Wisconsin businessman Eric Hovde has officially launched his Senate campaign, aiming to challenge incumbent Senator Tammy Baldwin in a crucial battleground race that could determine the balance of power in the chamber. Hovde’s announcement comes after months of speculation, as Republicans searched for a strong contender to take on the well-funded and popular Baldwin.
In a 30-second video, Hovde addressed the nation’s challenges, emphasizing the need for unity and action in Washington. He then introduced himself and declared his candidacy for the U.S. Senate. Hovde, a multi-millionaire with a business empire that includes a Madison-based real estate company and several banking companies on the West Coast, is expected to partially self-fund his campaign.
Despite his financial resources and name recognition, Hovde faces an uphill battle against Baldwin. A Marquette University Law School poll in January revealed that more than eight in ten registered voters in Wisconsin were unfamiliar with Hovde, making it difficult for him to gain traction early on.
Moreover, Wisconsin Democrats have been attacking Hovde for living outside the state for several years and leading banks worth billions of dollars. The Democratic Party of Wisconsin has already labeled Hovde as “California Hovde” due to his ownership of a $7 million property in Laguna Beach and his on-and-off residency in the state since 2012.
Hovde’s political career in Wisconsin includes an unsuccessful Senate bid in 2012, where he lost the Republican primary to former Gov. Tommy Thompson. He also flirted with running against Baldwin in 2018 and considered a run for governor in 2022 but decided against both races.
As Hovde enters the race, he may not be the only Republican vying for the nomination. Wisconsin businessman Scott Mayer has also been considering a run, although he has not yet made a final decision. Republicans hope to avoid a contentious primary between two wealthy businessmen, as they view Wisconsin as one of their top pickup opportunities this fall.
Meanwhile, Baldwin’s campaign is prepared to face Hovde, having spent months highlighting his out-of-state residency and banking interests. The Wisconsin Democratic Party criticized Hovde within moments of his launch, dubbing him as “California Hovde” and accusing him of prioritizing the interests of the wealthy over those of middle-class Wisconsinites.
Baldwin’s allies have also pointed out Hovde’s inclusion in Orange County’s list of most influential people in 2018, further emphasizing his ties to California.
The National Republican Senatorial Committee, the Senate GOP’s official Senate campaign arm, has already released an ad attacking Baldwin for her statements about staying home during the Covid-19 pandemic and criticizing her for not taking on special interests. The ad, titled “Tammy says one thing, does another,” highlights the contrast between Baldwin’s words and actions.
Senate Republicans, led by Sen. Steve Daines, R-Mont., have expressed their support for Hovde, praising his experience as a job creator and viewing him as a strong candidate to flip Wisconsin’s Senate seat. Daines signaled the group’s support for Hovde as early as December, indicating that the GOP is serious about challenging Baldwin.
However, Hovde’s path to victory is not without obstacles. Democrats have enjoyed a run of good fortune in recent years, winning 15 of the last 18 statewide races since Donald Trump’s surprise win in the 2016 presidential contest. Still, Republicans have proven they can win statewide, as Sen. Ron Johnson, R-Wis., won re-election to his seat in 2022, providing a roadmap for Hovde’s potential path to victory.
The nonpartisan Cook Political Report has rated the Wisconsin Senate race “Lean Democratic,” reflecting the challenges Hovde faces in unseating Baldwin. As the race progresses, Hovde will need to work hard to introduce himself to voters, differentiate himself from Baldwin, and address concerns about his residency and financial interests.
In conclusion, the Wisconsin Senate race is shaping up to be a hard-fought battle, with Eric Hovde’s entry into the race adding another layer of intrigue. While Hovde has the financial resources and name recognition to mount a credible challenge, he must overcome lingering questions about his residency and banking interests to have a chance at defeating the well-funded and popular incumbent, Tammy Baldwin.
Who is Eric Hovde?
Eric Hovde is a Wisconsin businessman and politician who has officially launched his Senate campaign to challenge incumbent Senator Tammy Baldwin in the 2022 midterm elections. Hovde is a multi-millionaire with a business empire that includes a Madison-based real estate company and several banking companies on the West Coast. He has previously run for office, including an unsuccessful Senate bid in 2012, where he lost the Republican primary to former Gov. Tommy Thompson.
Hovde has also flirted with running against Baldwin in 2018 and considered a run for governor in 2022 but decided against both races. He has a history of living outside of Wisconsin, having resided in California for several years and owning a $7 million property in Laguna Beach. However, he has maintained connections to Wisconsin and has some name recognition in the state.
Hovde is viewed as a strong candidate by the Republican Party, with the National Republican Senatorial Committee expressing support for his campaign early on. He is expected to partially self-fund his campaign and bring his experience as a job creator to the race. However, he faces challenges in introducing himself to voters, differentiating himself from Baldwin, and addressing concerns about his residency and banking interests.
As the race progresses, Hovde will need to work hard to overcome these obstacles and present a compelling case to voters in Wisconsin. With the nonpartisan Cook Political Report rating the Wisconsin Senate race “Lean Democratic,” Hovde’s path to victory is narrow, but not impossible.