For years, the financial disclosure forms for members of Congress did not require them to reveal details about their personal residences, only for homes that were used for rental properties that generated income.
That changed this year when Congress approved STOCK Act, an ethics law that clarified insider trading laws to prevent lawmakers and staff members from making financial trades based on non-public information gleaned from their work on Capitol Hill. U.S. Rep. Tim Walz of Minnesota's First Congressional District helped shepherd the law through Congress.
Under the new disclosure rules, members of Congress also must reveal existing mortgages for personal residences -- both in and outside the Beltway -- and list the creditors and the date the mortgage was obtained.
For example, U.S. Rep. Keith Ellison owes between $250,000 and $600,000 on mortgages.
Reps. Betty McCollum and John Kline are among the members who own homes in Washington, D.C., and their districts back in Minnesota. They each owe between $200,000 and $500,000 on the residences.
The bill has also required lawmakers to report stock and security trades more frequently.
In 2011, U.S. Rep. Erik Paulsen owned stocks in dozens of securities and stocks, including between $1,000 amd $15,000 in Medtronic stock. He owes between $15,000 and $50,000 on his home.
Those are just a few of the details found in the documents released Thursday. The disclosure forms also reveal assets and liabilities -- such as credit card debt exceeding $15,000 -- and stock holdings along with privately-funded trips.
