Mullin and Hern’s net worth jumps with business sale

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Oklahoma’s two wealthiest members of Congress got much richer last year, and the current seven members appear to be better prepared financially than their Nov. 8 opponents, according to their latest federal financial disclosure reports.

The reports cover the calendar year 2021 and were filed last summer. They are required of all current members as well as non-tenured candidates who have raised or spent more than $5,000 on their campaigns. Reports include assets and transactions involving congressional spouses and dependent children jointly or individually.

Since asset values ​​are presented in wide ranges, the reports only provide a financial overview.

In any case, the personal wealth of the Oklahoma incumbents far exceeds that of their challengers, or at least it appears to be: 10 candidates in next month’s congressional ballot, including three Democrats, have not filed statements. of financial situation.

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The biggest perks are enjoyed by Markwayne Mullin, Congressman from the 2nd District and Republican candidate for the US Senate, and Kevin Hern, Congressman from the 1st District. Both are multi-millionaires whose pockets seem to have deepened a lot in 2021.

Hern said assets worth between $39.8 million and $142.7 million. A year earlier, Hern had grossed a range of $28.2 million to $97.8 million.

Mullin, meanwhile, saw his reported assets drop from a range of $7.3 million to $29.9 million at the end of 2020 to a range of $31.6 million to $75.6 million. of dollars.

Hern’s general election opponent, Democrat Adam Martin, did not file a financial disclosure statement, even though reports from his federal election commission say he spent about $23,000 on his campaign. Martin said this summer that he worked for a roofing company.

Mullin’s Democratic opponent, former 5th District Congresswoman Kendra Horn, lists assets of between $67,000 and $181,000 and a student loan balance of $15,000 to $50,000. She also said she received $135,000 in consulting fees in 2021, including $95,000 from the Chickasaw Nation.

Mullin’s big jump in reported assets apparently resulted from the sale of his plumbing-related businesses to HomeTown Services, a multi-state residential heating, cooling, plumbing and electrical company. The sale is not specifically listed in transactions for 2021, but a stake in HomeTown valued between $1-5m and a $25-50m investment in a cash management fund – both dated 10 December 2021 – are.

Separately, the report lists the asset value of five plumbing-related businesses as “none,” but with income, including capital gains, of at least $8.2 million. However, the revenue of one such company, Mullin Plumbing Inc., is only listed as “over $5 million”.

In 2020, Mullin reported the value of the five companies – Mullin Environmental, Mullin Plumbing East, Mulling Plumbing West, Mullin Services and Mullin Plumbing Inc. – between $3.5 and $16.5 million.

Mullin Plumbing East had a listed value of $1,001 to $15,000 with no revenue in 2020, but no value and $100,001 to $1 million in revenue a year later.

The rights to the Mullin Plumbing trade name transferred to HomeTown in May, according to Oklahoma Secretary of State records.

Mullin was reluctant to talk about the sale, citing confidentiality agreements; requests for comment went unanswered.

It is not unusual for members’ wealth to increase during their tenure, just as it would not be unusual for an American’s wealth to increase over their lifetime. In a June Fox BusinessHowever, Mullin and commentator Maria Bartiromo asked how Democratic House Speaker Nancy Pelosi and her husband Paul Pelosi were able to rack up “tens of millions of dollars” during her 35 years in Congress.

“I tell people the worst business investment my wife and I ever made was that we came to Washington, DC, because we weren’t trying to profit from it,” Mullin told Bartiromo.

Mullin has come under scrutiny for insider trading after buying a biotech stock touted by fellow New Yorker Chris Collins. Mullin denied the accusation and ended up selling the shares at a loss.

Kendra Horn, Mullin’s Democratic opponent, said Mullin “thinks the rules don’t apply to him. This fits perfectly with the model of corruption and self-dealing that Markwayne used to get 10 times rich in Congress.

The sale of businesses—his last remaining McDonald’s restaurants—also appears to be a factor in Hern’s apparent increase in wealth. His report says the restaurants, jointly owned with his wife Tammy Hern, were sold for $25 million to $50 million on April 26, 2021.

Ranked among the wealthiest members of Congress, Hern is by far the most active investor in the Oklahoma delegation and is still involved in several businesses, mostly with his wife. His report also includes information about trusts under the names of his three children.

By comparison, Hern’s financial disclosure report for 2021 is 72 pages long. The other six members from Oklahoma range from three to 14.

At least four of Oklahoma’s current seven members are millionaires, but one of them – US Senator Jim Inhofe – will leave at the end of the year.

Inhofe, who along with his wife, Kay, also sold their stake in a business in 2021, reported assets of $7.1 million to $22.1 million.

Fourth District Congressman Tom Cole listed assets valued between $4.5 million and $13.4 million.

Smaller holdings were reported by 3rd District Congressman Frank Lucas ($1.5 million to $2.9 million, with liabilities of $265,000 to $650,000); US Senator James Lankford ($153,527-$935,527, with liabilities of $100,000-$250,000); and 5th District Congresswoman Stephanie Bice ($385,063 to $1.6 million with liabilities of $350,002 to $750,000).

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