Michael Johnson is worth at least $10 million.
He is the big boss at Herbalife Ltd., owning over a million shares of the company’s stock.
Mike Johnson, whose dream was to be the top firefighter in Shreveport like his dad, is now Speaker of the House.
But compared to past speakers, he is not as rich.
While his predecessor, Kevin McCarthy, had more money, others like Paul Ryan and John Boehner were wealthier too.
Nancy Pelosi, the only Democratic speaker, had a bigger fortune as well.
This information comes from official documents filed with the SEC.
Career
Mike Johnson, an American politician and lawyer, gained national attention when he became Speaker of the House in October 2023.
He was elected to this role after the previous speaker, Kevin McCarthy, was removed, and other Republicans like Jim Jordan failed to secure the position.
Before entering politics, Johnson worked as a lawyer for about 15 years.
He held a significant position as senior counsel for the Alliance Defense Fund, where he handled notable cases focusing on religious freedom issues.
In one such case in 2003, he opposed a Supreme Court decision that legalized same-sex sexual activity nationwide, while also supporting laws that criminalized homosexuality.
As a member of the Republican Party, Johnson has consistently supported policies promoting limited government, fiscal responsibility, and a strong national defense.
He’s a proponent of tax cuts, deregulation, and economic growth measures.
Johnson is also known for his defense of the First Amendment and religious liberties, and he’s active in addressing concerns about religious freedom in America.
On immigration, Johnson advocates for securing borders and addressing illegal immigration while maintaining a fair legal immigration system.
He has held leadership roles within Congress, including chair of the Republican Study Committee, where he influenced conservative policy agendas.
Additionally, he co-founded the Honor and Civility Caucus, aiming to reduce polarization in Congress through bipartisan cooperation.
Salary and Financial Disclosure
Before becoming Speaker of the House, Mike earned a yearly salary of $174,000 as a regular member of the House of Representatives.
When he became Speaker, his salary increased to $223,500.
In 2022, he also made around $30,000 teaching online courses for Liberty University.
In his 2016 financial disclosure, Mike estimated his net worth to be $30,000, indicating he was in debt.
Subsequent disclosures did not show much improvement.
In their 2022 disclosure filed in August 2023, Mike and his wife reported not having any checking or savings accounts, likely because their balances were under the $5,000 limit for disclosure.
They listed no assets and liabilities, including a mortgage debt on their home in Benton, Louisiana, ranging from $250,000 to $500,000, a personal loan of $15,000 to $50,000, and a home equity line of credit of $15,000 to $50,000, all held by Citizens National Bank.
However, their home could be worth $500,000 to $600,000, according to estimates.
Taking the median of their mortgage debt range ($375,000), selling the home for the low end of the estimated value would leave them with a net gain of $125,000, which could be considered an asset.
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