Who is Eric Hovde? What to know about Republican candidate challenging Tammy Baldwin

Madison businessman Eric Hovde officially entered the U.S. Senate race Tuesday, launching a challenge to unseat Democratic Sen. Tammy Baldwin in November.

The 59-year-old multimillionaire has the backing of the National Republican Senatorial Committee, which works to get Republicans elected to the Senate.

Scott Mayer, a Franklin businessman, is also seriously considering a run and waiting for Hovde to make a move. Mayer said he hired about 20 staff, but later backtracked. Former Milwaukee County Sheriff David A. Clarke Jr. will also decide whether to run in the coming weeks.

This isn't the first time Hovde has run to represent Wisconsin in the U.S. Senate. He competed in the Republican primary for the seat in 2012 but was defeated by former Gov. Tommy Thompson.

Here's what to know about Hovde's profession, education and political background:

More: Eric Hovde will challenge Democrat Tammy Baldwin for Senate, NRSC chair says

What is Eric Hovde's real estate business?

Hovde is the CEO of Hovde Properties, a real estate development company founded by his grandfather in 1933.

The company's portfolio includes buildings in Janesville, Waunakee, Milwaukee, Racine and Madison, with apartments, office and retail space.

What are Eric Hovde's banking businesses?

The Hovdes have three banking companies, including H Bancorp, of which Eric is CEO and chairman. The bank holding company "acquires and operates community banks throughout the United States," according to its website.

Hovde is also the CEO of Sunwest Bank, which has locations in Arizona, California, Florida, Idaho and Utah.

What is Eric Hovde's charity?

Hovde's charity is featured prominently on his campaign website. He and his brother started the Hovde Foundation in 1998 to support research to find a cure for multiple sclerosis.

A 2012 Milwaukee Journal Sentinel article noted Hovde himself was diagnosed with MS in 1991.

The charity expanded into building homes for children in countries like Mexico and Kenya, according to its website. It has also provided grants to Wisconsin organizations like the Clean Lakes Alliance, the River Food Pantry and the Madison Reading Project.

What are Eric Hovde's political views?

Hovde's campaign website shows his top issues are tackling inflation and national debt, immigration at the southern border, foreign policy and health care reform.

"Our country is facing enormous challenges. Our economy, our health care, crime and open borders. Everything is going in the wrong direction. All Washington does is divide us and talk about who's to blame, and nothing gets done. That's not the country that I know and love," Hovde said in his first campaign video.

In 2020, Hovde aired a TV ad criticizing Democratic Gov. Tony Evers' stay-at-home order during the early days of the COVID-19 pandemic.

In his 2012 campaign, he opposed abortion and expressed support for overturning Roe v. Wade. He also called for repealing the Affordable Care Act. That issue has reentered the debate in the 2024 presidential cycle, after former President Donald Trump said he was "seriously looking at alternatives."

The Milwaukee Journal Sentinel reported this fall that Hovde has missed voting in 17 of 30 elections in the past decade.

Where does Eric Hovde live?

The answer to that question has already become one of Democrats' main lines of attack against Hovde.

Mayer, his potential Republican opponent, also told the Journal Sentinel he doesn't know "that Wisconsin voters are keen on having a Wisconsin senator that lives in California."

His company's website says Hovde resides in Madison and is married with two children. He owns a house along Lake Mendota.

But in 2018, Hovde paid nearly $7 million to purchase an estate in Laguna Beach, California. His business impact in the state earned him a place on a list of most influential people in Orange County.

When the Milwaukee Journal Sentinel asked Hovde this spring whether he spends more time in California or Wisconsin, he said he was born, raised, has a home and owns a business in Wisconsin.

More: Bice: Eric Hovde may run for Senate in Wisconsin, but he's living large in Laguna Beach, California

Hovde had lived in Washington, D.C., for 24 years before returning to Wisconsin in 2011 and launching his first Senate bid, a point of criticism among other Republicans in the primary.

Real estate records show Hovde and his wife transferred ownership of a D.C. home to a trust headed by Hovde's brother and longtime business partner, Steven Hovde, in August.

How did Democrats respond to Hovde's announcement?

Democratic Party of Wisconsin spokesman Arik Wolk said in a statement that "California bank owner Eric Hovde is running for Senate to impose his self-serving agenda, putting ultra rich people like himself ahead of middle-class Wisconsinites."

Senate Majority PAC spokeswoman Hannah Menchhoff called Hovde an "out of touch hedge fund manager who’s built his career catering to millionaires and billionaires" whose campaign "does nothing but kickstart what will inevitably become another brutal battle to the MAGA extreme."

How much did Eric Hovde spend on his first campaign?

Hovde raised and spent $6.3 million in his 2012 primary campaign. Over 90% of that money came from his own pocket, with most of the other contributions coming from individuals.

Hovde also weighed a race against Baldwin in 2018 but backed off, and briefly considered a run for governor in 2022.

What has Eric Hovde said about Tammy Baldwin?

In a 2012 interview with The Hill, Hovde said he "fundamentally (disagrees) with Tammy on almost everything."

"Her philosophy has its roots in Marxism, communism, socialism, extreme liberalism — she calls it progressivism — versus mine, which is rooted in free-market conservatism," he said.

The Baldwin campaign pushed back, saying she worked across party lines on issues like protecting manufacturing jobs.

Where did Eric Hovde go to school?

Hovde attended the University of Wisconsin-Madison and graduated with degrees in economics and international relations, according to a bio on his company's website.

Who is in Hovde's family?

Hovde's campaign website says he and his wife, Sharon, have two grown daughters and three grandchildren.

Hovde's father, Donald, served in the Reagan administration as undersecretary of Housing and Urban Development.

This article originally appeared on Milwaukee Journal Sentinel: Who is Eric Hovde? What to know about Tammy Baldwin's Republican challenger.