All Politics are Local
McConnell Among Richest Members of Congress
An annual list of the richest members of Congress shows lawmakers have continued to prosper while the recession and unemployment rate immobilizes the economy. Senate Minority Leader Mitch McConnell, R-Ky., was ranked among the wealthiest elected officials.
The list places him 33rd among the top 50 and highlights that McConnell diversified his financial holdings, which increased by nearly 39 percent. That means Kentucky’s senior Senator saw his wealth increase by more than $2 million in 2010.
Financial observers point out McConnell and his wife made some smart stock moves during the recession to explain the substantial increase.
From Roll Call:
McConnell reported cashing out a portion of the $5 million to $25 million Vanguard money market fund he shares with his wife, former Labor Secretary Elaine Chao, and opening a new Sun Trust money market account valued at $1 million to $5 million.
The Kentucky Senator also reported exchanging a portion of his Vanguard fund for shares in another Vanguard mutual fund, now valued at $1 million to $5 million.
McConnell and his spouse received the $5 million fund as a gift from Chao’s father in memory of Chao’s late mother, as reported in McConnell’s 2009 disclosure form.
The pair also reported a Capitol Hill town house and carriage house valued at $1 million to $5 million.
No other member of the state’s federal delegation made the list. Overall, 32 Republicans and 18 Democrats made up the top 50 list.