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How rich is Rhode Island’s senator: Jack Reed’s net worth revealed

How rich is Rhode Island's senator: Jack Reeds's net worth revealed
Nemanja Curcic

Jack Reed is an American politician and a former military officer who has served as the senior U.S. Senator from Rhode Island since 1997. As a Democrat with a distinguished background in both military and public service, he remains an essential figure on the U.S. political scene. This article will reveal Senator Jack Reed’s net worth and follow his sources of income.

How rich is Jack Reed?

Jack Reed attended La Salle Academy and the U.S. Military Academy at West Point, earning a B.S. in 1971. He then entered active duty military service, earning the Ranger Tab and becoming a platoon leader, company commander, and battalion staff officer.

Following his military service, Reed enrolled at the John F. Kennedy School of Government at Harvard University and received a Master of Public Policy. He left active duty in 1979 and retired from the Army Reserve in 1991 as a major. After leaving active duty, he enrolled in Harvard Law School, got his J.D. in 1982, and entered private law practice.

In 1984, Reed was elected state senator and served until 1991, when he was elected to the U.S. House of Representatives. In 1996, he was elected U.S. Senator from Rhode Island, remaining in that position until today. 

As such, Jack Reed’s career went in various directions, sometimes simultaneously. Despite a rich professional history, his net worth is far poorer than most of his peers.

What is Jack Reed’s net worth?

OpenSecrets’s 2018 report puts Jack Reed’s net worth at $107,026. While there are no accurate figures on his current wealth, his 2023 annual financial disclosure form indicates a number between -$506,000 and $235,000.

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 Jack Reed make his money?

Jack Reed was educated in legal practice and military service. He has also held many jobs throughout his life, including active military service, private law practice, teaching, and politics. Here’s a list of his potential publicly disclosed sources of income:

  • Military career: Senator Jack Reed spent decades involved in the U.S. military, from his West Point studies to active and reserve duty. He was a paratrooper, a part of the 82nd Airborne Division and 504th Infantry. He retired from the Army Reserve in 1991 as a major;
  • Law career: After getting his J.D. in 1982, Reed worked at a law firm in Washington, D.C. After that, he returned to Rhode Island and worked at a private practice until 1990;
  • Politics: Jack Reed entered politics in 1984 when he was elected to the Rhode Island Senate. He has held some type of an elected official title ever since. Today, he is a senator, which comes with an annual salary of $174,000;

Jack Reed’s assets (and liabilities)

Reed’s 2023 financial disclosure form shows that the Senator from Rhode Island has few financial assets, some of the most valuable being:

  • Invesco QQQ Trust, Series 1 (QQQ) – a mutual funds position valued between $15,001 and $50,000;
  • Wells Fargo Bank Deposit – valued between $15,001 and $50,000;
  • Health Care Select Sector SPDR Fund (XLV) – a mutual funds position valued between $15,001 and $50,000;

On the other hand, there are two liabilities that tank Senator Reed’s net worth:

  • Residential mortgage credited by Navigant Credit Union, Smithfield, RI – estimated between $50,001 and $100,000;
  • Residential mortgage credited by JPMorgan Chase Bank, N.A., Columbus, OH – estimated between $250,001 and $500,000;

Insider trading involvement

In 2015, Senator Jack Reed and Senator Robert Menendez introduced a bill that would “clearly define and ban unlawful insider trading.” Reed has a clear negative opinion on insider trading and does not own or trade individual stocks.

According to the Stop Trading on Congressional Knowledge (STOCK) Act, Jack Reed’s assets are closely monitored for any insider information used for personal benefit, such as insider trading.

Who is Jack Reed?

John Francis Reed was born in Cranston, Rhode Island, on November 12, 1949. He graduated from West Point and earned a law degree from Harvard Law School. With a successful career in military and public service, he leverages both legacies to deliver results to the people of Rhode Island. 

Reed’s enduring political career began in the Rhode Island State Senate in 1985. He then became a U.S. Representative for Rhode Island in 1991 and a U.S. Senator in 1996. A lifelong Democrat, Reed has notably advocated for military and veterans’ affairs, banking regulation, and education.

Recommended video: Sen. Jack Reed: Cutting aid to Ukraine ‘would be extremely short-sighted’

Furthermore, Senator Jack Reed plays a vital role in shaping national defense policy. Known for his bipartisan approach, he has focused primarily on affordable housing, economic development, and environmental protection.

The bottom line

The wealth of the Senator from Rhode Island is well below that of the rest of the U.S. Senators. Specifically, Jack Reed’s net worth is valued between -$506,000 and $235,000.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about Jack Reed net worth

How much is Jack Reed's current net worth?

Jack Reed’s current net worth, as indicated by his 2023 annual financial disclosure form, is between -$506,000 and $235,000

Was Jack Reed ever in breach of the STOCK Act?

Jack Reed has not owned or traded individual stocks, has never been accused of insider trading, and has never been found in breach of the STOCK Act. 

What is Senator Jack Reed's most valuable financial asset?

According to the publicly disclosed financial data, Senator Jack Reed’s most valuable assets are his several mutual fund positions and a bank deposit, all valued between $15,001 and $50,000 each. 

How long has Jack Reed been in office?

Jack Reed has been the United States Senator from Rhode Island since 1997, which is 27 years. 

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