Eric Hovde, the Republican Senate candidate in Wisconsin, has continuously described himself as an outsider and a self-made entrepreneur. However, an in-depth examination of his business dealings reveals that Hovde greatly benefited from high-level political connections in Washington, D.C. In 1987, shortly after graduating from college, Eric and his father, Donald Hovde, co-founded Hovde Financial. Donald Hovde’s connections extended to the highest echelons of American politics. Serving as undersecretary of Housing and Urban Development and as a member of the Federal Home Loan Bank Board under President Ronald Reagan, Donald wielded significant influence.
Reports from the 1986 Asheville Citizen-Times described him as holding a “position of considerable power.” By 1988, leveraging his Washington connections, Donald Hovde hired former regulators from the Federal Savings and Loan Insurance Corp. to work at Hovde Financial, as reported by American Banker magazine. In a March 2024 radio interview with WCLO, Eric Hovde spoke about his father’s high-ranking position in the Reagan administration, implying the substantial influence his father had in his early career.
Hovde Financial’s success paved the way for Eric's subsequent acquisition of a stake in Sunwest Bank, where he became CEO and majority shareholder by 2006. According to official financial disclosures, Eric Hovde is estimated to be worth between $195 and $564 million, positioning him among the wealthiest senators if his campaign succeeds. These findings starkly contrast Eric Hovde’s self-made narrative, as his wealth stems significantly from his father’s connections and influential status.
Similar revelations have surfaced about Sam Brown, another Republican Senate candidate from Nevada. Despite branding himself as a working-class “small town” guy, Brown’s family owns a stake in the Cincinnati Bengals, a franchise valued at approximately $4 billion. Furthermore, Hovde’s views on middle-class finances are inconsistent with his own privileged background.
During a discussion with a voter at a Wisconsin fair in July, Hovde supported increasing the eligibility age for Social Security for younger people and described the Affordable Care Act provision that allows young adults to remain on their parents’ insurance until age 26 as “stupid.” In contrast, Hovde’s Democratic opponent, Sen. Tammy Baldwin, has consistently supported social safety nets. Recently, at the Democratic Party’s presidential convention, Baldwin reaffirmed her commitment to protecting programs like Medicare and Social Security, emphasizing their significance to her own family and to many Americans.
