Politics / February 23, 2024

Mitch McConnell Wants to Hand Wisconsin’s Senate Seat to a California Banker

Urged on by the Senate minority leader, Wisconsin Republicans place a losing bet on a critical Senate race.

John Nichols

Eric Hovde’s Senate campaign announcement.

(WISN)

Mitch McConnell is desperate to retake control of the US Senate. The wily Republican and his minions have been meddling in contests across the country, trying to come up with candidates who can oust Democratic senators, in the hope that enough seats will flip so that this year’s 51-49 Democratic majority could become next year’s 51-49 Republican majority. That would restore McConnell, the 82-year-old Kentuckian who was first elected to the Senate four decades ago, to the majority leader position he held from 2015 to 2021.

Fortunately for the Democrats, McConnell continues to operate on the theory that the best Republican candidate is a rich guy who has never held public office. And he doesn’t seem to care whether his millionaire candidates have any real connection to the states in which he is running them.

In Montana, for instance, McConnell and the National Republican Senatorial Committee worked overtime to clear a path for Tim Sheehy, a Minnesota native who graduated from the Naval Academy, served in the military, became a corporate CEO, and moved to Big Sky Country about a decade ago. Sheehy has only recently become a known entity in Montana politics. Or, to be more precise, a somewhat known entity. “For the grassroots movement, and people who knock doors and put up the signs and are busy for conservative Republican candidates, we have no idea who Tim Sheehy is—it’s ‘Sheehy who?’” Dr. Al Olszewski, who chairs the Republican Party in northwest Montana’s Flathead County, told The Daily Caller last summer. “He’s a ghost, he has not been involved in local politics or statewide politics.”

But Sheehy is a millionaire, many times over, so McConnell and his allies elbowed aside Montana’s sitting Republican congressman to clear the way for their favored recruit to take on Democratic Senator Jon Tester in one of the year’s premier Senate contests. And Sheehy’s now got the backing of the GOP’s rich guy in chief, alleged billionaire Donald Trump.

Sheehy is far from alone. There’s a growing list of wealthy Republicans with little or no experience in elected office that the party has positioned to mount high-stakes Senate campaigns this year. And some of them have such tenuous relationships with their states that they make Sheehy look like a true son of the soil.

Consider the millionaire whom The Hill identifies as McConnell’s “preferred candidate in Wisconsin.”

That would be Eric Hovde, who announced this week that he would take on two-term Democratic Senator Tammy Baldwin in the nation’s ultimate swing state.

Hovde is very rich. In addition to serving as chairman and CEO of Utah-based Sunwest Bank, which has at least $2.7 billion in assets, he’s the president and CEO of H. Bancorp, a holding company that hails itself as “a $2.9 billion multibank holding company providing banking solutions to small and middle market businesses across the United States.” He’s also the president and CEO of Hovde Capital Advisors, LLC, an asset management group, and president, CEO, and chief investment officer of Hovde Private Equity Advisors, LLC, a private equity firm. And he’s CEO of Hovde Properties, a real estate development company with a substantial portfolio of commercial and residential buildings.

All of that’s before you get to Hovde’s $7 million oceanfront mansion in Laguna Beach, Calif., which he purchased in 2018, and, conveniently, is located not far from the offices of what he refers to as “my main business.” He’s even become something of a celebrity in California, personally appearing in ads for his bank.

McConnell imagines that, somehow, this makes Hovde the best option for beating Baldwin. Wisconsinites, including some Republicans, are dubious.

The Nation Weekly

Fridays. A weekly digest of the best of our coverage.
By signing up, you confirm that you are over the age of 16 and agree to receive occasional promotional offers for programs that support The Nation’s journalism. You may unsubscribe or adjust your preferences at any time. You can read our Privacy Policy here.

One of Hovde’s potential GOP primary rivals, Wisconsin businessman Scott Mayer, says he has doubts about whether “Wisconsin voters are keen on having a Wisconsin senator that lives in California.” Popular conservative talk show host Mark Belling has reminded his Milwaukee audience that Hovde’s record of actually casting ballots in Wisconsin is miserable, even suggesting at one point that the candidate’s name might be purged from the voter rolls because of his dismal voting record. “If you don’t care enough to vote in an election, I don’t know why we should trust you to be one of 100 people to vote on the future decisions of our nation,” said Belling, who added, “But I get that beggars can’t be choosers.”

Hovde’s campaign says the criticisms are unfair—that he’s got family roots in Wisconsin and owns a multimillion-dollar home on the shores of Madison’s Lake Mendota. And, of course, he ran for the Senate unsuccessfully in 2012, when he lost a Republican primary to former governor Tommy Thompson—who went on to lose to Baldwin.

But the state Democratic Party—which is headed by high-profile chair Ben Wikler, who helped lead a successful campaign two years ago against a Republican gubernatorial candidate who lived much of the time in Connecticut—is having a field day with the question of Hovde’s Wisconsin bona fides.

When Hovde formally announced his candidacy on Tuesday, Baldwin declared, “It’s official: Republican megamillionaire & California bank owner Eric Hovde is running against me for Wisconsin’s Senate seat.” The Wisconsin Democratic party’s statement was headlined: “California Bank Owner Eric Hovde Enters Senate Race, Running to Put the Ultra Rich Ahead of Wisconsinites.”

