Insights: Policy

ACA/PY27 Individual Market Regulations

CMS issued the “HHS Notice of Benefit and Payment Parameters for 2027” final rule, which sets standards for ACA Exchanges, QHP issuers, agents, brokers, web brokers, risk adjustment, user fees, and related individual-market policies. The final rule also implements certain provisions of the Working Families Tax Cut legislation, which CMS uses as...

Drug Pricing (IRA)

The Supreme Court (SCOTUS) declined to hear several drugmakers’ challenges to the IRA’s Medicare Drug Price Negotiation Program, leaving in place lower-court decisions that rejected those challenges and allowing CMS to continue implementing negotiated Medicare drug prices.

Medicaid Payments (OBBBA, State-Directed/Supplemental Payments)

CMS released a proposed rule that, in part, implements the provisions of the One Big Beautiful Bill Act (OBBBA), limiting Medicaid managed care state-directed payments (SDPs) for inpatient hospital, outpatient hospital, nursing facility, and qualified practitioner services at academic medical centers. Notably, the proposed rule goes further on...

Trump’s Threats to Leave USMCA

President Trump has indicated that he would be open to leaving the USMCA if the coming review goes poorly. Any party to the USMCA is allowed to leave the agreement six months after sending written notice to the other parties. If Congress allows Trump to leave, tariff levels on Canadian and Mexican goods would revert to the Most Favored Nation...

USMCA Negotiations

In anticipation of the coming mandatory USMCA review in July, USTR Greer will travel to Mexico for the first official bilateral USMCA negotiation on 5/25. Greer has insisted that the coming 7/1 trilateral USMCA review should result in tighter rules of origin for autos and strengthen enforcement on Mexican energy industry practices.

Crypto Market Structure/CLARITY Act

Crypto market structure legislation (the CLARITY Act) passed in the Senate Banking Committee (SBC) yesterday, with the support of all Republicans and two Democrats (Sens. Gallego (D-AZ), Alsobrooks (D-MD)). Gallego and Alsobrooks signaled that their support on the Senate floor is contingent on the addition of an ethics provision to the bill....