How legislators make money on the side

A book shop grossed US Senator Tammy Duckworth more than $ 380,000 last year, before her memoir was recently published, according to federal documents.

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

But all 10 lawmakers reported assets and sources of income in excess of their annual salary of $ 174,000. They ranged from bank accounts and mutual funds to ownership interests in private companies.

What the forms show

The disclosure reports are submitted annually by members of the House and Senate and are transparency tools designed to uncover potential conflicts of interest.

They contain information about the source, type, and amount of a legislature’s income, including personal investment, spouse income and investment, paid travel, gifts, contracts, and funds from other sources. Debt must also be reported.

House and Senate candidates and some members of Congress are also required to file disclosure reports.

The reports are due on May 15th. Extensions are common.

The reports are public and can be accessed online at “disclosures-clerk.house.gov” and “efdsearch.senate.gov”.

Duckworth’s book

Duckworth’s memoir “Every Day Is a Gift” was published in March by Twelve, an imprint of the Hatchette Book Group. A paperback publication is planned for March 2022.

According to the annual disclosure report filed in May, Hatchette paid her $ 382,500 in 2020. The sum was an advance payment for future royalties, a Duckworth spokesman confirmed.

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

In addition, she filed a periodic transaction report in April showing that she and her husband sold shares in Verizon Communications, Illinois Tool Works, and Walt Disney Co. that month. Sales ranged between $ 17,003 and $ 80,000 in total, the report shows. Only areas are required.

Durbin’s investments

Senior U.S. Senator from Illinois, Dick Durbin of Springfield, received an extension and submitted his 2020 annual report in August.

Among his investments, Durbin listed 123 stocks in pharmaceutical giant Pfizer, the maker of a COVID-19 vaccine, Viagra, and more. Durbin valued the stock position at $ 4,519 at the time and reported receiving dividend payments of $ 187 last year.

Durbin bought the stock more than a decade ago and has not changed his position during that time, spokeswoman Emily Hampsten said.

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

Durbin also owned various independently managed mutual funds, a house in Springfield and a condo in Chicago.

Castens shops

Fighting climate change was a political priority for US MP Sean Casten, a Downers Grove Democrat who represents the 6th District of Illinois. As a member of the House Energy and Environment subcommittees, Casten has raised environmental concerns through campaigning, meeting with voters, and on social media.

Casten’s latest financial report, filed in August, showed that he has interests in two energy companies.

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

When asked about the investments, Casten spokeswoman Emilia Rowland said the agent had “no commercial or other control over Greenleaf and GOE Capital Partners.”

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

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

Casten also reported on a February 2020 trip to Colorado funded by the Aspen Institute, a nonprofit group focused on environmental challenges, economic inequality, and other topics. Rowland said he participated in a series of discussions organized by the group on energy. The institute covered travel expenses, accommodation and meals.

Quigley’s journey

United States MP Mike Quigley, a Chicago Democrat 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 traveled to Japan in February 2020, his report revealed.

The seven-day trip was a study tour funded by the United States Association of Former Members of Congress. It included travel, food, and lodging for Quigley and his wife.

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

Kinzinger’s shares

U.S. Representative Adam Kinzinger, a Channahon Republican in Illinois’ 16th district, listed an interest 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 equity positions in four companies between April and July last year: American Airlines; Pluralsight, a Utah-based company that provides video training to software developers and other professionals; the US Oil Fund, a company that tracks Texas crude oil prices; and US Foods Holding Corp., a food service company.

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

Schneider’s stakes

US Representative Brad Schneider, a Deerfield Democrat in District 10, found holdings in several companies while filing a disclosure report last month. These include real estate investment groups; M Financial Group, an Oregon life insurance company; and a Schaumburg-based group called Medical Related Investments, which has an interest in a company that operates MRI centers.

Schneider reported on many financial transactions, including the sale of shares in an animal insurance company called Trupanion, valued at $ 50,001 to $ 100,000. Schneider also reported that he raised between $ 15,001 and $ 50,000 when a fund he was invested in sold and distributed a Buffalo Grove wireless technology company called Fluidmesh Networks.

The rest

The disclosure reports for the other members of the suburban delegation – 6th District Democrat Bill Foster of Naperville, 8th District Democrat Raja Krishnamoorthi of Schaumburg, 9th District Democrat Bank accounts, mutual funds, pension funds, and other assets as assets.

Side: A few legislators went on expense trips

source https://www.bisayanews.com/2021/09/14/how-legislators-make-money-on-the-side/