Posted on: Friday, June 15, 2001

Hawai'i congress members invest conservatively

By Susan Roth
Advertiser Washington Bureau

WASHINGTON — Hawai'i lawmakers were conservative investors and do not appear to have been hit hard by the volatility of last year's stock market — with the exception of Sen. Daniel Akaka.

Akaka's publicly held assets totaled a maximum of $46,000, down from last year's maximum of $125,000. He reported losses in his Eaton Vance Growth Fund and Hawai'i Electric Industries stocks.

But the losses didn't have a big effect on his bottom line.

Congressional financial disclosure reports issued yesterday reveal no change in overall wealth for Hawai'i's Senate and House members. Mainly, the delegation continues to invest in retirement funds and basic bank and credit union accounts, along with a few real estate and stock holdings.

Rep. Patsy Mink remains the wealthiest member of the all-Democratic delegation with up to $1.4 million in assets.

The disclosure statements, required by federal law, offer the public a glimpse into the finances of members of Congress.

Because disclosure rules allow lawmakers to estimate their assets and debts in broad ranges, such as $50,000 to $100,000 or $5 million to $25 million, it is impossible to determine their actual net worth. They also can exclude the value of their personal residences, furniture and autos.

Members of Congress received annual salaries of $141,300 in 2000. This year, they will make $145,100.

Akaka's wealth remains mostly in family accounts and real estate worth up to $250,000 and a Washington-area condominium worth up to $250,000. He also holds up to $367,000 in federal credit union and First Hawaiian Bank accounts. Private assets earned him a maximum of $33,942 last year.

His dividends and distributions from stocks increased slightly to a maximum of $5,424. He received substantially more income this year from his College Retirement Equities Fund.

Akaka also reported receiving $12,885 from his state pension.

Mink's assets include credit union, checking and retirement accounts, as well as a loan from her campaign committee worth up to $250,000. Her stocks at Alexander and Baldwin remained in the same category, $15,000 to $50,000, as last year. Her holdings earned an income of up to $76,900.

Mink reported receiving $10,000 from her state pension and also $1,000 for a cameo in the film "Traffic" that eventually wound up on the cutting room floor.

Sen. Dan Inouye's assets of up to $1.22 million include two new certificates of deposit: one at All First, worth up to $15,000; and one at Chevy Chase Bank, a Washington-area institution, worth up to $100,000. His holdings earned income of up to $35,400.

The senior senator's stock in Central Pacific Bank remains valued between $250,000 and $500,000. He still has a vacant three-acre lot in Fern Forest worth up to $15,000 and he still has up to $15,000 invested in the In Your Eye Web site, an advertising company in Bethesda, Md., that earned less than $200.

Inouye also reported donating $48 to the 442nd Veterans Club of Hawai'i that he earned in royalties from his appearance in "The Next Karate Kid" in 1994.

Rep. Neil Abercrombie continues to have the least amount of personal wealth of the delegation, holding only one credit union account worth up to $50,000, with income of up to $1,000.

He reported a state legislative pension of $24,361, and he still owns a Makiki Street cooperative apartment worth up to $250,000.