South Carolina Senate race takes shape after Lindsey Graham’s death

South Carolina is headed into a fast Senate reset after the death of Sen. Lindsey Graham, a Republican who was already running for reelection. For everyday investors, the seat matters because control and margins in Washington shape tax, spending and regulatory fights that can move markets.

Graham died over the weekend, according to CNBC, leaving open a seat he had held while seeking another term. He had been set to face Democrat Annie Andrews in November, and the Cook Political Report with Amy Walter had rated the race “Solid R.”

Under South Carolina law, Gov. Henry McMaster must hold a special primary election on Aug. 11 to choose a Republican nominee for the November ballot, CNBC reported. The filing period for that primary opens July 21. McMaster also has the power to name an interim senator to fill the seat until voters choose a longer-term replacement.

Mace weighs a run

Rep. Nancy Mace, who represents South Carolina’s 1st Congressional District, is one of the earliest possible contenders. A person familiar with Mace’s thinking told CNBC that she is “strongly considering” a campaign and plans to release polling on Monday.

Mace has served in the House since 2021. She recently ran for governor but lost the Republican primary in June.

On X, Mace praised Graham’s public service while noting their differences. She wrote that South Carolina had lost “a giant” and said Graham gave “everything he had” to the state and country, from the Air Force to the Senate. In a later post, she quoted a line from “The Godfather Part III”: “Just when I thought I was out… they pull me back in…”

Trump praises McMaster

President Donald Trump, who remains a central endorsement figure in Republican primaries, told NBC’s “Meet the Press” that he has someone in mind for Graham’s seat but would not identify the person.

“I’m not going to tell you who now because it’s too soon,” Trump said, according to CNBC.

Trump also praised McMaster, a political ally whose term as governor ends this year. “Henry’s been a great governor, you know now he’s termed out, but he’s going to do the right thing,” Trump said. “I think Henry will be fantastic.”

Michelle LeClair, McMaster’s press secretary, told CNBC that the governor’s office is focused for now on honoring Graham’s life and service. She said questions about filling the vacancy will be addressed when there are updates to share.

Other Republicans in the mix

Punchbowl News reported that Rep. Joe Wilson, another South Carolina Republican, was interested in the interim appointment and would run for a full term. Wilson appeared to push back on that idea Sunday in a post on X, saying he told Trump his goal is to stay in the House and help preserve the party’s two-vote majority.

Rep. William Timmons, who is running for reelection in South Carolina’s 4th Congressional District, did not rule out a Senate bid in a statement to CNBC. Timmons said he was “deeply saddened” by Graham’s death and added that he has been willing to serve South Carolina where he can make the greatest difference.

Rep. Ralph Norman, who also ran for governor earlier this year and lost, is expected to explore a campaign, according to multiple outlets cited by CNBC.

The field could extend beyond Congress. CNBC reported there is speculation that Lt. Gov. Pamela Evette, who received Trump’s endorsement in her governor’s race, could run. Politico reported that Treasury Secretary Scott Bessent, a South Carolina native who has kept a home in the state, was receiving calls encouraging him to enter the race. CNBC said Bessent’s spokespeople did not immediately respond to a request for comment.

This story draws on original reporting from CNBC Markets.