The 2026 campaign has featured bipartisan calls for action on pharmaceuticals, the housing market, and AI data centers, a sign that this trio of sectors may be in focus in Washington no matter which party prevails on Tuesday.
The critical comments are especially notable coming from Republicans as the campaign enters its final days. Democratic rhetoric about reining in big business is nothing new, but the GOP's focus indicates both an increased willingness within the party to adopt a populist stance and a potential openness to strike deals next year in the new power-sharing landscape.
And the high likelihood that Democrats will win control of at least one chamber of Congress could elevate these issues — with or without President Trump's support.
Democrats are now strongly favored to win a majority in the House, with a Harvard election forecasting model pegging the odds on Friday at 94%. The Senate is less clear, but its 60-vote threshold means any action next year there will require bipartisan buy-in.
That is always a heavy lift in today's increasingly polarized Washington, but the housing issue provided proof of concept this year, after a major piece of legislation passed and became law despite Trump's refusal to sign it.
Signage directs people outside an early voting polling place on Oct. 28 in Minneapolis. (Stephen Maturen/Getty Images) ·Stephen Maturen via Getty Images
The coming year is likely to feature "meaningful opportunities and risks for key sectors," Stifel chief Washington policy strategist Brian Gardner wrote in a recent note to clients.
He suggested tech companies and data center operators will face challenging headlines, but "risks are low that Congress would pass heavy-handed legislation ... we expect that it would enact a light-touch framework."
He added that the healthcare sector could be in closer focus, writing "a change in power on Capitol Hill could be seen as a negative for pharmaceuticals as Democrats and the White House might agree to further regulate drug prices."
Pharmaceuticals are a prime example of this dynamic, with a high volume of campaign-trail rhetoric coming from both parties.
GOP Senate hopeful Mike Rogers of Michigan cut an ad saying "the pharmaceutical companies are ripping American families off," while Iowa Republican Ashley Hinson is pledging to "put the squeeze on Big Pharma."
A still from a campaign advertisement from Republican Mike Rogers of Michigan.
That means — regardless of whether Rogers, Hinson, or their Democratic opponents win next Tuesday — openly critical lawmakers will head to Washington amid prominent areas of bipartisan agreement on regulating drug companies.
One dramatic and notable bill, titled the Break Up Big Medicine Act, would take aim at vertical integration in the healthcare system. It is being pushed by two lawmakers who agree on little else: Republican Josh Hawley and Democrat Elizabeth Warren.
Calls to rein in data centers that 'could plausibly spook markets'
Data centers are another issue that has unified many in both parties.
There is a range of calls for action — from a moratorium on new construction to new taxes on these companies — with Republican candidates in high-profile Senate races making notable pivots.
Republican Sen. Jon Husted of Ohio is in the midst of a close reelection campaign and has been pushing a bill that would require companies to pay for the energy infrastructure needed to support new data centers.
Sen. Jon Husted, an Ohio Republican, speaks as President Trump looks on during a midterm campaign rally in Chillicothe, Ohio, on Oct. 28. (Kent Nishimura/AFP via Getty Images) ·KENT NISHIMURA via Getty Images
The question of government action on data centers is also extending to races for governor, with states able to enact their own restrictions.
Henrietta Treyz and Dan McCarthy of Veda Partners wrote in a recent note to clients that "the 2026 gubernatorial elections could materially change the regulatory outlook for planned data center projects in several states."
Perhaps the race most in focus is Texas's governor's race between Republican incumbent Greg Abbott and Democratic challenger Gina Hinojosa.
"The one surprise that we think could plausibly spook markets is Abbott losing the TX gubernatorial election," Tobin Marcus of Wolfe Research wrote in his own analysis. Texas "is the one state with enough scale and enough difference between the candidates that it could make a real difference."
More action on housing
The role of large private equity firms in the housing market has remained a prominent campaign trail topic even after the passage this summer of the 21st Century ROAD to Housing Act. The law aims to encourage more homebuilding and expand financing options, while restricting large corporate investors from buying single-family homes.
It passed the House and Senate by broad bipartisan margins in late June and then became law after a 10-day waiting period after Trump withdrew his support but declined to veto it.
Warren was a key champion of that bill, as were Republicans, including House Financial Services Chair French Hill.
Sen. Elizabeth Warren campaigns in Traverse City, Mich., with Democratic Senate candidate Abdul El-Sayed. (Chip Somodevilla/Getty Images) ·Chip Somodevilla via Getty Images
Hill is currently running for reelection, focusing on his work to "keep Wall Street from buying up our neighborhoods."
For her part, Warren has a path to ascendancy as a potential power broker amid the shifting business climate, spearheading compromises between Democrats and populist Republicans.
Her profile would be further elevated if Democrats take control of the Senate. The Massachusetts senator is in line to lead the Senate's banking committee.
This story has been updated.
Ben Werschkul is a Washington correspondent for Yahoo Finance.
