How Mitch Mcconnell Became America’s Wealthiest Senator 2022?

By Lois Robinett On Apr 10, 2022

Addison Mitchell McConnell III (born February 20, 1942) is an American politician and retired counsellor who has functioned as the Senate minority leader since 2021 and as the senior senator of Kentucky since 1985. From 2015 to 2021, he was the Senate majority leader, and from 2007 to 2015, he was the minority leader.

He is a member of the Republican Party. Mitch Mcconnell is the second Kentuckian to serve as Senate majority leader, having been elected to the Senate in 1984. During the election cycles of 1998 and 2000, he was the chairman of the National Republican Senatorial Committee.

He was elected Majority Whip in the 108th Congress and re-elected in 2004. In November 2006, he was elected Senate minority leader, a post he held until Republicans took control of the Senate in 2015.

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Mitch Mcconnell Early Life

Julia Odene “Dean” (1919–1993) and Addison Mitchell “A.M.” McConnell II (1917–1990) had Mitch Mcconnell on February 20, 1942. McConnell was born in Sheffield, Alabama, and raised in Athens, where his grandpa, Robert Hayes McConnell Sr., and great uncle, Addison Mitchell McConnell, owned McConnell Funeral Home.

His forefathers are of Scots-Irish and English descent. One of his forefathers fought for the Americans during the American Revolutionary War.

Mitch Mcconnell Personal Life

Mitch Mcconnell was baptized as a Southern Baptist at the age of eight. From 1968 to 1980, he was married to Sherrill Redmon, with whom he had three daughters: Porter, Eleanor (Elly), and Claire. Sherrill became a feminist researcher at Smith College and the director of the Sophia Smith Collection after her divorce from McConnell.

Elaine Chao, his second wife, was Secretary of Labor under President George W. Bush and Secretary of Transportation under President Donald Trump.

He formed the James Madison Center for Free Speech, a legal defense organization based in Washington, D.C., in 1997. McConnell had triple cardiac bypass surgery in February 2003 at the National Naval Medical Center in Bethesda, Maryland, due to blocked arteries.

Mitch Mcconnell’s Net Worth

Mitch Mcconnell was named one of the wealthiest members of the US Senate by the OpenSecrets website in 2018, with a net worth of more than $25 million.

After receiving a $5–25 million personal gift from his father-in-law James S. C. Chao after the death of Mitch Mcconnell‘s mother-in-law in 2008, his personal wealth increased.

Mitch McConnell, the longest-serving Republican leader in Senate history, is one of the most powerful figures in his party and the United States government at the age of 79. He also has a multimillion-dollar fortune thanks to his wife, former Cabinet Secretary Elaine Chao, and the wise investment of a little inheritance he and his wife received shortly after his mother-in-law died in 2007.

McConnell and Chao are now worth an estimated $30 million, with houses in Louisville, Kentucky, and Washington, D.C., as well as a big portfolio of stocks, bonds, and money market funds.

McConnell was born into poverty as the great-grandson of a Confederate soldier and the son of a World War II veteran who later worked for DuPont. He had polio as a child in the Deep South.

In a 1990 campaign ad, McConnell remarked, “I recovered, but my family almost went broke.” According to McConnell’s memoir, The Long Game, his family moved to Kentucky when he was 13 years old, and he attended college and law school there.

In 1968, he landed his first position in Washington, D.C., as Kentucky Senator Marlow Cook’s chief legislative assistant. The job paid $17,000 per year, which is almost $130,000 in today’s money. McConnell earned his own Senate seat sixteen years later, in 1984, ensuring him a regular upper-middle-class salary.

He’s been there for more than 35 years and now earns $193,400 as the minority leader. (He and Senate majority leader Chuck Schumer each get $174,000, but the rest of the senators do not.)

Mitch Mcconnell Political Career

Early in his political career, Mitch Mcconnell was known as a pragmatic and a moderate Republican, but he now holds hardline political ideas. He led the case against stronger campaign finance restrictions, culminating in the Supreme Court decision Citizens United v. FEC in 2010, which largely invalidated the McCain-Feingold Act.

During the Obama administration, McConnell used the filibuster to withhold Republican support for significant presidential initiatives, and he rejected numerous of President Barack Obama‘s judicial choices, including Supreme Court nominee Merrick Garland.

During Trump‘s first two years in office, the Senate Republican majority confirmed a record number of federal appeals court justices and won confirmation battles for Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett for the United States Supreme Court.

Despite voting to acquit Donald Trump on his second impeachment trial for reasons pertaining to the constitutionality of impeaching a former president, McConnell declared Trump “practically and ethically responsible” for the 2021 United States Capitol attack, despite being a supporter of many of Trump’s policies.

Elaine Chao, the former Secretary of Transportation and the former Secretary of Labor is McConnell’s wife. McConnell was named one of the 100 most influential persons in the world by Time magazine in 2015 and 2019.

Mitch Mcconnell Government Shutdowns

Following the inability to adopt legislation to fund the government, the United States federal government shut down from October 1 to 17, 2013. When stop-gap funding measures were scheduled to expire in 2014, McConnell promised Republicans would not force the US to default on its debt or shut down the government. He also stated that other Republicans will not be allowed to block the budget-making process.

In July 2018, Mitch Mcconnell stated that money for the Mexico–US border wall will most likely have to wait until after the midterm elections. Two days later, President Trump tweeted that he was willing to tolerate a government shutdown in order to secure funds. The ratification of several spending packages in August was hailed as a success for McConnell in his efforts to avoid another government shutdown.

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Conclusion

Mitch Mcconnell and his wife, Elaine Chao, weren’t particularly rich until 2008, when her father gave them a large present. Since then, their assets, which are stated in broad ranges on annual financial disclosure reports, have been increasing.
Its estimated that the pair is worth roughly $30 million today. But it’s still increasing. The stock market continues to climb, and Chao is back to work in the private sector.

In August, she was voted to join the boards of two firms, electric truck maker Hyliion and grocery behemoth Kroger, where she has already started earning stock compensation. Her father, meanwhile, is still alive at 93 years old. When he dies, another surge of money may flow to Chao and McConnell.