Suburban representatives claim mutual funds -- but no individual stocks -- in new disclosures
Congressional representatives serving the North, West and Northwest suburbs claimed pensions, mutual funds and even a teaching stipend among their assets and income on newly published financial records.
But none reported trading any individual stocks, a practice targeted by legislation that's garnered bipartisan support.
Financial disclosure reports from U.S. Reps. Mike Quigley of the 5th District, Jan Schakowsky of the 9th District, Bill Foster of the 11th and Lauren Underwood of the 14th were among those published online by the clerk of the U.S. House on Wednesday. All four reports had been filed by a May deadline.
The area's four other federal legislators -- Marie Newman of La Grange in the 3rd District, Sean Casten of Downers Grove in the 6th District, Raja Krishnamoorthi of Schaumburg in the 8th and Brad Schneider of Highland Park in the 10th -- received extensions until August.
Why they're needed
Disclosure reports are transparency tools designed to reveal potential conflicts of interest.
They detail information about the source, type and amount of a filer's income, personal investments, spousal income, gifts, contracts and money from other sources. Debts must be reported, too.
Members of the House and Senate and candidates must file reports by May 15 each year, once they hit a $5,000 fundraising threshold. Some congressional staffers must file, too.
Extensions are common.
Congressional reports can be found online at disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure.
The House clerk has up to 30 days to make the documents public. Traditionally, members' reports are posted 30 days after the deadline or later if an extension is granted.
Wednesday was the 30-day mark.
What they reported
Quigley, of Chicago, listed $25,061 in income last year from the pension he earned serving as a Cook County commissioner in the 1990s and 2000s. He also reported a $10,000 teaching fee from the University of Chicago and mortgages on two properties. He didn't identify any individual stocks, mutual funds or bank accounts.
Schakowsky, of Evanston, reported mutual funds, a prepaid tuition fund and bank accounts among her assets, but no individual stocks. Her income, beyond her congressional salary, included $31,737 from the pension she earned when she served in the state House in the 1990s. She also reported mortgages on two properties and credit card debt.
Foster, of Naperville, listed bank accounts, mutual funds and many pooled exchange-traded funds among his assets, but no single stocks. He disclosed no earned income beyond his salary, nor any liabilities.
Underwood, of Naperville, reported mutual funds and a credit union account as assets and a mortgage as a liability. She reported no additional earned income.
Quigley, Schakowsky and Foster are among the sponsors of recent legislation that would prevent members of Congress from trading individual stocks.
Underwood supports prohibiting members of Congress trading individual stocks while in office, a spokeswoman said.
Krishnamoorthi introduced one such bill. Casten co-sponsored it, too.
Disclosure reports for about half the 33 non-incumbent candidates running in suburban districts also are available for public review at the House clerk's site.