By Anna Massoglia and Jimmy Cloutier for OpenSecrets.
Broadcast version by Nadia Ramlagan for Kentucky News Connection reporting for the OpenSecrets-Public News Service Collaboration

Kentucky’s 2023 gubernatorial race set a nominal state fundraising record, with candidates in the primary and general election raising more than $44.6 million, according to an OpenSecrets analysis of campaign finance reports. 

Independent political groups spent an additional $45.3 million, mostly on negative ads targeting incumbent Democratic Gov. Andy Beshear or his Republican rival, Attorney General Daniel Cameron. The latest campaign finance filings cover political spending through Oct. 23.

When adjusted for inflation, the gubernatorial race ranks among the most expensive in Kentucky history — and is the latest high-profile state election to be awash in cash. Virginia state legislative races this year also broke state fundraising records, OpenSecrets found. 

Beshear, who won reelection in the Republican-leaning state, raised more than $23.1 million — three times as much as Cameron, reports show. 

Cameron, who became Kentucky’s first major-party Black nominee for governor following an expensive primary contest, raised about $6.5 million. 

While the race tightened in the final weeks of the campaign, Beshear won a second term on Nov. 7 by a comfortable margin, defeating Cameron with 53% of the vote, according to the Kentucky Secretary of State. 

Since this will be Beshear’s second consecutive term as governor, he must wait at least one election cycle before running for governor again. Kentucky is one of 26 states that allow governors to serve an unlimited number of four-year terms.

Beshear’s top funder was the Kentucky Democratic Party. 

Both the Kentucky Democratic Party and Beshear are now under civil investigation by state campaign finance regulators for allegedly accepting political contributions over the legal limit from Randall Weddle, the mayor of London, Ky. 

In June, after reporting by the Kentucky Lantern, Beshear announced that his campaign and the Kentucky Democratic party inadvertently took $202,000 in “excess” contributions from Weddle but noted the money was refunded. A Kentucky Registry of Election Finance notice sent Monday confirms an investigation is ongoing. 

Beshear also received substantial support from labor unions, which accounted for most contributions to his campaign from political action committees. 

Like Beshear, Cameron’s biggest donors were also party committees, with the Kentucky Republican Party topping the list. 

While Beshear topped campaign fundraising, Cameron benefited from more outside group spending on independent expenditures. 

The attorney general benefitted from over $25 million in spending by outside groups while Beshear benefitted from about $20 million. The bulk of that paid for negative advertising with $19.4 million on ads attacking Cameron and $18.2 million on anti-Beshear ads.

The top two spenders were Defending Bluegrass Values and Kentucky Values — political action committees affiliated with the Democratic and Republican governors associations, respectively. 

Defending Bluegrass Values reported more than $4 million in contributions in campaign finance filings this year and made $13.7 million in ad buys supporting Beshear’s reelection campaign in the first week of September — more than every other PAC spending on the race combined, according to the Lexington Herald-Leader. It spent nearly $16.8 million in total on the election, according to the latest campaign finance reports.

Kentucky Values reported spending more than $12.4 million, mostly on independent expenditures opposing Beshear’s reelection. 

A PAC called Bluegrass Freedom Action also ranked among the top outside spenders, pouring more than $4.9 million into the primary and general elections to boost Cameron’s campaign. Most of that money traces back to The Concord Fund, a conservative “dark money” group well known for financing efforts to reshape the federal judiciary. 

As a 501(c)(4) nonprofit organization, The Concord Fund — formerly known as the Judicial Crisis Network — is not required to disclose its donors. It has steered $3.3 million to Bluegrass Freedom Action, as of Oct. 23. 

Another top spender boosting Cameron was the School Freedom Fund, an out-of-state super PAC allied with the conservative Club For Growth. The super PAC has yet to report any new donors this year, but in 2022 it was bankrolled by billionaire Jeff Yass, the founder of Susquehanna International Group, according to federal campaign finance reports. 

School Freedom Fund spent around $3 million opposing Beshear, records show. Multiple ads from the super PAC about Beshear’s decision to release some prisoners early during the COVID-19 pandemic were debunked. 

Club for Growth, a pro-free market conservative group active across the country, spent another $2.2 million boosting Cameron in the gubernatorial race.


Anna Massoglia and Jimmy Cloutier wrote this story for OpenSecrets.

Support for this reporting was provided by The Carnegie Corporation of New York.


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Political maneuvers continue with the pivotal Wisconsin Supreme Court race less than a week away - the latest coming from the White House. In the weeks leading up to the April 1st election, the state has seen partisan-backed campaigns, swirling misinformation and incentives that border on bribes. On Wednesday, President Donald Trump signed an executive order to reshape state elections - with changes like proof of citizenship requirements - days before Wisconsin voters take to the polls.

Brett Edkins, managing director for policy and political affairs with Stand Up America, says it all reflects the climate stoked by the country's leaders.

