The Rhode Island Senator stands out as one of the most active senators when it comes to stock trading. As such, it’s only fair that we explore Sheldon Whitehouse’s net worth and try to understand his financial background.
Who is Sheldon Whitehouse?
Sheldon Whitehouse serves as the junior United States Senator from Rhode Island, a position he has held since 2007. A member of the Democratic Party, Whitehouse has built a reputation for his work on environmental issues, judicial reform, and healthcare.
Whitehouse previously served as the Attorney General of Rhode Island from 1999 to 2003. Throughout his career, he has been known for his passionate advocacy and his involvement in various legislative initiatives.
Sheldon Whitehouse’s net worth
Rhode Island Senator Sheldon Whitehouse’s net worth seems to vary according to different sources. Nevertheless, according to OpenSecrets’ report from 2018, his overall wealth is estimated to be just short of $7.5 million. However, from what we were able to gather from his financial disclosure for year 2022, Whitehouse’s net worth is somewhere between $7,821,369 and $26,714,998.
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 Sheldon Whitehouse make his money?
Sheldon Whitehouse made his money through a combination of his salary as a public servant, investments, and a substantial family inheritance. His annual salary as a US Senator is $174,000, which is a significant amount but not enough on its own to account for his multimillion-dollar net worth. A large portion of his wealth comes from family inheritance and smart investments in the stock market and real estate.
Salary breakdown
- US Senator salary: $174,000 per year;
- Pension: Varies based on service years and contributions;
- Investment returns: Varies annually based on market performance.
Whitehouse’s diversified portfolio includes stocks, bonds, mutual funds, and other securities. What’s more, he often engages in stock trading, which has become a notable aspect of his financial activities. This active participation in the stock market has raised eyebrows and led to scrutiny regarding potential conflicts of interest.
Sheldon Whitehouse’s assets and investments
From what we were able to gather, this is a brief overview of Sheldon Whitehouse’s assets based on his financial disclosure for the year 2022:
Corporate stocks
- Apple (NASDAQ: AAPL): Valued between $500,001 and $1 million;
- Netflix (NASDAQ: NFLX): Valued between $100,001 and $250,000;
- Microsoft (NASDAQ: MSFT): Valued between $250,001 and $500,000;
- Amazon (NASDAQ: AMZN): Valued between $250,001 and $500,000;
- Alphabet (NASDAQ: GOOGL): Valued between $250,001 and $500,000.
Savings
- Senator Sheldon Whitehouse has investments with Morgan Stanley (Newport, RI).
Mutual funds
- Whitehouse has investments in various mutual funds, including T Rowe Price Blue Chip Growth Fund, Health Care Select Sector SPDR ETF, iShares Russell 2000 Growth ETF, and others.
Insider trading involvement
Over the years, there have been numerous reports and investigations related to Senator Sheldon Whitehouse’s stock trading habits. Namely, a New York Times investigation identified 97 Washington lawmakers or family members who trade in the industries they oversee in Congress. Of course, Senator Whitehouse was among those identified in the investigation.
The investigation stated his involvement with the Environmental and Public Works Committee and the Finance Subcommittee on Intellectual Property marks four potential conflicts with trades involving Trane Technologies (NYSE: TT), CVS Health (NYSE: CVS), Biogen (NASDAQ: BIIB), and Intel (NASDAQ: INTC).
However, a spokesperson for Whitehouse said he and his wife’s trades are handled by their broker who acts independently without their input.
In another instance, it was reported that Senator Whitehouse violated a conflicts-of-interest law by disclosing two personal stock purchases past a federal deadline.
How much is Sheldon Whitehouse worth?
Sheldon Whitehouse’s net worth is somewhere between $7,821,369 and $26,714,998. This figure makes him one of the more affluent members of the US Senate, highlighting the relationship between wealth and politics in America today. While he may not be the richest among his peers, his involvement in insider trading controversies has placed him under scrutiny, making his net worth a recurring topic of public debate.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
