Three millionaires in Georgia's U.S. House freshman class

<p>Georgia's three newest congressmen are apparent millionaires, but its newest congresswoman listed no major financial assets last year, according to personal wealth reports released Wednesday.</p><p>Three House freshmen _ Republicans Lynn Westmoreland and Tom Price and Democrat John Barrow _ are among the delegation's richest, according to the reports lawmakers are required to file each year. Democratic Rep. Cynthia McKinney ranked at the bottom of the financial list.</p><p>Assets are reported only in broad ranges and typically leave out a lawmaker's primary residence and automobiles, making it impossible to determine exact net worth. However, it appears Barrow will be taking a major pay cut to join Congress because, under congressional ethics rules, he has to sever ties with his law firm.</p><p>"Let's put it this way, I'm certainly not in Congress for the money," Barrow said. "This is a huge opportunity to serve the public, and that's the real benefit of this."</p><p>Barrow got $32,500 in salary last year as an attorney and $12,555 as a county commissioner. His top assets include a 30 percent interest in his law firm, worth between $500,000 and $1 million, and an animal eye care clinic he and his wife jointly own, worth the same amount.</p><p>Most of the family's real estate and investment interest are owned by Barrow's wife, although the report says Barrow's Capitol Hill residence is worth between $500,000 and $1 million.</p><p>However, Price appears to be the wealthiest of the newcomers. He listed two bank accounts worth a combined $500,000-$1 million. The interest on those alone for 2004 fetched him at least $5,000, and possibly $10,000.</p><p>Besides the accounts, Price has several real estate and stock interests, some ranging as high as $250,000 to $1 million. Price, a doctor and former state legislator, listed salaries for $25,207 from Emory University and $23,624 from the Georgia General Assembly.</p><p>Westmoreland also listed a legislative salary as well as $89,700 in salary and earnings from Glen Grove Development Inc., where he is an officer. Most of his top assets were property jointly owned with his wife, including 565 acres in Harris County, Ga., worth between $1 million and $5 million, and 97 acres in Grantville, Ga., worth between $500,000 and $1 million.</p><p>Westmoreland also listed liabilities between $315,000 and $800,000, including three mortgages and a vehicle loan.</p><p>McKinney, who returned to Congress this year after a two-year absence, listed no major assets or liabilities, nor did she list a salary of any kind. However, she reported $17,000 in honorarium, mostly from various colleges and universities.</p><p>Among the other Georgia House members who submitted forms Wednesday, the four Republicans all had asset ranges that could place their incomes above $1 million: Nathan Deal, Charlie Norwood, Phil Gingrey and John Linder. The three Democrats _ John Lewis, Sanford Bishop and David Scott _ did not.</p><p>Two congressmen _ Republican Jack Kingston and Democrat Jim Marshall _ filed extensions, and their reports weren't immediately available.</p><p>Linder's asset ranges could rank him first on the list of Georgia lawmakers in wealth. He listed $5 million to $25 million in dividends from Grayling Industries as well as $1 million to $5 million on a note from the sale of Linder Financial Corp. He also owns stock in numerous major companies, including Home Depot, Microsoft, Coca-Cola and IBM.</p><p>Gingrey had a combination of property _ including one in Marietta worth between $1 million and $5 million _ and numerous stocks and mutual funds.</p><p>Norwood reported rental property worth $500,000 to $1 million that fetched $50,000 to $100,000 in rent last year. Deal's largest assets also was property, along with bank and retirement accounts he jointly owns with his wife, worth a combined several million dollars.</p><p>Lewis listed only a handful of small assets, but he submitted an amendment disclosing some that belonged to him prior to joining Congress in 1986 and hadn't been previously reported. The amendment included an IRA under his name, worth about $18,000, and one in his wife's name worth $16,000.</p><p>Scott has a small-dollar portfolio that includes holdings in Johnson & Johnson and Microsoft. Bishop listed several accounts worth less than $15,000 each, but he has as much as $65,000 in liabilities _ including a charge account and a loan for a down payment on his Washington residence.</p>

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