Oklahoma’s Millionaire Members of Congress Exposed in Financial Reports
Two Oklahoma members of Congress have recently come under the spotlight due to their significant wealth, as revealed in their financial disclosure reports. According to these reports, a majority of the state’s lawmakers in Washington are worth at least $1 million, with two members having assets worth as much as $100 million.
Representative Kevin Hern, a Republican from Tulsa, reported a wide range of assets valued between $36 million and $110 million. Similarly, Senator Markwayne Mullin’s assets were estimated to be between $26 million and $100 million.
Other Oklahoma lawmakers, such as Representatives Tom Cole from Moore and Frank Lucas from Cheyenne, also reported assets worth at least $1 million. Senator James Lankford and Representative Stephanie Bice from Oklahoma City had assets potentially valued at up to $1 million.
It’s essential to note that these financial reports provide ranges for assets and liabilities, rather than reflecting the exact net worth of the lawmakers. The purpose of these reports is to allow the public to review their holdings and financial transactions for potential conflicts of interest.
The wealth of Representatives Hern and Mullin can be attributed to their successful business ventures. Hern built his fortune through fast food franchises, which he sold two years ago after being estimated to be worth between $25 million and $50 million. Mullin, on the other hand, acquired his wealth from plumbing companies. Although not listed as assets in the most recent report, Mullin informed reporters last summer that he had sold his plumbing businesses.
It’s worth noting that both Hern and Mullin used their personal wealth to make substantial loans to their respective campaigns, which they have been repaying with the help of contributors’ money. For instance, Hern’s latest campaign report shows a $75,000 payment to the congressman in April, while Mullin’s campaign repaid him $38,000 of the $1 million he contributed to his Senate race last year.
Furthermore, both lawmakers’ businesses were among the recipients of Paycheck Protection Program loans in 2020. Last year, when Hern and Mullin criticized President Joe Biden’s plan to forgive student loans, their companies had loans amounting to $2.6 million and $1.45 million forgiven, respectively, which drew criticism from the White House.
These financial reports shed light on the personal wealth of Oklahoma’s members of Congress and highlight the potential conflicts of interest that can arise from such significant assets and business holdings. Some lawmakers have even called for restrictions on owning shares in specific companies. Moving forward, it will be crucial to ensure transparency and accountability within the political sphere.
