$SPY McConnell’s wife, Elaine Chao, is the daughter of shipping magnates James and Ruth Chao and the sister of businesswoman Angela Chao, who was appointed to a non-executive position on the Bank of China’s board of directors in 2016. Following the death of Ruth Chao, McConnell’s federal disclosure jumped from $3 million to $33 million over a two-year span, and he has also received over $1 million in financial contributions from Elaine Chao’s family. Angela Chao also serves as the CEO of the Foremost maritime shipping empire, which, despite describing itself as an American company with offices located in New York, conducts its business almost exclusively in Asia. Foremost’s fleet sails under flags registered in Liberia and Hong Kong, not the United States. Foremost’s fleet was valued at $1.2 billion by shipping tracker VesselsValue in 2019, making it the most valuable such fleet of any dry bulk shipping operation headquartered in the United States while primarily operating in Asia.
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