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SPECIAL REPORT

Senate Millionaires Against Raising The Minimum Wage

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"Senate Millionaires Against Raising The Minimum Wage"

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BILL FRIST (R-TN)

    POSITION: Senate Majority Leader

    TOTAL HOLDINGS: Between $12,666,000 and $46,715,000

    HIGHLIGHTS: Frist has between $10,584,000 and $39,260,000 in blind trusts. He owns land in Memphis, Tennessee worth between $500,000 and $1,000,000.

    KEY QUOTE: “Today, in this fragile economy recovering from the recession, to raise the minimum wage would not create jobs but destroy jobs and increase the prices of goods and purchasing power of the people who you’d like to be helping, the disadvantaged.” [Frist, 10/16/94]

    MITCH McCONNELL (R-KY)

      POSITION: Senate Majority Whip

      TOTAL HOLDINGS: Between $1,980,000 and $4,575,000

      HIGHLIGHTS: McConnell has property in Washington D.C. worth between $500,000 and $1,000,000.

      KEY QUOTE: Bush said in a 2004 presidential debate, “Actually, Mitch McConnell had a minimum wage plan that I supported that would have increased the minimum wage.” However, according to McConnell’s press secretary, the senator has not released any of the details his plan. McConnell voted against increasing the minimum wage in March 2005 and June 2006. [McConnell, 10/24/04]

      CHARLES GRASSLEY (R-IA)

        POSITION: Finance Committee Chairman

        TOTAL HOLDINGS: Between $2,235,000 and $5,175,000

        HIGHLIGHTS: Grassley owns lands in Butler County worth between $1,700,000 and $3,500,000. He also has between $199,000 and $635,000 in various IRAs.

        KEY QUOTE: “Less than five percent of the people making minimum wage are completely relying on that income as their major source of income.” [Grassley, 7/7/06]

        JUDD GREGG (R-NH)

          POSITION: Budget Committee Chairman

          TOTAL HOLDINGS: Between $3,402,000 and $10,055,000

          HIGHLIGHTS: In Oct. 2005, Gregg won $853,000 in the Powerball lottery. He owns between $1,000,000 and $5,000,000 in Fleet Bank, as well as between $250,000 and $500,000 in Bristol Myers stock and between $50,000 and $100,000 in Exxon and Verizon stock.

          KEY QUOTE: “If you start losing jobs because you raise minimum wage too quickly, too fast that small employers can’t afford it, that’s going to have an effect on peoples’ opportunity to work.” [Gregg, 6/21/06]

          JOHNNY ISAKSON (R-GA)

            POSITION: Health, Education, Labor, and Pensions Committee Member

            TOTAL HOLDINGS: Between $7,631,000 and $25,515,000

            HIGHLIGHTS: Isakson owns between $1,000,000 and $5,000,000 in both Wachovia and Riverside Bank stock. He also holds 12 acres of Georgia real estate valued between $1,000,000 and $5,000,000.

            KEY QUOTE: “Robert Reich, once observed ‘most minimum wage workers aren’t poor.’ He is right.” [Isakson, 6/20/06]

            LAMAR ALEXANDER (R-TN)

              POSITION: Health, Education, Labor, and Pensions Committee Member

              TOTAL HOLDINGS: Between $12,143,913 and $43,634,913

              HIGHLIGHTS: Alexander and his wife own between $6,000,000 and $26,000,000 in Processed Foods Corp. stock. They also hold between $2,000,000 and $6,000,000 in BFAM stock and own land and real estate worth between $3,515,913 and $6,114,913.

              KEY QUOTE: “I don’t think there’s any such thing as a good minimum wage.” [Alexander, 10/30/02]

              GORDON SMITH (R-OR)

                POSITION: Finance Committee Member

                TOTAL HOLDINGS: Between $13,208,000 and $62,795,000

                HIGHLIGHTS: Smith holds stock worth between $5,000,000 and $25,000,000 in Garrett Packing Co. He also has assets between $5,000,000 and $25,000,000 invested in Smith Frozen Foods, Inc.

                KEY QUOTE: “It’s important to raise the minimum wage across the country. Working families are facing increases in home heating costs and high gas prices, and their wages should reflect these circumstances.” However, in March 2005 and June 2006, Smith voted against increasing the minimum wage. [Smith, 10/19/05]