Tens of millions of loans made under the CARES Act have gone to the families of just 28 members of Congress
A new analysis of Sludge magazine shows that Washington’s nepotism is just as nepotistic and grossly disappointing as ever:
18 Congressional Republicans and one Libertarian received $ 21.7 million for 38 companies they are associated with. Nine Democrats received $ 6.1 million for 11 of their own businesses. An additional $ 54 million went to nonprofits, think tanks and policy institutes, congressional caucuses and higher education institutions linked to members of both parties.
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• Dean Phillips (D-Minn.), With a net worth of $ 77 million, received a loan of $ 135,800 for his Geniecast, LLC.
• Vern Buchanan (R-Fla.), With a net worth of $ 73.9 million and the fourth richest member of Congress, has received $ 2.8 million in loans for four of his 27 companies.
• Kevin Hern (R-Okla.), With a net worth of $ 60.9 million, received a loan of $ 1,070,000 for his company KTAK. Hern, who owns 97% of the company, estimated it to be worth between $ 5 million and $ 25 million last year.
• Norman, with a net worth of $ 43.4 million, received $ 306,520 for four of his 20 businesses.
• Mitch McConnell and his wife Elaine Chao, whose combined net worth is $ 34.4 million, are linked with a loan of $ 417,700 to Foremost Maritime Inc., owned by the Chao family.
• Roger Williams (R-Texas), with a net worth of $ 27.7, received $ 1,430,000 for his JRW Corporation. Last year, he valued the company at over $ 50 million.
• Greg Pence, with a net worth of $ 12.6 million, received a loan of $ 79,441 for his Pence Group, LLC, which he estimated, according to his financial disclosure, to be between 5 and 25 million of dollars.
• TJ Cox (D-Calif.), With a net worth of $ 11.8 million, received $ 609,825 for two of his 26 companies.
• Nita Lowey (DN.Y.), with a net worth of $ 10.9 million, is linked to a loan of $ 1,100,000.00 given to the law firm of her husband, Lowey Dannenberg PC
• Mike Kelly (R-Pa.), With a net worth of $ 10.4 million, received $ 974,100 for four of his car dealerships.
• Ralph Abraham (R-La.), With a net worth of $ 4.8 million, received loans of $ 38,300 for two of his four companies.
• Earl Blumenaeur (D-Ore.), With a net worth of $ 4.5 million, received $ 432,734 for his two companies.
• Vicki Hartzler (R-Mo.), With a net worth of $ 3.8 million, is linked with $ 451,200 for her husband’s Heartland Tractor Company, which she valued between $ 1 million and $ 5 million and from which he claimed up to $ 1 million in revenue last year.
• Markwayne Mullin (R-Okla.), With a net worth of $ 3.7 million, received $ 988,700 for his two family-owned plumbing businesses.
While this type of nepotist corruption is always bipartisan, it is frustrating that Republicans were twice as likely to participate in such behavior. And of course, many of those same people also voted against giving citizens over $ 600 in the latest round of COVID relief efforts, even after they voted to bring immense relief to big companies instead of small mom-and-pop shops.
For the record, I have noticed that many conservative and libertarian pundits oppose the idea that COVID relief is the greatest transfer of wealth to people who are already rich and powerful. I agree with this assessment and recognize that it is a problem. But I can’t imagine how continuing to oppose any form of government assistance and forcing businesses to resume normal operations would help that either. It seems to me that the problem lies with the same politicians who are elected to power on a platform of “The government is bad and corrupt!” who spend their entire lives trying to prove this prophecy to be true (and then get re-elected).