Dick Durbin is a prominent U.S. lawyer and politician who has acted as the Senator from Illinois since 1997. Additionally, he has been the Senate Democratic Whip, which is the second-highest position within the Democratic Party in the Senate, since 2005. This article will analyze Dick Durbin’s net worth and disclose how exactly he made his money.
How rich is Dick Durbin?
Dick Durbin attended Assumption High School and simultaneously worked at a meatpacking plant. He enrolled at the School of Foreign Service at Georgetown University and got his B.S. in 1966. Durbin then got into Georgetown University Law Center and earned his J.D. in 1969. He would be admitted to the Illinois bar the same year.
After law school, he started his own practice and provided legal counsel to Lieutenant Governor Paul Simon and the Illinois State Senate Judiciary Committee. Between 1976 and 1981, Durbin co-owned a pub, which he said represented a “crash course” in business operation. For five years, he taught as an adjunct professor of medical law at the Southern Illinois University School of Medicine.
Dick Durbin first attempted to enter politics in 1976, when he did not manage to get elected into Illinois State Senate. He also unsuccessfully ran for lieutenant governor in 1978. However, he was elected to the House of Representatives in 1983 and to the Senate in 1996, maintaining the position ever since.
In addition to politics, law practice, and teaching, Durbin supplemented his income by investing primarily in stocks, mutual funds, and savings accounts.
What is Dick Durbin’s net worth?
Disclaimer: Estimating a lawmaker’s net worth is challenging because disclosure forms do not mandate exact values. Instead, lawmakers report the value of their assets and liabilities within specified ranges. While we strive to accurately estimate net worth from filings, disclosure rules have shortcomings. Personal residences, certain personal property, and federal retirement accounts are often not reported. Large assets can be listed in broad categories like “Over $1 million” or “Over $50 million,” potentially worth much more. Additionally, most Members of Congress earn $174,000 annually, but this isn’t required to be disclosed.
How did Dick Durbin make his money?
Dick Durbin’s net worth has been built on several sources of income:
- Politics: Dick Durbin entered politics as early as 1983. Since then, he has earned a politician’s salary that ranged from $69,800 in 1983 to $174,000 per year;
- Law practice: Durbin started practicing law right after his studies in 1969. At one point, he provided legal advice to the Illinois State Senate Judiciary Committee and taught medical law at the university. Although we can’t know the precise numbers, it was likely enough to support him before he entered politics;
- Investing in retirement accounts and mutual funds: According to publicly disclosed 2022 financial disclosure forms, Dick Durbin has invested significantly in individual stocks, mutual funds, and savings accounts. For example, his Thrift Savings Plan (TSP) – C Fund savings account contains over $1.1 million, he has $225,000 in Fidelity Government MMkt (SPAXX), and he owns 123 shares in Pfizer (NYSE: PFE).
Insider trading involvement
Durbin has seen his share of insider trading accusations. For example, in 2008, allegations popped up that he started selling stocks and mutual fund shares the day after talking with the Treasury Secretary about bailout legislation. However, many traders started selling when the ship started sinking amid the Great Recession, his defenders point out.
Furthermore, in 2016, Durbin’s financial aide got accused of insider trading due to his timely sales of up to $60,000 worth of shares in Mylan, a company accused of violating Medicaid laws. While the senator himself avoids trading individual shares due to potential conflicts of interest, his stance drops short of criticizing his direct aides.
Who is Dick Durbin?
Dick Durbin was born on November 21, 1944, in East St. Louis, Illinois. A member of the Democratic Party, Durbin has been a key figure to the shaping of liberal thoughts in U.S. politics.
Durbin started his career in politics in the House of Representatives, representing Illinois’s 20th congressional district from 1983 to 1997. He was first elected to the Senate in 1996 and has been re-elected several times, owing to his solid support in the state.
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In the Senate, Durbin holds leadership positions. As the Senate Majority Whip, he is the second-highest ranking member of the Democratic Party in the Senate, responsible for fostering party unity on voting issues. Furthermore, he chairs the Senate Judiciary Committee and oversees judicial nominations and other federal judiciary activities.
Among Durbin’s primary focuses are healthcare reform, immigration, consumer protection, and civil rights. He has been crucial in passing the Affordable Care Act and various immigration bills, including the Development, Relief, and Education for Alien Minors Act (DREAM) Act.
Dick Durbin’s net worth – the bottom line
Building a legacy of influence and guidance of the Democratic Party, Dick Durbin has also built a considerable wealth. Resulting from his legal acumen, political stature, and shrewd investments, Dick Durbin’s net worth of approximately $2.07 million puts him within the upper bracket in the Senate.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
