Tammy Baldwin's Unmarried Partner Raises Conflict of Interest Concerns

Wisconsin U.S. Senate candidate Eric Hovde calls for an investigation into Sen. Tammy Baldwin's relationship with a private wealth adviser who advises clients in industries Baldwin regulates.

The long-standing relationship between Democratic Wisconsin Sen. Tammy Baldwin and her private wealth adviser partner, Maria Brisbane, has come under increasing scrutiny. Hovde, a Republican candidate vying for Baldwin's Senate seat, alleges that the nature of Brisbane's profession, combined with Baldwin's role as a senator, creates a significant conflict of interest.

Under current Senate rules, Baldwin is not required to disclose Brisbane's finances, as the two are unmarried. However, Hovde and his campaign argue that this creates a loophole that allows Baldwin to potentially benefit financially from her partner's knowledge of confidential client information.

Tammy Baldwin's Unmarried Partner Raises Conflict of Interest Concerns

Brisbane, who has been dating Baldwin since 2018, works for the Brisbane Group, a wealth management firm under Morgan Stanley. According to the firm's website, she serves clients with "ultra high net worth." According to Morgan Stanley's code of conduct, examples of confidential client information include identities, trading activities, and investments.

Hovde's campaign has released an ad highlighting Brisbane's role and raising questions about her client list. The ad alleges that Baldwin and Brisbane share a multimillion-dollar home in Washington, D.C., and accuses Baldwin of failing to report their jointly owned assets or Brisbane's clients.

Tammy Baldwin's Unmarried Partner Raises Conflict of Interest Concerns

Baldwin has dismissed these allegations, calling the ad a "complete lie." She insists that she has never shared inside information with Brisbane and is leading the effort to ban senators from purchasing individual stocks.

Her campaign also points to other senators who have been in dating relationships that did not disclose their partner's assets, such as Republican Senator Tim Scott of South Carolina and Democratic Senator Cory Booker of New Jersey.

Tammy Baldwin's Unmarried Partner Raises Conflict of Interest Concerns

One aspect of Brisbane's previous work that has drawn particular attention is her role as manager of a biotechnology mutual fund. Because her clients are confidential, it is unknown who they are or what interests they may have.

Baldwin, as chairwoman of the Appropriations Committee's Labor, Health and Human Services, Education, and Related Agencies subcommittee, plays a significant role in regulating the biotechnology industry. Hovde's campaign alleges that this creates a conflict of interest, as Brisbane could potentially use her knowledge of her clients' interests to benefit Baldwin financially.

Tammy Baldwin's Unmarried Partner Raises Conflict of Interest Concerns

Baldwin and Brisbane have purchased a residence in Washington, D.C., together, and their names are both listed on the property's deed. According to Baldwin's campaign, the two split the cost of the condominium equally, and Brisbane paid for her portion in cash while Baldwin took out a mortgage on her half.

The campaign also states that Baldwin and Brisbane do not share bank accounts. However, the fact that they own property together has raised concerns about the potential for information sharing between them.

A recent Marquette University Law School poll shows Baldwin leading Hovde by 51% to 45% among registered voters in Wisconsin. The Cook Political Report rates the election as a "lean Democrat," placing it among several competitive Senate races in the 2024 election cycle.