Wisconsin Public Radio

Hovde Enters Senate Race Against Baldwin

Hovde’s announcement focused on the economy, crime, the border. Dems already attacking him for California conmections.

By , Wisconsin Public Radio - Feb 20th, 2024 08:29 pm
Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Republican businessman Eric Hovde officially launched a U.S. Senate bid Tuesday, the first major challenger to Democratic incumbent Tammy Baldwin in a pivotal battleground race.

Hovde’s announcement focused on the economy, crime and the border.

“Politicians in large part don’t understand how an economy works and certainly not our modern financial economy. We need economic competency brought to Washington D.C. and we have to stop driving ourselves deeper and deeper and deeper into debt,” Hovde said.

Hovde previously ran for the Senate in 2012. He lost in the Republican primary to former Gov. Tommy Thompson. Baldwin defeated Thompson that year, winning 51.5 percent of the vote. She went on to win re-election in 2018 by 11 points. She is now seeking her third term.

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Re-electing Baldwin is a top priority for Democrats if they hope to retain their majority in the Senate. Democrats are defending 23 seats, including two held by independents who caucus with Democrats. Republicans are defending only 10 seats.

In his prior race, Hovde ran as an opponent of the abortion rights and the Affordable Care Act. He said he favored a “private sector approach” for Medicare and called for raising the age for seniors receiving Social Security benefits.

Hovde made no mention of social issues or of reforming entitlements in his announcement speech. Instead, he spoke about the U.S. southern border.

“We have brought in 9 to 12 million people in the last three years into this country illegally. We don’t have the housing nor the medical services and infrastructure to care for our own citizens. Much less 9 to 12 million people. That’s basically double Wisconsin in three years,” he said.

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Democrats have signaled they will target Hovde’s record in the campaign ahead.

“California bank owner Eric Hovde is running for Senate to impose his self-serving agenda, putting ultra rich people like himself ahead of middle-class Wisconsinites,” Democratic Party of Wisconsin rapid response director Arik Wolk said in a statement. “Hovde would vote to pass a national abortion ban, raise taxes on working families and seniors while cutting Social Security and Medicare, and repeal the Affordable Care Act.”

Hovde responded to that rhetoric in his announcement.

“Now, if I may address Senator Baldwin,” he said.

“For the last nine months, you and your Democratic allies have been playing a lot of silly games, sending protestors to my house, making up lies, playing a lot of dirty tactics. I’m gonna tell you, I’m not gonna stoop to that level,” he continued. “But what I will do is I will hold you accountable.”

In a campaign launch video, Hovde asks if it feels “like America is slipping away.” He goes on to name “our economy, our health care, crime and open borders” as issues he will run on. A campaign spokesperson for Baldwin noted that Hovde “doesn’t mention Wisconsin a single time in his ad.”

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Republican Eric Hovde announces his campaign for U.S. Senate on Tuesday, Feb. 20, 2024, in Madison, Wis. Angela Major/WPR

Hovde is a Madison native. He attended Madison East High School and the University of Wisconsin-Madison before moving to Washington, D.C. He returned to Madison in 2011, after living in D.C. for 24 years.

His business empire includes Hovde Properties, a real estate development company his grandfather founded in 1933. He is the CEO of Sunwest Bank and owns a $7 million estate in Laguna Beach, California, in addition to his property in Madison.

Hovde’s father served in the Reagan administration as undersecretary of Housing and Urban Development.

The latest Marquette University Law School Poll showed 42 percent of respondents had a favorable view of Baldwin, while 45 percent were unfavorable. Hovde barely registered in name identification, with 7 percent favorable, 9 percent unfavorable and 88 percent said they hadn’t heard enough about him.

Other Republicans are also considering Senate runs, including Franklin businessman Scott Mayer and former Milwaukee County Sheriff David Clarke. Other high profile Republicans passed on the race, including Reps. Tom Tiffany and Mike Gallagher.

Hovde enters US Senate race against Baldwin was originally published by Wisconsin Public Radio.

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5 thoughts on “Hovde Enters Senate Race Against Baldwin”

  1. Ryan Cotic says:

    So he actually has business experience in the real world? What about Tammy? Has she ever had to make a payroll?

  2. It is telling that Hovde barely mentions Wisconsin in his big announcement or on his Web site. He ends his video with the statement, “I’m running for the US Senate,” and a graphic image asserting the same. He does not mention which state. California? His campaign is almost a generic one. He tries to support the illusion that governing a state involves ignoring the needs of the people and the complex issues involving public infrastructure, education, healthcare, justice, businesses, and urban and rural issues–all impacting people’s lives at every stage of life and aspiration. People work hard to find housing, make it to their job, and put food on the table. Inheriting their grandfather’s businesses is not always an option open to everyone. Wisconsin already has an out-of-touch wealthy “businessman Senator” in Ron Johnson, who is more interested in playing a role on the national stage rather than serving the needs of the people of Wisconsin. We do not need another one.

  3. julia o'connor says:

    In case you hadn’t noticed – government is NOT a business To suggest it be run as such indicates little understanding of the purpose, role, and function of government. Government is not about making a profit.

  4. Duane says:

    Richie Rich is really starting to look surprisingly old!

  5. mkwagner says:

    How does making a payroll have anything to do with serving constituents? I doubt Hovde has had to make payrolls either. These venture capitalists have little if anything to do with creating a thriving economy. Supply-side economics touted by the Reagan administration was a sham. It was a sham during the Gilded Age and it’s still a sham today. It is the underpinning of the enormous wealth inequality, which is a huge drain on economic growth. What’s more it doesn’t support a “free market” economy.
    Be that as it maybe, how much investing has Hovde actually done in Wisconsin? The article mentioned a property in Madison. Seems like another Michels–minimal ties to the state and running to advance his own personal wealth. His campaign materials barely mentions Wisconsin.
    Just for giggles, let’s compare Baldwin’s investment in the Wisconsin economy to what Hovde promises. How many millions of dollars has Baldwin secured for Wisconsin residents? Her buy American campaign has done much to revitalize Wisconsin manufacturing. She continues to push for broadband access for all Wisconsin residents. She continues to support our rural healthcare system decimated by corporations pushing profits over patients. What does Hovde promise? Fewer regulations on corporate mergers; fewer taxes on the uber wealthy (like Diane Hendricks etc.); and less investment in infrastructure, schools, small businesses. Bottomline, Hovde’s financial expertise is much more akin to feudalism than capitalism.
    One final point, immigration. The RRRs (radical reactionary republicans) are more interested in promoting the so called “border crisis” than finding solutions. They have nixed every attempt to reform immigration in this country for over 20 years. According to House RRRs, fixing immigration would result in a win for Biden. Can you get any more cynical?
    We don’t need more reactionary ideologues out for their wealth in the Senate. We need individuals who care and advocate for the people–all the people not just the uber wealthy.

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