Senator Tammy Baldwin, a Democrat from Wisconsin, is facing scrutiny over her relationship with private wealth adviser Maria Brisbane, with whom she co-owns a residence. Despite being unmarried, Senate rules do not mandate the disclosure of her partner's finances.
Republican Senate candidate Eric Hovde's spokesperson has raised concerns about the potential conflict of interest due to Brisbane advising wealthy clients in industries regulated by Baldwin. Hovde's campaign has called for transparency, urging Baldwin to reveal her partner's assets and client list.
Brisbane, who has been dating Baldwin since 2018, works as a private wealth adviser at the Brisbane Group, a team under Morgan Stanley catering to clients with 'ultra high net worth.'
Morgan Stanley's code of conduct emphasizes the confidentiality of client information, including identities, trading activities, and holdings. Baldwin does not disclose Brisbane's assets or clients in her financial filings, as current rules do not require her to do so.
In response to attack ads, Baldwin released a statement refuting claims of sharing inside information with her partner and highlighting her advocacy for banning senators from individual stock purchases.
Baldwin's campaign dismissed Hovde's allegations as 'sad and desperate,' pointing out that other senators in relationships have not disclosed their partners' financial details. The campaign also noted Brisbane's past role managing a biotechnology mutual fund.
Hovde's campaign has raised concerns about the overlap between Baldwin's regulatory role in the biotech industry and Brisbane's advisory work in the same sector. The fact that Baldwin chairs the Appropriations Committee's subcommittee on Labor, Health, and Human Services has added to the scrutiny.
While Baldwin and Brisbane are not married, they jointly own a property in Washington, D.C., with each contributing to the purchase differently. Baldwin's campaign clarified that the two do not share bank accounts.
