Madison hedge fund manager and UW-Madison alumnus Eric Hovde officially entered the U.S. Senate race Thursday, joining a field that already includes three prominent Republicans.
Hovde will compete with former Gov. Tommy Thompson, former U.S. Rep. Mark Neumann and state Rep. Jeff Fitzgerald, R-Horicon, for the Republican nomination to replace outgoing U.S. Sen. Herb Kohl, D-Wisconsin.
Despite having little political experience, Hovde, the CEO of Hovde Capital Advisors, announced his candidacy at a series of appearances in Dane County, Milwaukee, Green Bay and Eau Claire throughout the day Thursday.
He said his frustration with career politicians compelled him to run for Senate, adding his business experience would help address the country’s economic and debt woes.
“Washington is full of career politicians who are beholden to the special interests that finance their campaigns,” Hovde said in a statement. “We need citizen legislators who have spent time in the private sector and who have the skills to put our economy back on track.”
Hovde has lived in Washington, D.C. for the past 24 years, but grew up in Madison. He also founded the Hovde Foundation, which supports multiple sclerosis research, with his brother in 1998.
Republican Party of Wisconsin Executive Director Stephan Thompson said Hovde’s candidacy strengthens the Republican field and improves the party’s chances of defeating U.S. Rep. Tammy Baldwin, the lone Democratic candidate, in the general election.
“With today’s announcement by Eric Hovde, voters have gained another strong conservative choice in the Republican primary for U.S. Senate,” Thompson said in a statement.
But Democratic Party of Wisconsin Chair Mike Tate said Hovde is out of touch with the average voter.
“Wisconsin doesn’t need a multimillionaire carpetbagger trying to buy a seat in the U.S. Senate by trying to trick working families into thinking he somehow understands their struggle,” Tate said in a statement.