"So, it's no surprise that they're trying that playbook again in Wisconsin," he explained. "And what it still comes down to is a really basic question. Do we want a MAGA court in Wisconsin? Do we want a Supreme Court bought and paid for by Elon Musk?"

Groups tied to Musk, the Tesla and SpaceX CEO who is overseeing the Department of Government Efficiency, have poured about $17 million into backing candidate Brad Schimel, while Susan Crawford's campaign reports a total $24 million in funding, with notable contributions from billionaire George Soros. Overall spending has surpassed all records for judicial races and is expected to reach $100 million.

Most state elections don't garner mass attention, but Edkins says in the battleground swing state, outcomes have national implications.

"Where Wisconsin goes, so goes the country. What's at stake in Wisconsin are ensuring that we have free and fair elections in 2026 and 2028," he added.

The high court has become the referee for some of the most hotly debated election rules, narrowly rejecting then-presidential candidate Donald Trump's lawsuit to overturn the 2020 election results. And last year the court reversed gerrymandered maps and restored ballot drop boxes.

Lucy Ripp, communication director with A Better Wisconsin Together, says voters need to cut through the chaos and remember why the election matters.

"The Wisconsin Supreme Court exists to uphold and protect our constitutional rights and freedoms in Wisconsin. And so, it's really important that we pay attention to who we are electing to the court," she said.

Cases about abortion access, the rights of voters with disabilities, noncitizen voting and the legality of drop boxes are just some the high court could see - as well as a lawsuit concerning one of Musk's companies, Tesla.

After Elon Musk, a man once worth $327 billion, spent a quarter billion to elect Donald Trump, he was rewarded with unprecedented powers over the federal government.

Brandon Novick, policy coordinator with the Center for Economic and Policy Research, says blatant corruption in the United States is not new. And it's legal, thanks to the U.S. Supreme Court's Buckley versus Valeo ruling in 1976.

"That decision was the root one that said that 'money is speech' and that people can infinitely spend in elections. In Citizen's United, basically the court said based on this, we're saying corporations, not just individuals, can infinitely spend in elections," he explained.

To avoid the appearance of quid pro quo corruption, Novick said the nation's highest court clarified that unlimited spending to influence the outcome of an election is OK, so long as the cash is spent independently and not in coordination with a candidate's official campaign.

Billionaires are not just buying power from Republicans. Novick pointed to Reid Hoffman, who spent some $17 million on the Kamala Harris campaign. When Hoffman called for the Federal Trade Commission's chair Lena Kahn to get the boot, Harris refused to commit to keeping Kahn in her post.

"This issue is bipartisan. The establishments of both parties are not working to solve it. But the current Trump administration is the greatest example of blatant billionaire control bought through bribes in campaign spending," Novik said.

Good-government groups have long argued that in American democracy, one citizen - not one dollar - should equal one vote. Novick said there are only two viable pathways to get money out of politics. The U.S. Supreme Court could overturn previous decisions, which is unlikely since many of today's Justices were involved in Citizen's United.

"The only other way to get past this is a constitutional amendment to overturn their decision and get money out of politics. Because if Congress just passes a law, they'll strike it down," he added.


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Gov. Mark Gordon has just a few days left to make final decisions on bills passed during the Wyoming legislative session.

Both fair election advocates and Gordon himself have called some in the pile "boilerplate." The governor signed bills into law this month to prohibit ranked choice voting -- a system not currently used in the state -- and foreign funding for ballot measures, although one slated for the 2026 ballot will be the first in 30 years.

Marissa Carpio, policy director for the Equality State Policy Center, noted the trend could be the result of new control by the Freedom Caucus in Wyoming's House of Representatives.

"What seems like happened is, boilerplate bills from national groups making their way into Wyoming, with issues that we just do not have," Carpio observed. "Maybe just to send a message to those national groups that Wyoming is a place where you can do that."

Gordon this week vetoed Senate File 196, which would have amended the "Second Amendment Protection Act" to include legal ramifications for police officers who "participate in" the enforcement of federal firearms laws. In his three-page veto letter, Gordon wrote the state "shouldn't need to pass boilerplates created in far-flung states that seek to fix problems we haven't seen in Wyoming."

A bill still awaiting Gordon's pen would change qualifications for voter registration to include a 30-day residency requirement and proof of citizenship, which often means a passport or birth certificate.

Carpio pointed out the bill mirrors the federal Safeguard American Voter Eligibility, or SAVE Act.

"Our concerns with that bill were that it would impact women, elderly women without documentation or who might have a different name on some of their papers than other papers," Carpio outlined. "It might open up the door for discriminatory practices."

According to the Center for American Progress, 60% of Wyoming citizens do not have a valid passport, and nearly 140,000 women in the state do not have a birth certificate matching their current legal name.

Support for this reporting was provided by The Carnegie Corporation of New York.


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