Idaho Congressman Raul Labrador is the sixth-poorest member of Congress, according to a comparison by InsideGov.com, with an average net worth, based on his federal financial disclosures, of minus $216,000. That’s far eclipsed by the poorest member, Rep. David Valadao, R-Calif., whose $25 million-plus in debt stems from a family dairy farm that his father started in 1973. Labrador is among 20 House members and one senator whose average net worth is negative.
By contrast, the site ranked Idaho Sen. Jim Risch the 18th richest member of Congress, with an average net worth of $53.4 million.
A look at Labrador’s most recent financial disclosure shows he reports having a modest IRA and bank account, a mortgage on his Eagle home, a line of credit from Zions Bank for between $100,000 and $250,000, and between $10,000 and $15,000 still to pay on his student loans.
Interestingly, Labrador’s Democratic challenger, James Piotrowski – who, like Labrador, is an attorney – also reports that he’s still paying off student loans. He reported assets including an interest in his law firm, stocks and business property, and debt including a mortgage on the business property and credit card and student loan debt of between $15,000 and $50,000 each, for an average net worth of just under half a million dollars.
Congressional financial disclosure forms don’t include the value of a primary residence, so that depresses the average net worth figures; they also report asset values in wide ranges, so the averages are just rough estimates. They don’t require reporting of the amount of a spouse’s salary, but do require reporting the source. Labrador reported that his wife receives a salary from his campaign, Labrador for Idaho; Piotrowski reported that his receives a salary from the state of Idaho.
Labrador also reported receiving a free trip to Israel for himself and his family in October of 2015 from Proclaiming Justice to the Nations Inc., a Christian group that supports Israel on religious grounds. Members of Congress are paid $174,000 a year in salary.