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.

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.

Trump’s second term has been marked by the explosive growth of lobbying firms that have close ties to the president. Leading the pack is Ballard Partners, which dethroned the previous top-earning lobbying firm, Brownstein, Hyatt. 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. 

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, 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, nearly doubling its roster.

A number of former Ballard Partners lobbyists are now serving in the White House as senior officials, including White House Chief of Staff Susie Wiles and Attorney General Pam Bondi.

Ballard Partners isn’t the only firm profiting 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.

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 doubleyour 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.

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.

Want to know who’s funding the candidates and causes shaping our democracy? With our Donor Lookup tools, you can quickly and easily:

Whether you’re a concerned voter, journalist, researcher, or just a curious citizen, Donor Lookup puts transparency at your fingertips.

How the left’s dark money behemoth spent its millions (Politico)

GOP lawmaker says tougher campaign finance penalties needed in response to New Georgia Project case (Georgia Recorder)

Majority of corporate Trump ballroom donors represented by 3 lobbying firms, watchdog says (CBS News)

Supreme Court could shake up mail ballot and campaign finance rules ahead of midterm elections (Washington Examiner)

S.F. billionaire Tom Steyer announces run for California governor (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 (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 (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 (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 (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. 

We’re thrilled to announce the launch of the OpenSecrets Merch Store! 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!