Frist among the wealthy in a well-off Senate (Media Bias alert)

Washington-AP -- New Senate Majority Leader Bill Frist is among the wealthiest in the Senate, where you don't have to look far to find a (m) millionaire.

The Tennessee Republican is a former Nashville heart-lung transplant surgeon whose family founded H-C-A -- The Healthcare Company. It's one of the nation's largest for-profit hospital chains.

In required financial disclosure forms released today, Frist reported blind trusts in the six-and-a-half to 31 (m) million-dollar range.

Frist and other senators will likely benefit this year from the 350 (b) billion-dollar tax-cut package that reduces the maximum tax rate on dividends and capital gains.

Massachusetts Senator Edward Kennedy is also among the top (m) millionaires in the Senate. The Democrat has a family trust fund worth between eight and 45 (m) million dollars.

Frist Stands Among Wealthiest Senators
Fri Jun 13, 4:20 PM ET

By JIM ABRAMS, Associated Press Writer

WASHINGTON - New Senate Majority Leader Bill Frist is among the wealthiest in a Senate full of millionaires, according to financial disclosure forms released Friday.

The Tennessee Republican, a former Nashville heart-lung transplant surgeon whose family founded HCA — The Healthcare Company, one of the nation's largest for-profit hospital chains, reported blind trusts in the $6.5 million to $31 million range.

He also said, in the forms required of all legislators every year, that his wife Karyn and three sons each had blind trusts that earned more than $1 million apiece.

Frist says he hasn't been actively involved in his family's business since he was first elected to the Senate in 1994.

Frist is among many in the Senate who are likely to reap benefits this year from the just-passed $350 billion tax cuts that reduce the maximum tax rate on both dividends and capital gains to 15 percent, down from 38.6 percent for dividends and 20 percent for capital gains.

In contrast, Senate Democratic leader Tom Daschle of South Dakota, who has spent most of his life in politics, reported relatively modest holdings.

He had a bank account of $100,001-$250,000; a credit union account of $50,001-$100,000 and a Fidelity investment fund of $50,001-$100,000. He also earned interest and dividend profits from banks and mutual fund accounts in the $10,420-$32,402 range.

Sen. Hillary Rodham Clinton (news - web sites), D-N.Y., received more than $1.15 million as partial payment for her memoirs. But that sum was overshadowed by the $9.5 million that her husband, former President Bill Clinton (news - web sites) earned making speeches around the world for as much as $400,000 a speech.

The Clintons still owe somewhere between $1.7 million to $6.5 million in legal fees, stemming largely from past White House investigations.

Sen. Elizabeth Dole (news - web sites), R-N.C., another senator with a famous spouse, former Senate Majority Leader Bob Dole, asked for an extension.

Daschle's deputy, Democratic whip Harry Reid, D-Nev., listed 160 acres in Bullhead City, Ariz., worth $500,000 to $1 million and Nevada land holdings and mining claims worth $786,000 to $1.675 million. His investments from municipal bonds and other sources, earned him $29,116-$85,050.

As always among the top millionaires in the Senate was Sen. Edward Kennedy (news, bio, voting record), D-Mass., who has a family trust fund — worth $8 million to $45 million — set up in 1936 when he was four years old by his late father Joseph P. Kennedy.

He also has two blind trusts in his name valued at $1,001,001 to $5,015,000 and reported unearned income of $2 million to $13 million from family and blind trusts.

Democratic presidential candidate Bob Graham said he and his wife have assets worth between $7.7 million and $31.6 million.

The Florida senator is director of the Graham Companies, a business established with his brothers to turn the family's farm land into the suburb of Miami Lakes.

The forms do not list the independent assets and earnings of spouses. Sen. John Kerry (news, bio, voting record) of Massachusetts, a Democratic presidential contender, reported no unearned income but his wife Teresa Heinz Kerry, heir to the Heinz food fortune, is estimated to be worth more than $500 million.

Kerry lists a Dutch painting owned jointly with his wife worth $250,000-$500,000.

The second-ranked Senate Republican, Mitch McConnell of Kentucky, also reported that his wife, Labor Secretary Elaine Chao, was the major breadwinner. She listed a Vanguard 500 Index fund worth $500,000-$1 million, another fund worth $100,000-$250,000 and a house worth $500,000-$1 million that the couple rents for $5,000-$15,000.

Among other disclosures:

_Sen. Joseph Lieberman, D-Conn., reported that his wife Hadassah earned nearly $33,000 from royalties and signing agreements for their book on his 2000 vice presidential campaign. She also earned $94,000 in fees for eight speeches, all to various Jewish nonprofit organizations.

_Sen. Chris Dodd, D-Conn., paid off the original $15,001-$50,000 mortgage on a cottage in Ireland.

_Sen. Orrin Hatch, R-Utah, took in $18,009 from his side job as a songwriter. Hatch has written dozens of religious hymns and patriotic soft-rock ballads.

_Sen. John Edwards, D.N.C., another presidential candidate, reported a blind trust worth $5 million-$25 million. The former trial lawyer claimed income of $100,000 to $1 million on that trust.

_Sen. Robert Byrd, D-W.Va., whose 45 years in the Senate is longer than anyone else in the chamber, filed a simple two-age form stating he owns no stocks, bonds or investment properties. His net worth was under $700,000.

All 535 members of Congress are required to submit financial disclosure forms every year that show outside sources of income, assets, liabilities, travel paid by private interests and speech honoraria.

By law, all honoraria for speeches must be donated to charity. In general, income from activities other than investments was limited to $23,205 last year.

In 2002 senators, and their House colleagues, received a salary of $150,000, a figure that rose to $154,700 this year. The House and Senate majority and minority leaders were paid $166,700 last year and are getting $171,900 this year.

House financial disclosure reports come out Monday.

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