Utah’s Congressional Delegation is Financially Split in Two

Utah boasts two very different types of landscape: the rugged wilderness of red deserts along sloping horizons, and polished suburban neighborhoods surrounding temperate towns along the I-15 corridor.

In a similar way, Utah’s all-Republican congressional delegation represents a tale of two states when it comes to the lawmakers’ personal finances: Three of Utah’s six federal lawmakers have a negative median net worth, while the other three have a median net worth of at least $1 million, according to a NOTUS analysis of the lawmakers’ most recent personal finance disclosures.

While the disclosures paint very different pictures for each lawmaker, those who have a median net worth over $1 million all traded in the stock market. As Congress continues to debate whether its members should be allowed to trade stocks at all, many federal lawmakers continue to buy and sell individual stocks in companies that lobby the government for preferential treatment, hold federal contracts and are subject to the oversight of congressional committees on which lawmakers sit.

There are ethical tools for members to avoid the appearance of conflicts of interest between their personal investments and their work. One such tool is known as a qualified blind trust, which is where members of Congress give up management of their assets to an independent third party in an arrangement that’s approved by Congress. Qualified blind trusts don’t require the manager to sell off the stocks inside, meaning lawmakers could still be aware of what stocks they own.

Rep. Blake Moore, a Republican who has the highest median net worth among Utah delegation members, estimated at more than $12 million, is one of a handful of members in Congress who uses such a trust.

Before entering Congress, Moore had an active stock trading portfolio, and in 2021, he violated the Stop Trading on Congressional Knowledge Act by failing to disclose up to $1.1 million worth of personal stock trades in a timely fashion.

In 2022, he transferred his stocks — including shares of Apple, Alphabet, Boeing, RTX, Johnson & Johnson and Meta, among others — to the blind trust.

“Many members enter Congress with assets and investments, and there are rules and criminal laws in place to guide how those investments are managed and disclosed,” said Madison Weber, a spokesperson for Moore. “Rep. Moore placed his investments in a blind trust during his first term in Congress to avoid even the hint of a conflict of interest. He does not manage his trust, and he works closely with the Ethics Committee to ensure compliance.”

Weber added that Moore’s actual net worth is “markedly lower” than the more than $12 million of his median net worth as calculated by NOTUS, but did not specify how much lower.

Craig Holman, Capitol Hill ethics lobbyist for the watchdog group Public Citizen, told NOTUS that qualified blind trusts used by lawmakers and federal government officials are not actually “blind” because the independent overseer of the trust is not required to sell off the assets inside the trust, and usually does not.

“So the member of Congress is fully aware of the properties that he or she owns that have been placed in the blind trust,” Holman said. “This is sort of a ruse that allows members of Congress to try to claim publicly that they don’t have a conflict of interest because all their assets are in a [blind] trust. But they do have a conflict of interest. They know exactly what those assets are.”

Moore’s other assets, as stated on his financial disclosures, include a residential rental property in Washington, D.C., and college savings accounts for each of his four children. His wife’s assets — all federal lawmakers must disclose certain personal assets and debts for their spouse and dependent children — include partnership income from her family’s real estate investment company.

Sen. John Curtis, who served in the House before entering the Senate in 2025, has a median net worth of $11.5 million, according to NOTUS’ calculations. Curtis reported owning land and several residential and commercial rental properties in Utah, and an ownership stake in companies related to those properties. He also reported owning mutual funds.

Rep. Mike Kennedy, one of two freshman members of the delegation, has a median net worth of more than $1.4 million, according to NOTUS’ calculations.

Rep. Mike Kennedy, R-Utah, leaves the U.S. Capitol after the last votes of the week on March 27, 2025. Tom Williams/AP

Kennedy invests in various stocks, including those of Apple, Microsoft and Cloudflare.

The congressman, who unsuccessfully ran for Senate against Mitt Romney in 2018, also reported as assets two debts that his political campaign committees owe him: one worth $250,001 to $500,000 from his Kennedy for U.S. Senate campaign, and another of $100,001 to $250,000 from his Mike Kennedy for Utah campaign for the House.

When lawmakers fill out their annual financial disclosures, they report the value of their assets and liabilities in ranges, including open-ended ranges such as “over $50,000,000.” As such, it is impossible to pinpoint an exact net worth.

So to estimate members’ net worths, NOTUS used those ranges to calculate the minimum and maximum possible values of their total reported assets and liabilities. NOTUS subtracted each lawmaker’s maximum liabilities from their minimum assets to determine what their net worth could be on the high end, then subtracted minimum liabilities from maximum assets to set the low end. The midpoint between those two numbers is what we’re reporting as each lawmaker’s estimated median net worth.

The data is invaluable but imperfect. Lawmakers, for example, do not have to report the value of their personal residence, vehicles or personal property such as art that does not generate income. They are also allowed to report the value of pensions and intellectual property as “undetermined.” (Read more about how NOTUS calculated net worth and what’s included and not included here.)

Lawmakers are required to report what stocks they own among their assets.

The other members of Utah’s congressional delegation did not respond to repeated requests for comment.

That includes three lawmakers whose economic outlooks are decidedly down to earth: Reps. Celeste Maloy and Burgess Owens, as well as Sen. Mike Lee, all had a negative median net worth, at -$20,999, -$158,500 and -$359,499, respectively, according to NOTUS’ analysis.

The lawmakers reported various liabilities such as mortgages. In 2025, Utah ranked fourth-lowest in the country for homes purchased outright, according to the Census Bureau. Utah also consistently ranks in the top 10 most expensive states in which to buy a home.

Lee, the state’s senior senator, listed a joint mortgage incurred in 2024 as his singular liability. Maloy listed a car loan in addition to a mortgage as her liabilities.

U.S. Rep. Burgess Owens. Rick Bowmer/AP

Owens, who announced this year that he would be retiring at the end of this term, reported a student loan for his daughter at Syracuse University as a singular but significant liability — a debt valued from $100,001 to $250,000.

Lee ($34,375) and Owens ($195) did both declare earning money from book royalties, one of the few ways members of Congress can make money away from Capitol Hill, where rank-and-file lawmakers earn $174,000 annually.

Owens also declared his NFL pension, which he receives from his 10 seasons playing as a safety for the New York Jets and the former Oakland/Los Angeles Raiders. He listed the overall value as “undetermined,” but reported $21,570 in pension income during 2024.