Oklahoma members of Congress file reports about their finances

Annual reports show some Oklahoma members of Congress had investment earnings that exceeded their government salaries
by Chris Casteel Published: May 20, 2012
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Some members of Oklahoma's congressional delegation made more money outside of Congress last year than they received from their government salaries.

Sen. Jim Inhofe and Rep. Frank Lucas last week reported outside income exceeding their $174,000 congressional salaries, while Sen. Tom Coburn and Rep. Tom Cole may also have topped their government earnings.

On the financial disclosure report filed last week, Inhofe, R-Tulsa, reported that he and his wife earned between $175,300 and $463,500 in 2011 from rent, dividends, interest and capital gains from property, stocks and his wife's business partnerships.

Lucas, R-Cheyenne, and his wife reported outside earnings between $215,000 and $2 million, with most of that in gross farm income and the sale of 508 acres of land in Roger Mills County.

The annual financial disclosure reports required of members of Congress show lawmakers' financial assets, liabilities and transactions only in very broad ranges. For instance, the Lucases gross farm income was reported in a range of $100,000 to $1 million.

The reports aren't designed to present a lawmaker's net worth; rather, they allow the public to examine specific assets, debts and transactions for possible conflicts of interest.

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by Chris Casteel
Washington Bureau
Chris Casteel began working for The Oklahoman's Norman bureau in 1982 while a student at the University of Oklahoma. After covering the police beat, federal courts and the state Legislature in Oklahoma City, he moved to Washington in 1990, where...
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By the numbers

Sen. Tom Coburn, R-Muskogee

• Assets: $1.8 million to $5.1 million.

• Major holdings: Numerous stocks and funds; interest in Professional Building Partnership and Pinnacle Income Partners, an oil and gas partnership.

• Major holdings: Numerous stocks and funds; retirement account; partnership in Pinnacle Income Partners, an oil and gas partnership.

• Liabilities: None.

• Income from dividends, capital gains, dividends, interest, rent: $96,600 to $299,300; income from Pinnacle Income Partners: $59,029; income loss from medical practice: $4,083; income from diagnostic imaging company: $1,600; income loss from Professional Building Partnership: $3,610.

• Trips funded by outside groups: None.

Sen. Jim Inhofe, R-Tulsa

• Assets: $3.6 million to $10.7 million.

• Major holdings: Interest in real estate company; spouse's business partnerships; bank accounts and numerous stocks held in trust.

• Liabilities: $100,000 to $250,000.

• Income from dividends, capital gains, interest, rent, royalties, other: $175,300 to $463,500.

• Trips: None.

Rep. James Lankford, R-Oklahoma City

• Assets: $21,000 to $315,000.

• Major holdings: Mutual funds, retirement and college savings accounts

• Liabilities: Bank of America mortgage on residence: $100,000 to $250,000

• Income from interest and dividends: $5 to $1,000; income from guest preaching: $4,150.

• Trips: Jan. 27-29, Los Angeles, sponsored by Heritage Foundation; Aug. 20-28, Israel, sponsored by American Israel Education Foundation.

Rep. Tom Cole, R-Moore

• Assets: $2 million to $5.3 million.

• Major holdings: Stock in Cole, Hargrave, Snodgrass and Associates (political consulting firm in Oklahoma City) and Strategic Communications in Moore; numerous mutual funds, retirement accounts and stocks.

• Liabilities: None.

• Income from dividends, capital gains, interest: $91,100 to $223,800; income from management fee from Cole, Hargrave, Snodgrass and Associates, $20,000.

• Trips: Feb. 22-27, Puerto Rico, sponsored by the Aspen Institute; Sept. 24-30, Spain, sponsored by the Aspen Institute.

Rep. Frank Lucas, R-Cheyenne

• Assets: $635,000 to $1.4 million.

• Major holdings: Farmland, mineral rights, retirement funds.

• Liabilities: $475,000 to $1.1 million (Note: Includes mortgage valued at $100,000 to $250,000 that was released when 508 acres of farmland in Roger Mills County sold in October).

• Income from dividends, capital gains, interest, royalties, gross farm income: $215,000 to $2 million (Note: includes capital gains valued between $250,000 and $500,000 from sale of 508 acres of farmland in Roger Mills County).

• Trips: Oct. 16-21, Panama, sponsored by Franklin Group for Global Policy Exchange; March 3-4, Tampa, FL, sponsored by Commodity Classic; Feb. 23-28, Germany, sponsored by the German Marshall Fund of the United States.

Rep. John Sullivan, R-Tulsa

• Assets: $15,000 to $50,000.

• Major holdings: bank accounts.

• Liabilities: $250,000 to $500,000 for mortgage on personal residence.

• Trips: None.

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