Ravenel ran for the U.S. Senate in 2004, seeking the seat left open when Fritz Hollings retired. He came in third in the Republican primary election. After Ravenel endorsed Republican Jim DeMint, DeMint went on to win the Republican runoff and the general election. Subsequently, Ravenel was fined over $19,000 by the Federal Election Commission for improperly filing the required forms for the election. Ravenel ran for South Carolina Treasurer in 2006, defeating nine-term state treasurer Democrat Grady Patterson in the 2006 general election. Ravenel endorsed Ron Paul in the 2012 Republican primaries.