Insights: Policy

Government Shutdown

Temporary appropriations (funding) for the government runs out at the end of this week (1/31), and if Congress does not pass the remaining FY26 funding bills, 90% of the government will shut down (though emergency operations will remain open, as occurred during last fall’s shutdown). Congress was moving in a rapid and bipartisan fashion over the...

Trump Housing Agenda

Secretary Bessent, FHFA Director Pulte and other administration officials had been setting expectations that President Trump’s housing agenda would be announced in/around his speech in Davos this week. His speech referenced his previously announced call for the GSEs to purchase $200b in MBS and his proposed “ban” on institutional investors owning...

Crypto Market Structure/Stablecoins

In the wake of the Senate Banking Committee (SBC) delaying its planned mark-up (i.e., consideration) of crypto market structure legislation (i.e., the CLARITY Act) last week, we have seen numerous key players (e.g., Chairman Scott (R-SC), Sen. Warner (D-VA), Sen. Tillis (R-NC)) all express optimism that negotiations will continue. However, it...

Fed/Supreme Court/Cook

The Supreme Court (SCOTUS) yesterday held oral arguments in Trump v. Cook, which as you may recall, is an emergency dispute over whether President Trump can remove Federal Reserve Governor Lisa Cook “for cause” now (based on allegations of mortgage fraud), or whether she must remain in office while the legality of her removal is litigated. As a...

Defense Industry Compensation/Capital Distributions

President Trump earlier this month issued an executive order (EO) that would cap executive pay for defense contractors and limit dividends and stock buybacks. Trump said the EO is designed to address “how slowly these Companies are delivering vital Equipment to our Military, and our Allies.” It is notable that key Congressional players on...

Defense Spending

Bipartisan leaders of House and Senate Appropriations Committees unveiled their FY26 defense appropriations bill this week, which allocates $839.2b for the Pentagon, ~$10b more than the White House requested. The House is planning to pass the bill tomorrow and the Senate will do so next week, ahead of the 1/31 date at which temporary funding...