McConnell grows $2.8 million richer

McConnell grows $2.8 million richer
© Greg Nash

Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate passes 0B defense bill Overnight Health Care: New GOP ObamaCare repeal bill gains momentum Overnight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea MORE (R-Ky.) became nearly $3 million richer in 2013, according to new financial disclosure records.
 
McConnell, who is facing a tough reelection fight this year, reported a half-million boost from Wells Fargo stock that is held by his wife, former Labor Department Secretary Elaine ChaoElaine Lan ChaoBiden rejects universal basic income idea popular in Silicon Valley Trump transportation chief to join Biden for jobs event Dems ask feds to look into airfare price gouging amid Irma threat MORE.

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The couple’s bottom line also rose from deferred compensation from News Corp., where Chao works as a Fox News contributor, and from Wells Fargo Advisors and Protective Life Insurance Co., where Chao sits on the boards of directors.
 
Overall, McConnell’s financial holdings were worth at least $12 million in 2013, according to calculations by The Hill. That represents an increase of at least $2.8 million over 2012. The couple has four money market or investment accounts worth a total of at least $8 million.
 
The forms do not provide a precise measurement of McConnell’s wealth, because lawmakers can report the value of their investments, bank accounts and loans in vast ranges. One category that lawmakers can mark, for instance, ranges from $5 million to $25 million.
 
McConnell has come under attack for his wealth in his reelection fight, with Democratic challenger Alison Lundergan Grimes mentioning his millions and lack of support for a minimum wage increase to portray the five-term senator as “out of touch” with ordinary people.
 
"After 30 years in Washington, it is troubling just how out of touch Mitch McConnell is with Kentucky families," said Grimes campaign spokeswoman Charly Norton. "From repeatedly refusing to support a pay raise for hardworking Kentuckians, to laughing in the faces of the unemployed, to declaring it's not his job to bring jobs to Kentucky, it's indisputably shameful that Mitch McConnell's only priority is saving the one job he cares about — his own."  

In response to similar attacks from the Grimes campaign, McConnell told CBS News that "ecouraging positive economic development and job growth is at the center of what I do every day."

"At the federal level, I support policies to try to improve the economy as a whole which in turn will help preserve and create Kentucky's jobs. These efforts include supporting an end to President Obama's War on Coal and repealing job-killing Obamacare," he said.

The man McConnell hopes to replace as majority leader next year, Sen. Harry Reid (Nev.), has a net worth of at least $2.8 million. Reid has most of his wealth in municipal government securities, undeveloped land and real estate. 

— This post was updated at 5:15 p.m.