Member of Congress Makes Billion-Dollar Error
Posted at 11:06 a.m. on Aug. 20, 2013
Congress is used to dealing with billions of dollars in the federal budget, but there’s only one member of Congress who reported over a billion dollars in personal wealth.
Rep. Michael McCaul, R-Texas, who ranked No. 1 on Roll Call’s 50 Richest Members of Congress for 2011, filed his personal financial disclosure report covering 2012 on Aug. 13, 2013. McCaul was granted a 90-day extension from the May 15 filing date. The original 101-page report listed an asset of Harding Loevner Funds Inc. (Spouse/DC Asset), purchased on Oct. 26, 2012, for an amount over $1,000,000,000. “Spouse/DC Asset” usually means it was purchased in the name of the spouse and a dependent child. McCaul’s spouse, Linda, is the daughter of Lowry Mays, Clear Channel Communications founder and current chairman.
Two days later, Rep. McCaul filed an amendment to that report indicating that the amount should be listed as only $1,000,000. View amendment.
Personal financial disclosure reports for all members of Congress are available on Political MoneyLine. View the full original personal financial disclosure report from McCaul.
It is unlawful to use the information contained in these Financial Disclosure Statements for (A) any unlawful purpose, (B) any commercial purpose, other than by news and communications media for dissemination to the general public, (C) determining or establishing the credit rating of any individual, or (D) use, directly or indirectly, in the solicitation of money for any political, charitable, or other purpose. See 5 U.S.C. app. 4, § 105(c)(1),(2).