By Kate Ackley

November 6, 2024 

• Trump welcomed lobbyists donations to his campaign 
• RFK Jr. to focus on food, pharmaceutical companies for change 

Lobbyists who raised money for incoming President Donald Trump and Senate Republicans are looking for a boost to their bottom lines, as the influence sector takes stock of winners and losers going into the new Congress.

On the industry front, the cryptocurrency, financial services, and oil and gas sectors appear poised for victories, while tech, pharmaceuticals and food, and defense likely will face uncertainty and potential policy loses in a newly transformed Washington next year.

Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tenn. on July 27. Cryptocurrency advocates are likely to have increased influence in Washington D.C. with Trump’s re-election to the White House. 

Among Republican lobbyists, Jeff Miller, CEO and founder of Miller Strategies; Brian Ballard, president of Ballard Partners; and Geoffrey Verhoff, a senior adviser at the firm Akin, were some of the biggest donors and fundraising bundlers for the Trump effort, according to federal campaign reports.

David Urban, a managing director at BGR Group, informally advised the Trump campaign. Tim Pataki, Michael Catanzaro, and Ja’Ron Smith, three veterans of the first Trump administration, are now with the firm CGCN Group. 

“There’s a supply and demand issue for Republicans in Washington, D.C., who are aligned with the Trump campaign and soon-to-be Trump administration,” said Sam Geduldig, a managing partner at CGCN.

Trump welcomed lobbyists’ donations, unlike his Democratic rivals Kamala Harris and before that Joe Biden, who said they would reject contributions from registered federal lobbyists. 

Most firms and lobbying outposts are bipartisan and have been preparing for any election outcomes. Some House races are too close to call, leaving the chamber’s majority still unknown. With narrow margins expected either way, Democratic lobbyists will still be in demand on K Street, especially as companies navigate a more populist-tilting GOP and shifting alliances on Capitol Hill. 

Problems Ahead

Some sectors are looking at a potentially challenging policy environment, lobbyists said.

“Big tech is waking up trying to plot out how to deal with the new administration and Republican Senate,” said Republican lobbyist Ozzie Palomo, a founder of Chartwell Strategy Group.

Elon Musk, and some tech moguls, “stuck their neck out” to support Trump, Palomo said, but other big players in tech are “war-gaming what the next couple of years” will look like.

Shares in Tesla Inc., Musk’s company, and cryptocurrency Bitcoin surged on the election results. The Biden administration has taken a tough stance on crypto. The industry spent big on congressional races, too, including working against the re-election of Senate Banking Chair Sherrod Brown (D-Ohio) who lost to crypto-friendly businessman Bernie Moreno (R-Ohio). 

The elections are likely a gift to big oil while dealing a “wound” to the electric vehicle industry overall, said Cristina Antelo, a Democratic lobbyist and founder of Ferox Strategies.

The traditional energy industry is gearing up for what could be a fossil fuel renaissance under Trump.

“Voters sent a clear signal that they want choices, not mandates, and an all-of-the-above approach that harnesses our nation’s resources and builds on the successes of his first term,” said American Petroleum Institute President and CEO Mike Sommers. Sommers also said API will work with “leaders in both parties” to “advance bipartisan solutions” that boost the country’s energy security and environmental progress. That could include an energy permitting overhaul.

Environmental groups pledged to continue to push for solutions to climate change and resist efforts for more oil and gas drilling. 

“Trump 2.0 is going to get twice the fight from the protectors of our planet, wildlife and basic human rights,” said Kierán Suckling, executive director of the Center for Biological Diversity.

They also are pressing President Biden to announce as many environmental protections as possible before he leaves office in January.

Mixed Bags

Antelo and other lobbyists said Trump’s plans to implement new tariffs could hurt the retail sector.

Trump has said he will give Robert F. Kennedy Jr., who ran for the White House as an independent before suspending his campaign, a role in his administration dealing with pharmaceutical, food, and health matters.

Depending on how that evolves, it could pose new problems for those sectors, lobbyists said.

The defense industry faces a mixed bag. 

National security aid to Ukraine that has spurred defense industrial production is likely to dwindle in a Trump administration despite some key GOP support. It could be offset by spending on shipbuilding, aircraft and other innovative technologies. Sen. Roger Wicker (R-Miss.), a top champion of increasing defense spending, is poised to take the reins of the Senate Armed Services Committee.