Sen. Ron Johnson has seen his personal wealth double since he has been in office, according to a new Democrat-backed nonprofit group.
NBC News reports that the Congressional Integrity Project took a look at how the Republican lawmaker from Wisconsin saw his personal bank account grow as he pushed for policies that benefited him financially.
The report estimates that Johnson is likely to have increased his wealth anywhere from 50-100% since he took office. The nonpartisan Center for Responsive Politics agreed with the estimate, according to NBC.
According to the report, he broke a campaign pledge to create a blind trust for Pacur LLC, the plastics company he once owned and held a financial stake until earlier this year.
He also supported laws that would provide lower rates for "pass through" entities similar to his family business and defended companies that have avoided paying taxes by using offshore corporate tax havens, the report states.
Pacur paid Johnson millions, even after he was elected to the Senate in 2010, according to the report.
Alex Baumgart, a researcher for the Committee for Responsive Politics, told NBC News that Johnson's decision to retain a stake in Pacur while lobbying for tax changes that would significantly benefit his family's fortune is the type of situation ethics experts examine for potential conflicts of interest.
"You can make a comparison to what other members are doing," Baumgart said. "We have seen other members of Congress make very large efforts to either increase their disclosure or move things around to things they don't have control over.”
The goal of the Congressional Integrity Project is to look into "corruption and self-dealing" by Republican lawmakers, especially those with leadership or oversight responsibilities. Johnson is chairman of the Homeland Security and Governmental Affairs Committee.
Kyle Herrig, executive director of the Congressional Integrity Project, told NBC News that Johnson is just the first of several GOP lawmakers the group is pursuing.
"For too long, members of Congress like Ron Johnson have put their own personal interests before the needs of the American public, covering for Trump's corruption and ignoring their oversight responsibilities," Herrig said.
Upon taking office, Johnson sold most of his marketable securities and converted them into cash while retaining a 5% ownership of Pacur and his 401(k) account. According to Johnson’s spokesman Aaren Johnson, the senator sat out more than 100% stock market increase after the sale.
Before the 2018 sale, his stake in Pacur was reported to be worth between $1-5 million. According to Senate financial disclosure forms, his earning from the March sale are valued to total between $5-25 million.
"This was a very big sale for him," Baumgart said. "I can say this is worth looking into more.”
But the Senate Ethics Committee "did not find evidence" that he had violated federal law or Senate rules or conduct guidelines in the sale.
An aide to the senator said Johnson didn’t create a blind trust because his family owns the business.
Johnson personally benefited from pass-through laws on taxes and owns part of an Ireland-based company owned by a Spanish holding company that pays no taxes, the report states.
Brett Kappel, a lawyer specializing in ethics, told NBC News that many of the report’s findings "fall into the sleazy, but legal category.”
"This should get more attention," Kappel said.
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