House Job Gave Adrian Smith a Big Pay Raise
By Joseph Morton, Omaha World-Herald, Neb.
Jun. 12–WASHINGTON — Rep. Adrian Smith’s move from the Nebraska Legislature to Capitol Hill came with more than a change of address.
He also got a hefty pay raise.
The first-term Republican congressman now makes $165,200 a year, compared with $13,249 he reported for 2006 — $12,000 in salary as a state senator and the rest from work in real estate.
Members of the House and Senate are required to disclose basic information each year about their income, their assets and the travel expenses for which they are reimbursed by outside parties.
The reports covering 2006 will not be publicly released until later this week, but eight Midlands lawmakers provided copies of their reports to The World-Herald.
When disclosing assets and other income such as rental payments and investment returns, members of Congress are not required to provide exact amounts, only broad ranges.
The reports also do not include residential properties, unless they generate revenue such as rent payments.
Smith said the modesty of his 2006 paychecks was the result of running a full-time election campaign last year. He was not surprised that he could rank at the bottom of the financial pile among Nebraskans and Iowans in Congress.
“I’m rather proud of being of the most humble means,” Smith said.
Helping him make ends meet was the $15,000 to $50,000 in income he reported from a storage facility he owns in Gering.
Smith listed total assets worth between $135,000 and $426,000. Most of that is represented by the storage facility, which is worth between $100,000 and $250,000. However, he owes the Valley Bank and Trust in Gering between $50,000 and $100,000 in connection with the storage facility.
Sen. Ben Nelson, D-Neb., topped the Midlands list. He is worth between approximately $7 million and $19.8 million. His portfolio includes bonds, certificates of deposit, mutual funds and annuities. He also has land and property investments in Chicago; Springfield, Neb.; and Omaha.
His wife, Diane, owns more than $1 million in Berkshire Hathaway stock, but it’s unclear how much more. That’s because the reports include a category for assets held by a spouse that simply says, “Over $1 million.”
Nelson is on the board of advisers for Behlen Manufacturing. The company covered travel-related expenses for Nelson to attend two board meetings last year — one in Columbus, Neb., and one in Fort Myers, Fla. His wife accompanied him on the Florida trip.
Sen. Chuck Hagel, R-Neb., is worth between $2.1 million and $7.5 million. Most of those Hagel family holdings are held in accounts managed by the Omaha-based McCarthy Group: from $1.8 million to $6.7 million. Hagel made one speech at Creighton University for a $500 donation to the Lentz Center for Asian Culture.
Rep. Lee Terry, R-Neb., received $2,877 in residual payments from his former law practice. His total assets are worth between $66,000 and $466,000. He also reported credit card debt of between $10,000 and $15,000.
Terry took several trips at least partially covered by outside groups. The Montana Telecommunications Association paid some expenses for a trip to that state in August, and the National Foundation for Women Legislators covered expenses for a trip to Colorado in November.
Rep. Jeff Fortenberry, R-Neb., reported assets between $131,000 and $540,000. He and his wife own part of Gloria Deo Inc. book and gift stores in Omaha and Lincoln. Their share in the business is worth between $100,000 and $250,000.
The Franciscan University of Steubenville, Ohio, covered travel-related expenses for Fortenberry, who holds a master’s degree from the school, on a trip to Steubenville.
Rep. Steve King, R-Iowa, has assets worth between $295,000 and $650,000. That’s after selling between $90,000 and $300,000 in assets last year. A spokesman said the sales were to help finance the purchase of an apartment in the Washington, D.C., area.
Most of King’s assets are his share in King Construction, a family business that has been turned over to his son.
King received reimbursement for travel expenses related to trips to Tucson, Ariz.; Colorado Springs; Baltimore; and West Palm Beach, Fla. Those reimbursements came from conservative organizations and think tanks: Numbers USA, Leadership Program of the Rockies, the Heritage Foundation and the David Horowitz Freedom Center, respectively.
Sen. Chuck Grassley, R-Iowa, is a farmer with between $2.3 million and $5.5 million in assets. A substantial portion is in farmland worth between $1.6 million and $3.4 million. He reported farm income of $130,411 and farm expenses of $60,065.
Sen. Tom Harkin, D-Iowa, reported assets approximately between $5.1 million and $10.6 million. Most are held by his wife, Ruth, the former senior vice president for government relations at United Technologies.
Her holdings include between $500,000 and $1 million in the oil company Conoco Phillips and more than $1 million in a money market fund.
Sen. Harkin is a passionate advocate for healthful eating, particularly for children, and has spoken out about the dangers of kids overloading on sugary soft drinks and animated characters hawking junk food.
Among Harkin’s diverse portfolio are holdings in Walt Disney and Pepsi — between $1,000 and $15,000 in each.
“He does . . . spend his time as a senator urging these companies to be better corporate citizens,” spokeswoman Jennifer Mullin said in an e-mail.
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Copyright (c) 2007, Omaha World-Herald, Neb.
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