Delaney would be 4th-wealthiest in House

John Delaney, the Potomac financier running for the Democratic nomination in Maryland's 6th Congressional District, is worth between $51.8 million and $232 million, which would make him the 9th most wealthy member of Congress if elected, according to a financial disclosure statement released by his campaign Friday.

Delaney, who runs a Chevy Chase bank called CapitalSource, also drew more than $1 million in earned income last year, according to the form, which he is required to file with the Clerk of the House of Representatives next week.

Delaney's largest assets appear to be in stock he owns in CapitalSource itself, which amounts to between $10 million and $50 million. Other large assets owned by him and his wife include a Wells Fargo cash and money market account and stock in Bethesda-based Congressional Bancshares, each valued at between $5 million and $25 million.

Candidates for Congress are required to disclose their assets in broad ranges. Delaney lists one liability, an investment loan, valued between $1 million and $5 million.

Using the lower value of the ranges -- and taking his single liability into account -- Delaney would rank 9th in overall wealth among the 535 members of Congress, according to an analysis of lawmakers by the Capitol Hill publication Roll Call. He would fall between Sen. Richard Blumenthal, a Connecticut Democrat worth $52.9 million and California Democrat Sen. Dianne Feinstein, worth $45.2 million.

He would be the fourth-most wealthy member of the House of Representatives.

"John Delaney is from a working class family and was able to go to college because of a scholarship from his father's union. He is a self-made progressive businessman who has been blessed with success," campaign manager Justin Schall said in a statement when asked if Delaney's wealth would be a liability in the race.

"John has always felt a duty to give back to his community and now he wants to serve the public in Congress," Schall said. "Why would anyone hold that against him?"

The disclosure is a significant one for Delaney, a longtime businessman who is making his first run for political office in the competitive 6th District. His leading opponent for the Democratic nomination, Sen. Rob Garagiola, released his tax returns in January and challenged Delaney to do the same -- a challenge Delaney has declined to answer directly.

Delaney instead provided a summary of his tax returns to The Washington Post.

The Garagiola campaign has sought to undercut the blue-collar, everyman persona Delaney has presented to voters. In recent television advertisements Delaney has repeatedly noted his labor union roots and frequently blasts "big Wall Street banks."

In a statement, Garagiola campaign manager Sean Rankin questioned whether Delaney's story represented the "American dream," suggesting it is instead "central to the nightmares of middle-class families."   

"When you consider that John Delaney made his money on the backs of working people and small business owners and then see this kind of gratuitous wealth, you realize why Forbes magazine called him a loan shark and feel for the working families who lost their livelihoods and homes to Delaney and CapitalSource," he said.

Schall responded by pointing out an earlier development in which the Delaney campaign discovered Garagiola had omitted hundreds of thousands of dollars in salary from his time as a federal lobbyist on state financial disclosure froms from 2001-2003. "Maybe Rob should concentrate on being more straight forward with his own financial disclosures rather than attacking a fellow Democrat," he said.  

Garagiola’s federal financial disclosure form, which he was required to file earlier, showed he held between $289,009 and $795,000 in assets. His tax records show that he and his wife reported earning $203,674 in income in 2010. Much of that money came from Garagiola's work at Rockville based law firm Stein Sperling. 

The 6th District is held by Republican Rep. Roscoe G. Bartlett, who is among the most wealthy members of Maryland's delegation but whose net worth would nevertheless be eclipsed by Delaney. Bartlett is seeking an 11th term in the district, which was redrawn last year to be more friendly to Democrats.


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