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Cravaack reveals personal finances

  • Blog Post by: Corey Mitchell
  • August 17, 2012 - 10:35 AM

U.S. Rep. Chip Cravaack has between $1.28 million and $2.245 million in assets and income, including stocks and retirement savings, according to his annual financial disclosure forms with the House of Representatives this week.

The report reflects a significant increase from 2010, when Cravaack reported between $843,200 and $1.7 million in assets and income.

In addition to his congressional salary, the former airline pilot took home $92,273 in disability payments for sleep apnea, which ended his career with Northwest Airlines in 2007.

The Cravaack family owes between $465,000 and $800,000 on mortgages for homes in North Branch, Minn., Rice Lake, Wis. and Windham, N.H. Cravaack bought a home in North Branch last year after his wife and two sons moved to New Hampshire to be closer to her job in Boston. The property in Wisconsin is a vacation home.

Cravaack also reported income from his wife's job with pharmaceutical company Novo Nordisk on his financial disclosure forms but he did not reveal the amount. By law, he's not required to.

Members of Congress report their assets and additional income in ranges, which makes it difficult to pin their precise net worth.

The Star Tribune reported on the financial disclosure reports of the rest of Minnesota's U.S. House members earlier this summer. Cravaack and U.S. Rep. Michele Bachmann requested extensions.

Here's a link to Cravaack's report.

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