The presumed frontrunners for Rhode Island’s 2026 gubernatorial race continue to flex their fundraising muscles more than a year ahead of a potential rematch between Helena Buonanno Foulkes and Gov. Dan McKee.
The respective campaigns issued statements Tuesday touting second-quarter financials ahead of Friday night’s reporting deadline to the Rhode Island Board of Elections. Neither Foulkes nor McKee had yet submitted reports detailing donors and expenses for the three-month period that ended June 30 as of Wednesday morning.
Foulkes, a former CVS executive who lost to McKee by 3 percentage points in the 2022 gubernatorial primary, ended the second quarter reporting period with $2.1 million cash on hand, after raising more than $636,000 in individual donations, Jon Romano, her campaign advisor, said in a statement.
Foulkes’ latest influx of donations is more than triple that of McKee, who brought in $205,000 in second-quarter donations to end with $879,000 cash on hand, Rob Silverstein, McKee’s campaign manager, said in a statement. However, Silverstein also noted McKee’s latest account balance is $162,000 more than what he had in the bank at this point leading up to the 2022 election.
“Governor McKee will be re-elected because he has a strong record of fighting for Rhode Islanders and delivering on the issues that matter most,” Silverstein said. “Our campaign will continue to highlight the governor’s decisive actions on raising family incomes, education, reproductive care, clean energy, and gun safety – all while articulating a forward-looking vision for the state’s future. Governor McKee is running for a second full term to build on these successes through his RI 2030 plan and stand up for Rhode Island values against Washington’s radical agenda.”
While Foulkes has yet to confirm her candidacy, she just tapped seasoned campaign strategist Eric Hyers’ Kentucky-based consulting firm, as first reported by The Public’s Radio Wednesday. Hyers managed two successful congressional campaigns for the former U.S. Rep. David Cicilline, and led Gina Raimondo to victory in Rhode Island’s 2014 governor’s race.
“We’re excited to have Eric and his team on board as Helena heads toward her final decision,” Romano said in an email Wednesday. “The strong fundraising shows Rhode Islanders are ready for new leadership, and she’ll have the resources to run a strong campaign.”
McKee hired Silverstein as campaign manager and a new campaign finance director in June.
Since announcing his intent to run for reelection in March, McKee’s favorability with voters has fallen. He received a 25% approval rating among voters in two separate polls — from the Pell Center at Salve Regina University and the Civic Health and Institutions Project’s 50 States Survey — both released earlier this month. Linked to his fall from favor was soaring skepticism over the projected cost and timeline to rebuild the Washington Bridge westbound highway, according to the Pell Center poll.
Neither poll asked voters for their opinions on Foulkes. Yet she has faced attacks from McKee’s campaign for potential ties to the opioid epidemic. Foulkes served as president of CVS Pharmacy Inc. for four years during the decade in which the U.S. Department of Justice alleged in a 2024 lawsuit that the pharmacy giant filled fake prescriptions for opioids and other controlled substances. The DOJ’s complaint does not name Foulkes, but more broadly blames unnamed executives for developing and enforcing company policies that worsened the opioid crisis.
House Speaker K. Joseph Shekarchi is also said to be mulling a run for governor, with $3.4 million cash on hand as of March 31, though he has repeatedly denied it when asked. Shekarchi had also not submitted his second-quarter financial report as of Wednesday morning.
This story was originally published by the Rhode Island Current.
