What’s the deal with Speaker Mike Johnson’s financial disclosure?
What’s the deal with Speaker Mike Johnson’s financial disclosure?
On many lists, Republican Michael McCaul of Texas is among the wealthiest members of Congress — with one estimate putting his net worth at $125 million.
Not among the wealthiest members of the House, by his own account? Speaker Mike Johnson.
Under assets on Speaker Johnson’s most recent financial disclosure report for 2022, it says “none disclosed.” No retirement plan, no mutual funds, no bank account. Actually, the Speaker’s office told Marketplace that he does have a personal bank account, but it’s exempt from House reporting rules because it doesn’t earn interest.
“It could be like, he’s just essentially living hand to mouth. It’s paycheck to paycheck, and so it goes into a checking account goes right out of it,” said Jordan Libowitz, spokesman for Citizens for Responsibility and Ethics in Washington, or CREW.
Congressional ethics rules only require disclosure if a member of Congress has total deposits in interest bearing accounts worth more than $5,000, Libowitz said. Speaker Johnson did disclose several debts, including a mortgage, as he told Fox News last weekend.
“We have four kids, five now, that are very active — and I have kids in graduate school, law school, undergraduate. We have a lot of expenses,” he said.
Libowitz added that if members of Congress are living paycheck to paycheck, they can be vulnerable to things like influence buying — although Libowitz is not saying that’s the case with Johnson.
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