Steve Rauschenberger (born August 29, 1956) is an American politician who served as a Republican member of the Illinois State Senate from 1993 to 2007.

Steve Rauschenberger was born on August 29, 1956, in Elgin as one of six children to John Rauschenberger, a member of the Illinois Republican State Central Committee, and Shirley Rauschenberger. He attended Elgin Area School District U46 public schools and was a National Merit Finalist in high school. In 1978, he earned a bachelor's degree in business administration from College of William & Mary in Virginia. In 1980, he purchased his family's business, Rauschenberger Furniture Co., and went on in 1985 to buy Ackemann Brothers Corp., of which he is currently president and general manager. He became active with his children in Boy Scouts and served as a member of the Elgin Downtown Advisory Commission.

In 1991, Republican Senator John Friedland chose not to run for re-election in the 33rd district. At that time, the 33rd included Streamwood and Bartlett in Cook County, Elgin, South Elgin, West Dundee, East Dundee, Carpentersville, Maple Park, Hampshire, Burlington, Sugar Grove and Campton Township in Kane County and Hinckley in DeKalb County. Rauschenberger ran for the seat, citing a change in the tax code that cost retailers millions by forcing them to change their accounting practices. In an upset, Rauschenberger defeated State Representative James Kirkland in the March primary. In May, businessman and lawyer Thom McNamee became the Democratic nominee. Rauschenberger ran on a platform of privatization of government services, opposition to tax hikes, an increase in earned income tax credits, opposition to the proposed Fox Valley Freeway and restoring the state's financial health.

During his early years in the Senate, he was a member of a group dubbed the "Fab Five." The group was made up of conservative state senators elected in 1992 who were anti-tax, pro-balanced budget and often challenged the Republican leadership of Senate President Pate Philip and Governor Jim Edgar. The group's other four members were, Peter Fitzgerald, Dave Syverson, Patrick O'Malley and Chris Lauzen. As a result of the group's clout Rauschenberger became chair of the influential Appropriations Committee during his first term. As Chairman of the Appropriations Committee, Senator Rauschenberger negotiated the multibillion-dollar state budget. He also served as the Senate negotiator for KidCare, the state health insurance program for children in low-income, working families.

During the 2001 redistricting process, Rauschenberger was drawn into the 22nd legislative district which included much of his old territory in Elgin, Dundee and Hanover townships and added Schaumburg Township. He won re-election in the new district with 56% of the vote. In 2003, when the Democratic Party took a majority in the Illinois Senate, he lost his chairmanship of the appropriations committee, but was appointed to be an Assistant Republican Leader under Frank Watson. He also served as Minority Spokesman on the Joint Task Force on Immigrants and Refugees

In the Senate, Rauschenberger's legislative agenda including supporting statewide tax caps, increasing the income tax exemption, enacting "pro-life" policies and balancing the budget. He also received high ratings from the Illinois Federation of Independent Business during his tenure.

During his time in the Illinois Senate, Rauschenberger was active with the National Conference of State Legislatures including serving as co-chair of the Taskforce on Telecommunications and Electronic Commerce, an executive board member and Vice President. In 2006, he was elected President of the NCSL. He was also active in the Republican Party serving as the Hanover Township Republican Committeeman from 1994-2002 and as President of the John Ericsson Republican League, a Swedish American Republican organization.

In May 2003, Jim Edgar announced that he would not seek the US Senate seat being vacated by retiring US Senator Peter Fitzgerald. Rauschenberger was one of the many people speculated who could run for the seat. On September 23, 2003, Rauschenberger announced his candidacy for the Republican nomination for U.S. Senate. Despite being heavily out matched in fundraising, he rode a late surge fueled by sweeping editorial endorsements, including the Chicago Tribune to finish third in the March 16, 2004 Illinois U.S. Senate Republican primary election that was won by Jack Ryan.