Sunday, September 20, 2009

Lummis No. 15 on the richy-rich list! And she doesn't want you to get a student loan!

Wyoming Rep. Cynthia Lummis of Cheyenne was ranked number 15 on Roll Call's list of 50 richest members of Congress. As you may remember, she was elected to Wyoming's lone U.S. House seat in November. Not sure how often she votes the Republican party line, but I estimate it to be 110 percent of the time. But it could be more.

Last week, she voted against a House bill that ends subsidies to banks and student loan companies that have a long history of ripping off students and their parents -- and racking up incredible profits in the process. Pres. Obama said: "This bill will end the billions upon billions of dollars in unwarranted subsidies that we hand out to banks and financial institutions, and will use that money to guarantee access to low-cost loans."

I've always been tickled by student loan companies denying loans to strapped 19-year-olds because their middle-class parents make too much money working three part-time jobs. The House bill's projected $87 billion in savings would be used to expand aid to students and colleges, according to The Chronicle of Higher Education.

Read full richy-rich list at

From Roll Call:
Lummis’ prosperity is tied to three Cheyenne, Wyo.-based cattle ranches -- Lummis Livestock Co., Arp & Hammond Hardware Co. and Old Horse Pasture Inc. — each valued at $5 million to $25 million.

The first-term lawmaker also lists the Laramie River Ranch in Wheatland, Wyo., valued at $500,000 to $1 million. Her husband, Al Wiederspahn, lists the Equipoise Corp. in Cheyenne with a value of $1 million to $5 million.

Lummis lists two mortgages for her Wyoming properties with a combined minimum value of at least $1.1 million.

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