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Kevin McCarthy, 55th Speaker of the United House of Representatives. He served as Speaker from January 2023 to October 2023. He has completed his Bachelor of Science in Marketing from California State University.
Early Life of McCarthy
He began his career by selling sandwiches from his uncle’s yogurt shop when he was just 19 years old. He was a seasonal firefighter apart from his college employment. He has also completed his master’s degree in business administration from California State University.
McCarthy’s parents were Roberta McCarthy and Owen McCarthy. His mother was a housewife, and his father was an assistant municipal fire chief. He is the first Republican in his direct family, as his parents were Democrats. He is married to Judy, with whom he has two children.
He worked as a Congressman Bill Member as a part of his staff from 1987 to 2002. He worked as president for the Republican floor leader and the Young Republican National Federation in 1995 and 1999–2001, respectively.
His interest in politics grew with the influence of leaders such as Ronald Reagan and Margaret Thatcher, who highlighted conservative principles.
Political Career
His political career began to flourish in the early 2000s when, in 2002, he was elected to serve in the California State Assembly. Then, in 2003, he was appointed as the Republican floor leader. Initially, McCarthy was selected to serve as a congressman for California’s 22nd District in the US House of Representatives 2006. In 2009, he was appointed Chief Deputy Whip of the House Republicans.
In 2010, he was promoted to majority whip. Then, he served in the chamber until 2022, and then, in January of last year, he was selected as the representative speaker.
He is the first speaker to be removed in a no-confidence vote. However, he was voted out in October 2023.
Kevin McCarthy’s Stance for Crypto Industry
His support for the crypto industry is visible in two of his statements, which he shared on his multiple political appearances and in his posts and reposts on Twitter.
On July 27, 2023, Kevin McCarthy reposted a post from the Financial Services GOP (@Financial Cmte). The post stated that Republicans have worked with complete trust with partners like RM Waters for more than 14 months on stablecoin legislation. And in the meantime, nothing has been damaged. The post also mentioned that Democrats would restrict participation rather than participate in real debate.
Republicans have worked in good faith with RM Waters for more than 14 months on stablecoin legislation.
— Financial Services GOP (@FinancialCmte) July 27, 2023
Nothing is being rushed.
Unfortunately, Democrats would rather obstruct the Committee than participate in a real debate. pic.twitter.com/8qCQNUvsQj
Secondly, he shared a post where he mentioned Senate Democrats are targeting the founders of various cryptocurrencies as they were asking tax laws to charge crypto traders the same way stock brokers have been charged since 1954. He said that he would not regard it as something that is progressive.
Senate Democrats are now targeting people who have bought cryptocurrency.
— Kevin McCarthy (@SpeakerMcCarthy) August 8, 2021
They think the tax code should treat the crypto ecosystem the same as it had been treating stockbrokers since 1954. That's not what I'd call "progressive."
Net Worth of McCarthy
The estimated net worth of McCarthy is $45 Million. He has accumulated significant wealth by serving as a Representative to the US Congress, a businessman, a stockbroker, and a real estate investor.
He receives an annual salary of $3 Million for serving as a US Congress Representative and is a major contributor to his wealth. He also owns valuables with a total value of more than $16 Million. His valuables include ten expensive high-end watches, luxury cars, and gold, all of which have a value of $800,000.
He also stocks some of the most renowned companies, including the Morgan Stanley trading account. These stocks have a total value of approximately $7 Million. Other shareholdings include Pfizer (PFE), ExxonMobil, Lockheed Martin, Nike, and Amazon. He is considered one of the most active Democratic investors, similar to Nancy Pelosi, another house speaker.
He has invested over $10 Million in real estate. His real estate possessions include six residences, two apartment buildings, and over 900 acres of farmland. These properties generate an annual rental income of more than $860,000.
McCarthy’s net worth has increased significantly and steadily over the years. His total worth in 2018 was accumulated at $17 Million. And in 2019, it was increased by $2 Million, valued at $19 Million, then $21 Million in 2020, and $24 Million in 2021. In 2022, it achieved significant growth and reached $25 Million. In 2023, it was projected to reach a significant value of $45 Million.
Conclusion
McCarthy is one of the wealthiest speakers in history, with a net worth of $45 Million. He built his wealth and fortune through his long congressional career and investments in real estate, stock investments, and other valuable assets.
His financial success highlights his remarkable business acumen despite his embarrassing removal from his post as speaker in 2023. He is one of the wealthiest politicians in the United States. His resignation was announced through an opinion piece in the Wall Street Journal; he remained committed to the cause of the Republican Party.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
