[link removed] [[link removed]] NOVEMBER 20, 2025
[link removed] [[link removed]]
In this week's newsletter: The third-quarter lobbying reports show record growth in K Street earnings, driven by an influx of dollars to firms with close ties to the Trump administration. And much of that business has come from corporations and foreign governments trying to influence tariff policy. Plus, a look at lobbying on international student issues.
As lobbying revenue grows at record pace, Trump-aligned firms reap the biggest rewards
[link removed] [[link removed]]
Lobbying firms with close ties to President Donald Trump are raking in staggering amounts of revenue, and K Street spending is growing at the fastest pace since the federal government instituted quarterly reporting requirements in 2008, reports Hien An Ngo .
While changes in administration shift which lobbying firms attract the most clients, Trump’s second term has introduced outsized growth among businesses that normally lag far behind the top-earning firms.
This year’s lobbying expenditures are growing at the fastest pace since quarterly reporting began in 2008. The first three quarters of 2025 saw a 13.1 percent increase in lobbying spending compared to 2024. Adjusted for inflation, the year-over-year growth for the first three quarters was 7.7 percent.
Bar chart showing total contributions by members of the Marines, by part of recipients, by election cycle since 2000 [[link removed]]
Top firms
Trump’s second term has been marked by the explosive growth of lobbying firms that have close ties [[link removed]] to the president. Leading the pack [[link removed]] is Ballard Partners [[link removed]] , which dethroned the previous top-earning lobbying firm, Brownstein, Hyatt [[link removed]] . Ballard has been paid $59.5 million for lobbying services in 2025, compared to the former lobbying king’s $54 million. Brownstein, Hyatt had earned the most revenue every year from 2021 to 2024 [[link removed]] .
In last year’s third quarter, Ballard Partners took in $4.7 million and ranked 16th. This year, it made over five times that, bringing in $25 million in just the third quarter.
The firm’s founder, Brian Ballard [[link removed]] , was chairman of the Trump Victory PAC in 2016 and 2017. During President Joe Biden’s term, Ballard remained close with Trump while his lobbying firm lost nearly a dozen clients not even a year into the administration. In the first three quarters since Trump returned to office, the firm gained 135 clients [[link removed]] , nearly doubling its roster.
A number of former Ballard Partners lobbyists are now serving in the White House [[link removed]] as senior officials, including White House Chief of Staff Susie Wiles and Attorney General Pam Bondi.
Bar chart showing total contributions by members of the Marines, by part of recipients, by election cycle since 2000 [[link removed]]
Ballard Partners isn’t the only firm profiting [[link removed]] from the new administration. Among the top 20 earners of the third quarter, the firms that saw the most year-over-year growth in the first three quarters all have ties to Trump.
* BGR Group [[link removed]] , which reported $51.4 million in lobbying revenue for the first three quarters of 2025, employs former Trump campaign adviser David Urban [[link removed]] and previously employed Transportation Secretary Sean Duffy. The firm ended the third quarter with the second-largest revenue among all firms. Last year, it had the fifth-largest revenue in the third quarter.
* Miller Strategies [[link removed]] ’ revenue in the first nine months increased fourfold between 2024 and 2025. The firm is headed by Jeff Miller, who served as finance chair [[link removed]] on Trump’s second inaugural committee. The firm ranked 36th in last year’s third quarter in terms of revenue. This year, it finished fifth.
* Headed by former Trump adviser Carlos Trujillo [[link removed]] , Continental Strategy [[link removed]] has multiplied its revenue by over 22 times in the first three quarters of 2025 in comparison to the same period in 2024. It reported $18.2 million in revenue in the first nine months of 2025, a staggering jump from the same period last year when it took in about $800,000.
* A practically brand new firm, Checkmate Government Relations [[link removed]] , which reported its first quarter of revenue at the end of 2024, has had a meteoric rise [[link removed]] in Washington. The firm is led by Ches McDowell, a hunting buddy of Donald Trump Jr [[link removed]] .
* Mercury Public Affairs [[link removed]] , where Wiles formerly served as co-chair [[link removed]] , reported a total of $19.1 million in revenue in the first three quarters of 2025, over double what it earned in the same period last year.
Read More [[link removed]]
[link removed] [[link removed]]
Right now, your gift goes twice as far
We just kicked off our biggest fundraiser of the year: NewsMatch, a nationwide campaign to support nonprofit journalism. There’s never been a more critical time to protect independent newsrooms like ours — newsrooms that provide an essential public service to the American people.
From now until Dec. 31, we have an opportunity to boost the impact of donations to OpenSecrets, which will help power our newsroom into 2026. Here’s how it works:
NewsMatch will match your new monthly donation 12 times or double your one-time gift , for new gifts up to $1,000.
