Members of Congress disclose millions in assets

Reports show Pearce is wealthiest of N.M. delegates, and Wilson loaded with houses

Steve Terrell | The New Mexican

6/17/2008 - 6/18/08

Democrat Tom Udall might be called the "poor boy" in New Mexico's U.S. Senate race this year. His assets total only $1.5 million to $3.5 million, compared with $6.9 million to $33 million for Republican Steve Pearce.

These figures are from annual congressional financial disclosures released this week. The reports provide ranges of assets rather than specific amounts.

According to the watchdog Web site Opensecrets.org, based on last year's financial disclosures, Pearce was the 21st wealthiest member of Congress. Rep. Heather Wilson, who lost to Pearce in the Republican Senate primary earlier this month, ranked 114th, while Udall, who represents the northern 3rd Congressional District, ranked 133rd.

All three representatives receive an annual salary of $165,200.

Udall has investments in various stocks and bonds. He's invested in some New Mexico funds, bonds from the state Finance Authority — from which he earned between $1,202 and $3,500 in interest last year, according to his report.

Udall's largest single asset is his account with Pacific Value Variable Annuity, which he values between $500,001 and $1 million.

Pearce's major asset and one of his largest sources of income comes from his company, Trinity Industries Inc., in Hobbs. Pearce's interest in the company, which rents party equipment such as tents, tables and chairs, is valued between $5 million and $25 million. He reported between $100,001 and $1 million in income from the company in 2007.

In his financial disclosure, Pearce also reported receiving between $100,001 and $1 million in interest and dividends from stock in Lea County Bancshares in Hobbs. His stock in that company is valued at between $1 million and $5 million.

Pearce also made between $100,001 and $1 million in partnership income last year from Exedra, an equipment-rental business in Hobbs. His stock in that company is valued between $500,000 and $1 million.

Wilson reported assets between $1.9 million and $4.3 million. Her list of assets include several pieces of real estate, including eight houses in Albuquerque, a house in Rio Rancho, a mobile home in Los Lunas and undeveloped land in El Rito and Valencia and Colfax counties. She collected rent from all but one of the houses.

Wilson's biggest asset was a condominium in Washington, D.C., valued between $250,000 and $500,000. She collected between $15,001 and $50,000 in rent from the condo.

Wilson reported liabilities between $650,000 and $1.5 million, almost all of which is what she owes on mortgages from the houses she owns.

Neither Pearce nor Udall reported any liabilities.

The reports also include trips made by Congress members paid for by others.

Udall in the spring of 2007 went to China on a trip paid for by a Washington, D.C., organization called The Aspen Institute, which describes itself as "an international nonprofit organization dedicated to fostering enlightened leadership and open-minded dialogue. Through seminars, policy programs, conferences and leadership development initiatives, the Institute and its international partners seek to promote nonpartisan inquiry and an appreciation for timeless values."

The total value of the trip, which included stays in Beijing, Nanjing and Shanghai, was more than $29,000, according to the Legistorm Web site, which compiles a database of congressional trips. The stated purpose of the trip was "To bring U.S. policy-makers together with Chinese and American scholars for discussions on U.S.-Chinese relations."

Udall has taken 11 trips paid for by The Aspen Institute since 2001. The locations of the trips include Florence, Italy; Barcelona, Spain; Lausanne, Switzerland; Helsinki, Finland; and Cancun, Mexico.

Pearce reported a trip to Baltimore in February 2007 paid for by The Heritage Foundation, a conservative think tank. Legistorm doesn't list the cost of this trip. But a previous trip by Pearce to Baltimore paid for by The Heritage Foundation in 2006 cost just over $1,000, according to Legistorm.

Wilson didn't report any trips last year.

Contact Steve Terrell at 986-3037 or sterrell@sfnewmexican.com.