Ohio's gubernatorial race saw Democratic candidate Amy Acton out-raise her Republican opponent Vivek Ramaswamy in donor contributions through July, August, and September, according to monthly campaign finance reports. Despite Acton's success with donors, Ramaswamy's campaign received a substantial boost from his personal wealth, with more than $5 million in loans made to his campaign during August and September. In total, Ramaswamy has committed over $36 million of his personal fortune to his gubernatorial bid, structured as loans that can be repaid with donor funds.
The latest campaign finance reports, which cover contributions for statewide candidates from July through September, provide a look into the financial activities of the campaigns during the period between the post-primary and pre-general election reports. Expenditure details are not required in these reports.
In September, Acton's campaign raised slightly more than $6 million. This followed $4 million raised in August and $5.8 million in July. The Ohio Democratic Party's state candidate fund was Acton's largest donor in September, contributing $232,000 across three separate donations. Her campaign also received several contributions from organized labor, fellow candidates, and interest groups. Unions representing bricklayers, auto workers, teachers, and firefighters each gave $10,000 or more. Emily's List, an organization supporting female candidates who advocate for abortion access, and the PAC for America’s Future, which backs Democratic state candidates, both effectively contributed their maximum allowable amounts to Acton's campaign. Other significant individual donations came from the CEO of the major league soccer team FC Cincinnati, a vice president at Oracle, and two nursing home executives. More than $5.5 million of Acton's September contributions originated from individuals, with 63%, or $3.5 million, of that total coming from Ohioans.
Ramaswamy's campaign raised just over $3 million in September. His August fundraising totaled just under $2.6 million, and in July, the campaign brought in nearly $4 million. Unlike Acton's donor base, which leaned toward labor organizations, Ramaswamy's political action committee donations showed a tilt toward business interests. Committees representing Ohio hospitals and contractors both contributed the maximum allowable amounts to Ramaswamy. The Ohio Chamber of Commerce gave $16,000, and American Property Casualty Insurance contributed $16,600. Additionally, two groups representing home builders provided a combined total of $10,000. OHCANN, a trade group for licensed cannabis companies in Ohio, also provided significant backing, giving $15,000 across two donations in September.
The cannabis industry was also represented in Ramaswamy's large individual donations, with the President and CEO of Illinois-based Green Thumb, which operates Rise Dispensaries, making a maximum contribution in September. Ohio Chamber executives Steve Stivers and Rick Carfagna, both former lawmakers, used leftover funds from their previous campaign accounts to contribute $5,000 and $2,000 respectively to Ramaswamy. Other notable individual donors included the CEO of NetJets, a partner with the commercial real estate firm the Daimler Group, and leaders for the car dealerships Ricart Automotive and Kerry Automotive group. Ramaswamy also received maximum donations from a father and son who run an antiquarian book and photograph shop in New York. Of the $2.8 million Ramaswamy raised from individuals in September, a bit more than $1.6 million, or 57%, originated from Ohioans.
The most substantial influx of cash into Ramaswamy’s campaign, however, came from his personal loans. His commitment to self-funding aligns with an early campaign promise made in July last year, when he pledged to invest at least $30 million into his election effort. In addition to the more than $5 million in loans reported in August and September, Ramaswamy has made several highly specific loans, ranging from $39,984.22 to $136,749. Despite Acton consistently raising more from donors, the total sum of her donations since entering the race remains approximately $5 million short of Ramaswamy's personal contributions alone. Ramaswamy's campaign did not provide a response to a request for comment.
