure reports are transparency tools designed to reveal any potential conflict of interest.

They detail information about the source, type and amount of a legislator’s income, including personal investments, spouse’s income and investments, paid travel, gifts, contracts, and money from others. sources. Debts must also be declared.

Candidates for the House and Senate and some congressional employees must also file disclosure reports.

Reports are due every May 15th. Extensions are common.

The reports are public and can be viewed online at and

Duckworth’s book

Duckworth’s memoir, “Every Day Is a Gift,” was published in March by Twelve, a brand of the Hatchette Book Group. A paper release is scheduled for March 2022.

According to Duckworth’s annual disclosure report in May, Hatchette paid him $ 382,500 in 2020. The sum was an advance on future royalties, a Duckworth spokesperson confirmed.

Duckworth also reported personal or family assets including stocks, mutual funds and bank accounts.

Additionally, she filed a periodic transaction report in April indicating that she and her husband sold shares of Verizon Communications, Illinois Tool Works and Walt Disney Co. that month. Sales grossed between $ 17,003 and $ 80,000 in total, according to the report. Only the beaches are compulsory.

Durbin’s investments

Senior U.S. Senator from Illinois Dick Durbin of Springfield was granted an extension and filed his 2020 annual report in August.

Durbin listed among its investments 123 stocks of pharmaceutical giant Pfizer, the maker of a COVID-19 vaccine, Viagra and more. Durbin valued the stock position at the time at $ 4,519 and said he received $ 187 in dividend payments last year.

Durbin bought the stock over a decade ago and hasn’t changed positions since then, spokeswoman Emily Hampsten said.

“(It) provides a modest dividend,” she said.

Durbin has also listed various independently managed investment funds, a house in Springfield and a condominium in Chicago among its assets.

Casten’s relations

Tackling climate change has been a political priority for U.S. Representative Sean Casten, a Democrat from Downers Grove representing Illinois’ 6th District. A member of the House sub-committees on energy and the environment, Casten expressed his ecological concerns during the election campaign, in meetings with voters and on social media.

Casten’s latest financial disclosure report, filed in August, showed he had stakes in two energy companies.

One is a Minnesota waste and energy recycling company called GOE Capital Partners. The other is a California company called Greenleaf Power that converts biological material into energy.

Asked about the investments, Casten spokesperson Emilia Rowland said the representative “has no control, managerial or otherwise, over Greenleaf and GOE Capital Partners.”

Casten is no stranger to the energy industry. Before joining Congress, he co-founded a company called Recycled Energy Development, and he ran another energy company called Turbosteam.

Its other reported assets include mutual funds, cash and real estate.

Casten also reported on a trip to Colorado in February 2020 funded by the Aspen Institute, a nonprofit group focused on environmental challenges, economic inequalities and other topics. He attended a series of energy talks hosted by the group, Rowland said. The institute covered the costs of travel, accommodation and food.

Quigley’s Journey

U.S. Representative Mike Quigley, a Democrat from Chicago whose 5th District includes parts of Elmhurst, Oakbrook Terrace and other suburbs, was the only other member of the suburban delegation to disclose paid travel. Quigley visited Japan in February 2020, his report showed.

The seven-day trip was a study tour funded by the American Association of Former Members of Congress. This included travel, food and accommodation for Quigley and his wife.

Quigley’s post-trip disclosure form stated that several lawmakers participated in the trip, which was co-sponsored by the Sasakawa Peace Foundation USA, a group dedicated to strengthening US-Japan relations.

Kinzinger actions

U.S. Representative Adam Kinzinger, a Republican from Channahon serving the 16th District of Illinois, listed a stake in a company called Prosper Funding when he filed his annual disclosure report in late July. The California-based organization connects borrowers with investors.

Kinzinger also bought and sold shares in four companies between April and July of last year: American Airlines; Pluralsight, a Utah-based company that offers video training courses for software developers and other professionals; the US Oil Fund, a company that tracks Texas crude oil prices; and US Foods Holding Corp., a foodservice distributor.

Kinzinger’s other reported assets include rental properties, bank accounts and mutual funds.

Schneider’s challenges

U.S. Representative Brad Schneider, a Democrat from Deerfield serving the 10th District, noted stakes in several companies when he filed a disclosure report last month. They include real estate investment groups; M Financial Group, an Oregon life insurance company; and a Schaumburg-based group called Medical Related Investments which owns a stake in a company operating MRI centers.

Schneider reported numerous financial transactions, including the sale of shares in a pet insurance company called Trupanion valued between $ 50,001 and $ 100,000. Schneider also said he raised between $ 15,001 and $ 50,000 when a fund he had invested in sold a Buffalo Grove wireless technology company called Fluidmesh Networks and distributed the proceeds.

The rest

Disclosure reports for other members of the suburban delegation – 6th District Democrat Bill Foster from Naperville, 8th District Democrat Raja Krishnamoorthi from Schaumburg, 9th District Democrat Jan Schakowsky from Evanston and 14th District Democrat Lauren Underwood of Naperville – noted a mix of bank accounts, mutual funds, retirement funds and other investments as assets.

Côté: A few lawmakers have taken expense-paid trips

Source link

About Christopher Rodgers

Check Also

Rancho Bernardo High School Hall of Fame welcomes 13 to its ranks

Rancho Bernardo High School welcomed 13 new members to its Hall of Fame. The Hall, …

Leave a Reply

Your email address will not be published. Required fields are marked *