Associated Press
                            Originally published December 25, 2002

                    WASHINGTON -- Close to half the incoming members of Congress are
                    millionaires, and many will face votes that could affect their financial
                    holdings.

                    For example, 11 of the 63 first-termers in the House and Senate have
                    financial interests of at least $15,000 in banking or credit card companies,
                    including bank directorships, according to an Associated Press review of
                    financial disclosure forms filed during the campaign.

                    Among the issues the next Congress is expected to tackle is legislation
                    that would make it harder for consumers to declare bankruptcy, a bill
                    pushed by the banking industry.

                    Several incoming freshmen also have significant financial holdings in the
                    pharmaceutical and oil industries, both of which could well be the subject
                    of congressional action next year.

                    Congress will consider legislation to help senior citizens buy prescription
                    drugs. Democrats want to put the program under Medicare; Republicans
                    and the pharmaceutical industry want a smaller program run by private
                    insurers.

                    And the oil industry favors opening the Alaska National Wildlife Refuge to
                    oil and gas exploration, a subject of heated dispute in the past Congress.
                    President Bush and many other Republicans favor the exploration; many
                    Democrats and environmental interests oppose it.

                    Government watchdog groups often point out the economic inequity
                    between many members of Congress and the people they represent. They
                    say wealth makes lawmakers more apt to think about their financial
                    interests than what's best for their constituents.

                    "Only richer people tend to win office," said Gary Ruskin, director of the
                    Congressional Accountability Project, which is affiliated with consumer
                    advocate Ralph Nader. "It's those very same people who tend to hold lots
                    of stock. They have conflicts of interest in respect to their voting when
                    they come to office."

                    Rep.-elect Trent Franks of Arizona, owner of Liberty Petroleum Corp.,
                    said his business interests won't cloud his votes.

                    "There's every desire on my part to do what's best for the country and for
                    the people I represent, regardless of any implication it has upon my
                    business," the Republican said.

                    Rep.-elect Jeb Bradley of New Hampshire, a Republican who reported
                    holdings of $1 million to $5 million, much of it from stocks, said the only
                    way he would benefit is if the economy improves, which helps everyone.

                    "I don't believe you can, as a member of Congress, use your influence to
                    benefit yourself," Bradley said. "What you try to do is set the stage for the
                    economy to benefit. That's why you enter into public service, to improve,
                    as you perceive it, the lot of your constituents."

                    Almost 44 percent of the incoming freshmen -- 27 lawmakers -- are
                    millionaires, compared with 1 percent of the American public. Fourteen
                    will take a pay cut to serve in Congress, where rank-and-file senators and
                    representatives will receive $154,700 next year.

                    Rep.-elect Rahm Emanuel of Illinois is taking the biggest financial hit. The
                    Democrat reported $6.9 million in salary last year, primarily from
                    investment banking, according to his financial disclosure form. Before
                    joining the private sector, Emanuel was a senior adviser to President
                    Clinton.

                    An Emanuel spokeswoman said he will set up a blind trust.

                    Charles Lewis, director of the Center for Public Integrity, a
                    Washington-based watchdog group, said many lawmakers' wealth puts
                    them out of touch with their constituents.

                    "When you have a number of people out of work and health care being a
                    problem for the middle class, not just the poor, and with the economy
                    stalled, to have this bumper crop of millionaires stands out," Lewis said.
                    "That's who gets into politics now."

                    Incoming Democratic Rep. C.A. Dutch Ruppersberger of Baltimore
                    County said talents that make people successful in business also can make
                    them good lawmakers.

                    "They bring a lot to the table, especially in our difficult times," said
                    Ruppersberger, whose holdings are valued at $700,000 to $1.58 million.
                    "You want people who have good judgment and have the courage to
                    stand up for what they believe in. If people have done well, that means
                    they're successful. Maybe that's part of leadership."

                    In addition to personal wealth, the freshman class brings significant
                    government experience.

                    Nearly 80 percent -- 50 of 63 -- have been public servants, including 27
                    former state legislators and four former federal officials.

                   Copyright © 2002, The Baltimore Sun