Detroit Gubernatorial Candidates Face Scrutiny as Michigan’s First Financial Disclosure Law Reveals Gaps

A new transparency law delivers mixed results

Michigan voters got their first look at the personal finances of gubernatorial candidates this week. The disclosure requirement passed by constitutional amendment in 2022. But the rules lawmakers wrote to implement it left critics saying the law falls short of its promise.

Of the nine active candidates for governor, only three disclosed specific monetary values for their income and assets. Republican Ralph Rebandt, Republican Mike Cox, and Democrat Jocelyn Benson provided detailed figures. The other six candidates filed reports that offered far less detail.

“The currency of leadership is transparency,” said Cox, an attorney who disclosed more than $8.4 million in investments. “I don’t understand why others running for governor would not be as transparent as me.”

The Bitcoin gift that raises questions

Pastor Ralph Rebandt of Elmira reported receiving an $800,000 Bitcoin gift from a “longtime friend.” He declined to name the donor in an interview with Bridge Michigan and said he could not remember exactly when he received the cryptocurrency.

Rebandt listed the gift as “unearned income” on his personal financial disclosure form. He said he sold the Bitcoin “at its highest point” last year and subsequently loaned his own campaign $795,000 through three transactions.

Those loans represented about 81 percent of Rebandt’s campaign funding through the end of 2025, according to state filings.

“It kind of smells,” said Bob LaBrandt, a longtime Michigan campaign finance expert, according to Bridge Michigan. “Obviously, we don’t have a whole lot of experience with people getting $800,000 gifts. Unfortunately, nobody seems to care unless they file a campaign finance complaint.”

Michigan law caps individual donations to gubernatorial candidates at $8,325 this cycle. Contributions made on behalf of another person count toward that limit.

Rebandt told Bridge Michigan there was “no connection” between the gift and his decision to run for governor. He reported earning $60,000 as a self-employed pastor last year, plus $40,680 in Social Security benefits shared with his wife.

His disclosure also revealed $27,000 in investments in a cryptocurrency called TEXITcoin. The Texas State Securities Board issued an emergency cease and desist order to TEXITcoin’s backers in February for allegedly operating without registration.

Benson and Duggan file starkly different reports

Jocelyn Benson, the Democratic nominee and current Secretary of State, provided specific monetary values in her disclosure. She reported:

• $112,400 in salary from her role as secretary of state
• $63,000 in income from the publisher of her book, “The Purposeful Warrior”
• $370,000 in income for her husband, Ryan Friedrichs, who works as an executive at Related Companies
• Just over $1 million in retirement savings
• $150,000 held in joint bank accounts with Friedrichs

Benson’s campaign spokesperson Maggie Amjad issued a statement saying, “Jocelyn believes that Michiganders deserve transparency from their leaders. It’s why she consistently exceeds financial disclosure requirements and urges all elected leaders and candidates to do the same.”

Mike Duggan, the independent candidate and former Detroit mayor, took a different approach. His disclosure listed salaries for himself and his wife, who works as an administrator at Wayne State University. Those salaries of $210,000 and $311,000 respectively are already public records, since both positions are publicly funded.

Duggan’s campaign said neither he nor his wife exercises control over their managed investments. Ethics watchdogs often view blind trusts as a way to avoid financial conflicts of interest.

The debate stage amplifies the questions

The financial disclosure filings arrived days after Benson and Duggan faced off in a UAW-hosted debate in Dearborn. The two traded barbs over campaign money and corporate influence.

Duggan accused Benson of taking money from utilities in prior campaigns. He said she accepted $1,000 from the DTE Energy PAC in 2018. Campaign finance records support that claim, though no records show Benson accepting DTE or Consumers Energy money in her current gubernatorial bid.

Benson fired back by questioning Duggan about dark money accounts funding his campaign advertisements.

“I hope, Mr. Duggan, that you’ve up until now refused to say who’s funding the several dark money accounts that are putting out millions of dollars in ads for your campaign, but I hope you’ll tell us who the highest donors are to those now, since we’re talking about who is beholden to who,” Benson said at the debate.

What the law requires and what it does not

The 2022 constitutional amendment mandated financial disclosures for state-level elected officials and candidates. Legislators finalized the implementation rules in 2023.

Transparency advocates have criticized the rules for containing loopholes. The law does not require all candidates to disclose specific dollar amounts for assets and income. Candidates like Republican John James and Republican Perry Johnson filed voluminous reports without providing monetary values for many holdings.

James reported owning three homes and receiving dividends from 15 financial vehicles. He said he received at least $200 from each but did not disclose the total value. Two of his mortgages are held by trusts in the name of his father, John A. James, who founded the supply chain business James has said he runs.

Cox disclosed more than $8.4 million in investments and about $177,000 in cash. He listed the value of his law practice at $18 million but did not report the firm’s 2025 income. Cox has donated more than $2.5 million of his own money to his campaign.

The next round of campaign finance disclosures from candidates will not arrive until late July, weeks before the August 4 primary.

Why it matters to Detroit voters

Detroit residents are among the most engaged in this gubernatorial race. Both Benson and Duggan have deep ties to the city. Benson has built her political career in Wayne County. Duggan served four terms as Detroit mayor.

The financial disclosures offer voters a window into the wealth and outside influences of candidates who will shape state policy on issues that directly affect Detroit. Those issues include energy rates, data center development, and labor protections.

The transparency law was sold to voters as a way to expose conflicts of interest. Early results suggest the law may not go as far as some reformers hoped.