If you’ve been thinking about becoming a donor to OpenSecrets or want to double your gift this year, this is the best time to do it. Your support will get our NewsMatch campaign off to a solid start and help keep us going strong.
Donate Now [[link removed]]
Chart of the week
Lobbying on international student issues
Monday was International Student Day, a global celebration of higher education. We looked at the recent history of lobbying on issues related to international students and found this year to be the busiest on that topic since 2020.
Bar chart showing total contributions by members of the Marines, by part of recipients, by election cycle since 2000 [[link removed]]
Dive in to Donor Lookup
Want to know who’s funding the candidates and causes shaping our democracy? With our Donor Lookup [[link removed]] tools, you can quickly and easily:
* Search millions of federal campaign contributions by name, employer, or location.
* See who’s giving to which candidates, parties and PACs.
* Explore patterns of political giving that help explain the forces behind elections.
Whether you’re a concerned voter, journalist, researcher, or just a curious citizen, Donor Lookup puts transparency at your fingertips.
Try It Now [[link removed]]
What else we're reading
How the left’s dark money behemoth spent its millions [[link removed]] (Politico)
GOP lawmaker says tougher campaign finance penalties needed in response to New Georgia Project case [[link removed]] (Georgia Recorder)
Majority of corporate Trump ballroom donors represented by 3 lobbying firms, watchdog says [[link removed]] (CBS News)
Supreme Court could shake up mail ballot and campaign finance rules ahead of midterm elections [[link removed]] (Washington Examiner )
OpenSecrets in the News
See our media citations from outlets around the nation this week:
S.F. billionaire Tom Steyer announces run for California governor [[link removed]] (San Francisco Chronicle)
Steyer’s campaign contributions have tapered off since 2020. He gave $5.2 million to Democrats in 2024. But through 2019, he was the top Democratic donor, contributing $248 million cumulatively to candidates, PACs and other political organizations, according toOpen Secrets. He also funded NextGen America, the nation’s largest youth voting organization.
For Victims of Sexual Assault on Cruise Ships, Justice Can Be Elusive [[link removed]] (The New York Times)
With limited funding, the International Cruise Victims Association says it falls short when it goes up against the cruise industry, which spent nearly $23 million lobbying Congress from 2020 to 2024, according to Washington-based Open Secrets, which tracks political finance.
Trump’s broadside against health insurers is a cautionary tale for industry [[link removed]] (Politico)
Insurance lobbyists said they spent much of the year discussing with Congress and the White House the impact of nearly $1 trillion in Medicaid cuts in the GOP’s One Big Beautiful Bill Act. Signed into law in July, it’s expected to leave 10 million Americans uninsured as the cuts take effect over the coming years. AHIP has hired three outside lobbying firms this year and expanded its roster of lobbyists by 11 percent, according to data from OpenSecrets, a group that tracks money in politics.
Amazon and Microsoft Back Effort That Would Restrict Nvidia’s Exports to China [[link removed]] (The Wall Street Journal)
Nvidia Chief Executive Jensen Huang frequently talks to Trump about AI policy, and the company has ramped up its lobbying this year. It spent nearly $3.5 million in the first three quarters of the year, up from $640,000 in all of 2024, according to data provider OpenSecrets.
Opinion: I voted and then realized how little I really knew [[link removed]] (The Morning Call)
Look up campaign contributions. FEC.gov and OpenSecrets.org will tell you who is backing whom. As they say, follow the money to see whose agenda your candidate is really carrying.
See More [[link removed]]
The OpenSecrets merch store is here!
[link removed] [[link removed]]
We’re thrilled to announce the launch of the OpenSecrets Merch Store [[link removed]] ! Now, you can support our mission while looking good doing it. Every purchase helps us provide comprehensive and reliable data, analysis and tools for policymakers, storytellers and citizens.
Our collection — initially featuring a hoodie, crewneck, t-shirt and hat — is designed to spread awareness and make a difference. Whether you're treating yourself or finding the perfect gift, every item you buy helps fuel our cause. And every item in our store was manufactured by a certified ethical and “sweat-free” company.
Join us in wearing your support — transparency has never been more comfortable!
Shop Now [[link removed]]
[link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]] [link removed] [[link removed]]
[link removed] [[link removed]]
[[link removed]] [[link removed]] [[link removed]]

OpenSecrets
1100 13th Street, NW
Suite 800
Washington, DC xxxxxx
United States
If you believe you received this message in error or wish to no longer receive email from us, please unsubscribe: [link removed] .