As Senate Republicans focus their midterm campaigns on affordability, they face potential obstacles from their own donors. Some of these donors are top corporations accused of raising prices on essential goods for Americans.
Sen. Tim Scott of South Carolina, who leads the National Republican Senatorial Committee (NRSC), emphasized affordability in a conversation with Fox News, calling 2026 a “year of affordability” and praising former President Donald Trump’s efforts to lower costs. However, a recent Pew poll indicates a different reality, with a growing number of Americans struggling with expenses like food, housing, and healthcare.
Corporate behavior is a significant factor in these struggles. Companies have been accused of prioritizing profit, increasing prices, and contributing to consumer debt. Koch Industries, a notable example, controls a large segment of the fertilizer market after acquiring several plants, including a $3.6 billion purchase in Iowa in 2024. This near-monopoly forces farmers to accept higher prices, likely passing costs onto consumers, as expressed by the Iowa Farmers Union.
Koch Industries has significantly funded Republican campaigns, contributing $12.75 million through PACs like Americans for Prosperity. Similarly, Stephen A. Schwarzman, CEO of Blackstone, donated $5 million to the Senate Leadership Fund, an organization protecting the Republican Senate majority. Blackstone’s practices, such as raising rents after acquiring properties, have been implicated in the global housing affordability crisis.
Schwarzman also backed MAGA Inc., a PAC supporting Trump’s policies, with a $5 million contribution last year.
Additional contributions to the Senate Leadership Fund came from energy sector leaders like Michael Smith of Freeport LNG and Jeffrey Hildebrand of Hilcorp. Both companies, along with Occidental Petroleum and Ovintiv, have been criticized for their roles in rising energy costs. Freeport LNG, for example, has been blamed for escalating gas prices by exporting U.S. natural gas. Meanwhile, an investigation is underway into potential collusion by Occidental Petroleum and Ovintiv with OPEC to manipulate prices.
Smith also provided financial support to a PAC backing Maine Sen. Susan Collins.
Price increases are not limited to essentials. Hedge fund manager Paul Singer, whose Elliott Investment Management purchased a stake in Southwest Airlines, influenced the airline’s decision to charge for checked bags. Singer donated $3.75 million to the Senate Leadership Fund and has supported campaigns for Collins and Michigan Senate candidate Mike Rogers.
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