Senate Minority Leader Mitch McConnell (R-Ky.) and his wife, former Labor Secretary Elaine Chao, received a personal gift from a family member worth between $5 million and $25 million, according to his annual financial disclosure report, which was released on Friday morning.
The gift came from Chao's father, Dr. James S.C. Chao, a wealthy Chinese-born businessman, and it boosted McConnell's personal worth from a minimum of $3 million in 2007 to more than $7 million.
"That was a gift from Secretary Chao's father in April 2008 to the Senator and the Secretary, in memory of her mother, who passed away in August 2007," said Don Stewart, McConnell's spokesman. Ruth Mulan Chu was a historian.
Gifts of any value from family members to senators are permitted under Senate ethics rules.
While he invested the bulk of the money, McConnell used a portion of the gift to pay off a $100,000-plus mortgage on a Washington, D.C. home, and it more than offset significant losses suffered by the couple in their stock portfolio, the records show.