Newly elected Speaker of the House Mike Johnson (R-LA) does not have a bank account.
At least, that’s what Johnson reports on years of personal financial disclosures, which date back to 2016 and reveal a financial life that, in the context of his role as a congressman and now speaker, appears extraordinarily precarious.
Over the course of seven years, Johnson has never reported a checking or savings account in his name, nor in the name of his wife or any of his children, disclosures show. In fact, he doesn’t appear to have money stashed in any investments, with his latest filing—covering 2022—showing no assets whatsoever.
Of course, it’s unlikely Johnson doesn’t actually have a bank account. What’s more likely is Johnson lives paycheck to paycheck—so much so that he doesn’t have enough money in his bank account to trigger the checking account disclosure rules for members of Congress.
House Ethics Committee filing guidelines state that members must disclose bank accounts they have at every financial institution, as long as the account holds at least $1,000 and the combined value of all accounts—including those belonging to their spouse and dependent children—exceeds $5,000.
The rules cover all “interest-bearing, cash-deposit accounts at banks, credit unions, and savings and loan associations,” including checking, savings, and money market accounts, along with certificates of deposit and individual retirement funds, or IRAs. (Johnson reported receiving a $10,485.53 distribution from a New York Life IRA in 2017, his first year in office, possibly from a retirement account he had listed the previous year.)
It’s certainly not uncommon for Americans to have less than $5,000 in their bank account. Most Americans—57 percent—couldn’t handle an unexpected $1,000 expense, according to a report earlier this year. And the median amount that Americans keep in their bank account is $5,300. But Johnson’s household income puts him in the top 12 percent of earners in the United States. And it’s extraordinarily rare for members of Congress to not list a qualifying bank account—let alone zero assets whatsoever.
The Daily Beast reached out to Johnson’s office for comment but did not receive a reply.
Brett Kappel, a government ethics expert at Harmon Curran, told The Daily Beast it would be “very unusual for a Member not to have to disclose at least one bank account.”
Jordan Libowitz, communications director for watchdog group Citizens for Responsibility and Ethics in Washington, offered a more blunt assessment, saying that if Johnson truly doesn’t have any assets, it “raises questions about his personal financial wellbeing.”
"It’s strange to see Speaker Johnson disclose no assets,” Libowitz told The Daily Beast. “He made over $200,000 last year, and his wife took home salary from two employers as well, so why isn’t there a bank account or any form of savings listed?”
Johnson has also carried debts over for several years, which Libowitz said would sharpen the question.
“He owes hundreds of thousands of dollars between a mortgage, personal loan, and home equity line of credit, so where did that money go?” Libowitz said. “If he truly has no bank account and no assets, it raises questions about his personal financial wellbeing.”
That fact, he said, could be seen as a vulnerability to exploit.
“One of the reasons we have these financial disclosures is to know whether politicians are having financial difficulties—which could make them ripe for influence buying,” Libowitz said.
Johnson’s financial disclosures paint a picture of a man of “modest” means, The Wall Street Journal reported this week. But he doesn’t appear to have a negative net worth, unlike the -$671,000 worth that Roll Call once put on another recent contender in the speakership race, Steve Scalise. Johnson’s Benton, Louisiana, home is valued around $600,000, according to a Zillow estimate. The home’s value, along with his income, would cover his reported liabilities. (Bossier Parish records show he is up to date on his taxes.)
