06/13/2003

By MATTHEW DALY, Associated Press Writer

Oregon's U.S. Sen. Gordon Smith remained the wealthiest senator from the Pacific Northwest last year, newly released Congressional reports indicate.

Sen. Smith and his wife reported at least $9 million in assets, according to financial disclosure reports made public Friday.

Sen. Gordon Smith's assets could be worth as much as $34 million. (kgw.com Photo)

U.S. Sen. Maria Cantwell, D-Wash., is the region's other millionaire senator, although her net worth is far lower than in previous years because of declines in the value of RealNetworks Inc., the once-thriving Internet media company that helped her spend more than $10 million for her 2000 Senate race.

The information was released Friday in annual reports that show senators' financial holdings, as well as outside sources of income, gifts and travel paid by private interests. Members of Congress earned $150,000 last year, although salaries for leaders were higher.

The disclosure forms use broad ranges and are designed to report the types of investments and liabilities lawmakers have, but not their net worth.

The NW's four senators: Wyden, Smith, Cantwell, Murray. (kgw.com graphic)

Wyden reported assets ranging from $677,000 to $1.4 million last year, while Murray's range from $214,000 to $660,000.

Smith, 51, of Pendleton, was re-elected last year to a six-year term. He is majority owner of Smith Frozen Foods Inc. of Weston, Ore., which processes frozen peas, corn, carrots and other vegetables. The company is run by Smith's wife, Sharon, and is worth between $5 million and $25 million, the disclosures show.

A related company, Smith Food Sales Inc. of Pendleton, sells frozen vegetables and is worth between $1 million and $5 million. Smith also is owed at least $1 million from his two 1996 Senate campaigns.

Smith did not finance his 2002 race against Democrat Bill Bradbury, choosing instead to rely on donations from individuals and political action committees. According to the Center for Responsive Politics, a Washington-based watchdog group, Smith spent about $118,000 of his own money on the 2002 campaign, less than 2 percent of the nearly $7.4 million he spent overall.

Smith's other assets include the Garrett Packing Co., a storage and frozen vegetable packaging company in Milton-Freewater, Ore., that was worth between $500,000 and $1 million last year, the disclosures show.

Smith also owns a house in suburban Maryland valued at more than $1 million; a house in Pendleton worth at least $500,000; two life insurance policies worth at least $250,000 each; and investment land in Arizona worth more than $250,000.

Wyden, 54, of Portland, listed a money market account worth more than $500,000, as well his Portland home, which is worth between $100,001 and $250,000. He also has a certificate of deposit worth at least $50,001 and a U.S. savings bond worth between $15,001 and $50,000.

Besides his Senate salary, Wyden listed income of $5,001 to $15,000 in rent for a Portland home, and capital gains worth a similar amount on his late father's estate, including publishing rights. Dividends from a money market account also brought in at least $5,001.

Cantwell, 44, of Edmonds, listed assets ranging from $2 million to $10 million last year, depending on the value of her RealNetworks stock.

Cantwell's liabilities include two loans she took out to finance her 2000 campaign, worth between $260,001 and $515,001 combined. Another loan, for more than $500,000, was paid off in 2002.

Murray, 52, of Seattle, reported her Senate salary as her main income. Her largest asset was her husband Rob's retirement plan, which was worth between $100,001 and $250,000. Rob Murray is a consultant for Stevedoring Services of America, which loads and unloads ships in Puget Sound.