Republican U.S. Senate candidate Eric Hovde has made a bold promise in his latest campaign ad. He has pledged to donate his entire taxpayer-funded salary to charity if elected. This move comes as Democrats attempt to portray Hovde, a California bank owner and real estate mogul, as an affluent and disconnected multimillionaire.
Hovde, who is prepared to invest up to $20 million of his personal funds in the race against Democratic U.S. Sen. Tammy Baldwin, emphasized his independence from special interest money. He stated, 'I've worked hard, been fortunate. I don’t need their special interest money, and I won’t take it.'
The exact charities that will benefit from Hovde's salary donation are yet to be determined, but they will not include the Hovde Foundation, a charity managed by his family. Hovde's commitment to reject corporate special interest donations aims to underscore his dedication to serving the people of Wisconsin without being influenced by external interests.
While Hovde faces minimal opposition in the upcoming Republican primary, the general election scheduled for November 5 will be a critical juncture in determining the balance of power in the Senate.
Born and raised in Wisconsin, Hovde also maintains a significant presence in California, where he owns a $7 million estate in Laguna Beach. As the CEO of California-based H Bancorp and its primary subsidiary, Sunwest Bank, as well as the CEO of Hovde Properties, a real estate firm established by his grandfather in 1933, Hovde's financial holdings raise questions about potential conflicts of interest should he be elected.
With a reported net worth of at least $52 million as of 2012, Hovde's wealth has become a focal point in the campaign, contrasting sharply with his opponent's image as a career politician. Baldwin, who has served in Congress since 1998, and her supporters have sought to portray Hovde as an out-of-touch Californian, emphasizing his affluent background and ties to the banking industry.
Hovde's decision to donate his salary to charity draws parallels to former Democratic U.S. Sen. Herb Kohl, who returned all pay raises to the treasury during his tenure. Kohl, a multimillionaire, was known for his slogan 'Nobody’s Senator but Yours,' reflecting his commitment to public service over personal gain.
As the campaign intensifies, both candidates will continue to present their visions for Wisconsin's future, with Hovde's charity pledge adding a unique dimension to the race.
