Financial controversies surround both U.S. Senate candidates in Wisconsin

(The Center Square) – Both U.S. Senate candidates from Wisconsin accuse each other of lacking fiscal transparency, and each deny harboring conflicts of interest. But recent investigations show incumbent Democrat Sen. Tammy Baldwin and Republican challenger Eric Hovde are equally opaque about certain financial circumstances.

Hovde is the CEO of California-based Sunwest Bank, and a July report by WCPT820 Radio shows the company received foreign government deposits totaling nearly $250,000 in December 2023.

While there is no evidence that this money is connected to Hovde’s political campaign, the Wisconsin Democratic Party continues to emphasize how the deposits coincide with Hovde’s confirmation as a Senate candidate.

"Eric Hovde is a multi-millionaire California bank owner who has insulted our seniors, our farmers, our moms, and just about everyone else in our great state," Baldwin said in a statement post-primaries. "While he runs to put the wealthy and well-connected like himself first, I will always stand up for the working people of Wisconsin."

But Baldwin has also failed to disclose or answer questions about her own financial assets.

A recent investigation reported by the New York Post revealed Baldwin co-owns a $1.3 million Washington, D.C. penthouse condo with her partner, Wall Street private wealth management adviser Maria Brisbane, yet did not include any of their jointly owned assets on her financial-disclosure reports.

This also raised concerns about conflict of interest, since Baldwin serves on the Senate Appropriations Committee, making budget decisions related to health and biotechnology industries, which her partner often invests in.

“Tammy’s multi-million dollar DC condo was paid for by her partner’s work advising ‘ultra-high net worth’ NY billionaires on how to minimize their taxes,” Hovde posted on social media. “And we still don’t know how many of those clients have cashed in by investing in companies Tammy regulates."

The candidates have agreed to a televised debate Oct. 18 in Madison, played host to by WMTV-TV and aired by The Wisconsin Broadcasters Association.