Joseph Shepard, husband of Sen. Claire McCaskill (D-MO), has apparently gotten really lucky with his investments since his wife became a senator, according to an analysis by The Kansas City Star.
Prior to McCaskill’s election in 2006, Shepard’s personal income from investments in housing projects that receive government subsidies ranged from $1,608 to $16,731, according to the Missouri Democrat’s financial disclosures. Five years after she became a senator, her husband’s investment earnings increased exponentially to between $365,374 and $1,118,158. As noted by the City Star, financial disclosure forms “only provide ranges of income.”
Still, that’s a huge jump. The City Star reports, however, that it really does appear that Shepard was incredibly lucky in his investments.
“The senator does not sit on committees that oversee the U.S. Department of Housing and Urban Development or the U.S. Department of Agriculture, the agencies that award affordable housing contracts and loans to developers and pay out the subsidies,” the outlet reported. “She has voted for some massive government spending bills that would have benefited affordable housing programs, but she also voted against others.”
When asked why her husband’s investment income increased so dramatically after she assumed office, McCaskill’s campaign told the City Star that the senator has nothing to do with it.
“Her only concern when doing her job in the Senate is what is best for the people of Missouri,” Meira Bernstein, the senator’s campaign manager, told the outlet.
Bernstein also said that Shepard is a limited partner in most of the housing projects he’s invested in that receive federal funds, so he’s not controlling the day-to-day operations or the profits.
Shepard has been investing in such companies since the 1970s, long before he married McCaskill in 2002. But his investments are getting far more federal awards than before she was elected, even if she’s not directly responsible.
There could certainly be other reasons for Shepard’s good fortune. Democrats retook the senate in 2006 and were able to increase spending under former President George W. Bush. This was also the lead up to the housing crisis, so perhaps the need for companies Shepard had invested in rose drastically following the bubble burst. The City Star does not post financial records dating back to Shepard’s investments under Presidents Bill Clinton or Ronald Reagan, for instance.