Washington - — Washington - -Members of Maryland's congressional delegation, including millionaire Sen. Benjamin L. Cardin, took a financial hit when the U.S. economy nose-dived last year, according to annual financial disclosure forms released Friday.
Cardin saw the value of his reported assets shrink to between $1.3 million and $3.1 million in 2008, down from $1.7 million to $4 million the previous year.
Rep. Roscoe G. Bartlett, who vies with Cardin for the distinction of the state's richest federal lawmaker, took advantage of the depressed real estate market to add to his property holdings.
The Frederick Republican purchased a rental house in Tennessee and another house in West Virginia at a combined price of $150,000 to $350,000. He also acquired mortgages on two properties in Knoxville, Md., valued at a total of $100,000 to $200,000.
The wealth of members of Congress and details of their financial transactions are difficult to determine. The disclosure forms that lawmakers created for themselves allow them to value assets, liabilities and income within ranges, rather than in exact amounts.
Lawmakers are not required to disclose the value of residences they own, often a significant element of their net worth. Bartlett reports the value of his 104-acre farm near Interstate 270, assessed at nearly $1.8 million, because it contains an apartment building in addition to his house.
Bartlett also lists his 153-acre Spruce Knob property in West Virginia. Disclosure isn't required, since it is not investment property, the congressman noted in his latest report. Excluding that property and his residence, for purposes of comparison, Bartlett's reported assets are worth between $1.5 million and $2.1 million.
Another likely member of the Capitol's millionaire club, Rep. C.A. Dutch Ruppersberger of Baltimore County, reported assets of $863,000 to $2.3 million, down from $1.1 million to $2.6 million in 2007.
But the Democrat led the delegation in reported income, between $315,000 and $379,000. That includes investment earnings, the $169,300 most members of Congress were paid in salary last year and an $87,916.66 annual pension from his 16-year career in Baltimore County government. He continues to receive $50,000 to $100,000 a year from Rupp and Associates Inc., his debt collection agency in Timonium.
Rep. Elijah E. Cummings of Baltimore improved his financial standing last year after his marriage to Maya Rockeymoore, which he noted in a footnote to his disclosure report.
