US Rep. Baldwin lists assets worth $500K to $1M

By The Associated Press

CREATED Jun. 14, 2012

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  • Tammy Baldwin.

MILWAUKEE- U.S. Rep. Tammy Baldwin reports having assets worth between $500,000 and $1 million, most of it in a blind trust.

A blind trust involves giving a third party all powers to manage one's financial assets. The asset holder doesn't know about any financial decisions that are made, including which stocks are bought and sold.

Lawmakers often use the setup to avoid conflicts of interest.

Baldwin's latest financial-disclosure report also lists liabilities of between $200,000 and $500,000.

Baldwin is a Madison Democrat who's running for the U.S. Senate.

All members of Congress have to release annual reports listing their assets, liabilities and stock transactions.  However, they're only required to list the value of their assets in broad ranges, which makes specific comparisons difficult.