Wikler and the Democrats note that, while Hovde may have been raised in Wisconsin, he’s lived much of his adult life in Washington, D.C., and in California, and suggest that the candidate has a pattern of “only moving to Wisconsin when he wants to run for office.” Wikler is well aware that, in 2022, millionaire Dr. Mehmet Oz lost a critical Pennsylvania Senate race for the Republicans after his rival, John Fetterman, relentlessly reminded voters that Oz’s main residence appeared to be in New Jersey.

“California bank owner Eric Hovde (R-Laguna Beach) has spent so long in his $7 million California oceanfront mansion that he has been named one of Orange County’s most influential people—three times,” the Democrats gleefully explained. “”

While he’s been running his $2.8 billion bank and living on the only stretch of private beach on the entire California coastline, he’s missed Wisconsin elections over and over again, including during his Cabo yacht trip. In the most recent election he actually bothered to vote in, he had his ballot sent to his mansion in Laguna Beach. He’s shot TV commercials in California, [and] even Republican strategists have admitted that Hovde’s commercials “are very popular… in the state of California.” On the day he got the endorsement of Mitch McConnell and DC Republicans, Hovde was caught partying it up in Orange County, and even admitted earlier this month that his “main business” is his $2.8 billion California bank.

Hovde didn’t help himself much with a generic videotaped announcement of his candidacy, which featured his bland repetition of McConnell’s “everything is going in the wrong direction” talking points.

“I’m Eric Hovde. I’m running for the US Senate,” declared the candidate, in the message where Hovde made no mention of the fact that he’s running in Wisconsin. As he was making his formal announcement later in the day, amused Wisconsinites gathered outside the event with palm-tree emblazoned signs that read, “Hovde for California.”

Be part of 160 years of confronting power 


Every day,
The Nation exposes the administration’s unchecked and reckless abuses of power through clear-eyed, uncompromising independent journalism—the kind of journalism that holds the powerful to account and helps build alternatives to the world we live in now. 

We have just the right people to confront this moment. Speaking on Democracy Now!, Nation DC Bureau chief Chris Lehmann translated the complex terms of the budget bill into the plain truth, describing it as “the single largest upward redistribution of wealth effectuated by any piece of legislation in our history.” In the pages of the June print issue and on The Nation Podcast, Jacob Silverman dove deep into how crypto has captured American campaign finance, revealing that it was the top donor in the 2024 elections as an industry and won nearly every race it supported.

This is all in addition to The Nation’s exceptional coverage of matters of war and peace, the courts, reproductive justice, climate, immigration, healthcare, and much more.

Our 160-year history of sounding the alarm on presidential overreach and the persecution of dissent has prepared us for this moment. 2025 marks a new chapter in this history, and we need you to be part of it.

We’re aiming to raise $20,000 during our June Fundraising Campaign to fund our change-making reporting and analysis. Stand for bold, independent journalism and donate to support The Nation today.

Onward, 

Katrina vanden Heuvel 
Publisher, The Nation

John Nichols

John Nichols is a national affairs correspondent for The Nation. He has written, cowritten, or edited over a dozen books on topics ranging from histories of American socialism and the Democratic Party to analyses of US and global media systems. His latest, cowritten with Senator Bernie Sanders, is the New York Times bestseller It's OK to Be Angry About Capitalism.

More from The Nation

Wrecking Crew

Wrecking Crew Wrecking Crew

Fighting back.

Steve Brodner

Why Bernie Sanders Says It’s Critical to Elect Mamdani and Reject Cuomo

Why Bernie Sanders Says It’s Critical to Elect Mamdani and Reject Cuomo Why Bernie Sanders Says It’s Critical to Elect Mamdani and Reject Cuomo

Speaking to The Nation, the senator hails the “grassroots movement supporting Zohran” as a vital alternative to “the billionaire establishment supporting Cuomo.”

John Nichols

One time never-Trumper Bill Kristol—pictured here at a panel on

Those Sometimes-Trump Neocons Are Returning to the Fold Over Iran Those Sometimes-Trump Neocons Are Returning to the Fold Over Iran

As the president backs Israel’s long-awaited war with Iran, his neoconservative critics find themselves in an awkward position.

Column / David Klion

The National Labor Relations Board seal hangs inside a hearing room at the headquarters in Washington, DC.

Trump Is Delivering on Project 2025’s Promise to Gut the NLRB Trump Is Delivering on Project 2025’s Promise to Gut the NLRB

If there is a silver lining, it is that blue states and municipalities are doubling down on protecting workers.

Sasha Abramsky

Street Art in Newburgh, New York

Street Art in Newburgh, New York Street Art in Newburgh, New York

The widening gulf.

OppArt / Peter Kuper

Senators Bill Cassidy (R-A) left, and John Cornyn (R-TX) are seen after the Senate luncheons in the US Capitol on Tuesday, June 3, 2025.

Bill Cassidy: A Profile in Cowardice Bill Cassidy: A Profile in Cowardice

The Louisiana Republican knew better than to vote for public health enemy RFK Jr. He did it anyway.

Gregg Gonsalves