Money remains the clearest measure of political power, and year-end federal filings show that President Donald Trump’s campaign operation now towers over the political landscape as the 2026 midterm cycle begins.

The Republican National Committee has approved a significant rule change that could reshape how Republicans campaign in midterm election years. At its winter meeting in Santa Barbara, California, the RNC voted to allow the party to hold a national convention during a non-presidential election year, opening the door to a potential midterm convention ahead of the high-stakes 2026 elections.