Wisconsin’s US Senate race between incumbent Democrat Tammy Baldwin and Republican businessman Eric Hovde is crucial in determining the control of the upper house in November. Democrats have criticized Hovde for not disclosing his bank’s foreign-government investors, while scrutiny has been directed towards Baldwin for not including jointly owned assets with her partner, Wall Street private wealth management adviser Maria Brisbane, on her financial disclosure reports.
In 2015, Baldwin introduced the Financial Services Conflict of Interest Act intended to prevent conflicts of interest between government officials and the financial industry. The bill focused on the executive branch but did not address congressional conflicts of interest with Wall Street. However, three years later, Baldwin began dating a Wall Streeter and purchased a $1.3 million DC condo with her partner, Brisbane, who manages a firm investing in biotechnology companies.
Baldwin has been actively involved in securing funding for biotech companies, particularly through her role as chair of the Senate Appropriations Subcommittee managing appropriations for the National Institutes of Health. Between 2018 and 2020, Health and Human Services and NIH awarded 71 grants totaling $45 million to small businesses owned partly by venture-capital firms, hedge funds, and private-equity firms, some of which are connected to Baldwin’s partner’s firm.
Concerns have been raised about potential conflicts of interest and insider trading given Brisbane’s firm’s clientele of “Ultra High Net Worth” individuals and Baldwin’s ties to the biotech industry. Hovde’s campaign spokesman has called for further examination into Baldwin’s actions to determine if she has been using inside information to benefit her partner and clients through taxpayer-funded opportunities. Democrats are leading in campaign spending in the race, with Cook Political Report rating it as leaning Democrat.
Ethical concerns have been raised regarding Baldwin’s financial disclosures and her relationship with Brisbane. Similar accusations were made against Senator Kyrsten Sinema, leading to a complaint filed with the Senate Select Committee on Ethics. Transparency and fairness in government actions are essential, as co-author Rep. Cummings emphasized during a press conference with Baldwin in 2015. Baldwin’s campaign spokesman has defended her record on supporting research into diseases like cancer and Alzheimer’s amidst criticisms and attacks during the campaign.
