Senator Tammy Baldwin (D-Wis.) is under increasing scrutiny after reports emerged that her new push for legislation to ban senators and their spouses from buying individual stocks would not apply to her partner, Maria Brisbane.
Baldwin has faced questions about her relationship with Brisbane, a wealth adviser at Morgan Stanley, over potential conflicts involving Baldwin’s role and access to potential market-moving information in the Senate and Brisbane’s position as a financial advisor to “ultra high net worth” clients. Republican Senate candidate Eric Hovde has called for Baldwin to disclose Brisbane’s financial assets and client list – as is required for spouses of Senators.
The controversy centers on the Ban Congressional Stock Trading Act, which Baldwin is promoting as part of her re-election campaign. The proposed legislation aims to prohibit senators, their spouses, and dependent children from trading individual stocks in an effort to prevent insider trading and conflicts of interest. However, Politico reported that because Baldwin and Brisbane are not legally married, the bill would not apply to Brisbane’s financial activities, even though the couple purchased a $1.3 million home together in Washington, D.C. in 2021.
This loophole has raised eyebrows, particularly as Baldwin’s new ad campaign highlights her leadership in fighting for stricter ethical standards in Congress. Hovde has criticized the senator for promoting legislation that would not affect her own relationship in an attempt to distance herself from criticism. Hovde’s campaign has called on Baldwin to disclose Brisbane’s assets and client list to address potential conflicts of interest.
Hovde’s campaign has raised concerns that Baldwin’s relationship with Brisbane, who advises wealthy clients on investments in industries regulated by Baldwin’s Senate committees, poses a significant ethical risk. Hovde’s spokesman, Zach Bannon, described the situation as a “massive conflict of interest” and demanded transparency, asserting that Wisconsin voters deserve to know whether Baldwin’s partner’s financial activities could be influenced by Baldwin’s political role.
Baldwin’s campaign has pushed back against these accusations, noting that she follows all required ethics guidelines regarding financial disclosures. A spokesperson for the Baldwin campaign, Andrew Mamo, emphasized that Baldwin’s relationship with Brisbane does not violate any ethical rules, as the couple is not married. Mamo also noted that the proposed stock trading ban follows the same spousal reporting standards that have been in place since the passage of the Ethics in Government Act in the 1970s.
This latest development builds on a growing controversy surrounding Baldwin and Brisbane’s financial relationship. Earlier reports from The New York Post and other outlets drew attention to the fact that Baldwin and Brisbane jointly purchased an expensive property while Baldwin chairs powerful Senate subcommittees that regulate industries relevant to Brisbane’s clients. These reports have fueled Republican efforts to portray Baldwin as lacking transparency, even as she promotes herself as a champion of ethics reform in Congress.
As the Wisconsin Senate race heats up, the issue of financial disclosure is likely to remain a contentious topic, with Hovde continuing to press Baldwin on the matter. Baldwin, in turn, is positioning herself as a defender of ethical standards in Congress, even as questions about her own transparency remain a focal point of the campaign.
