Insights: Policy

Bank Capital/Liquidity (SLR)

Multiple press reports (stories here and here) indicate that the Trump administration is potentially within weeks of issuing revisions to the Supplementary Leverage Ratio (SLR). This is consistent with Secretary Bessent’s recent comments that implied SLR changes are on a fairly fast track, whereas Basel III/other capital reforms are not in as...

Tariff Litigation

The Court of International Trade (CIT) held oral arguments in VOS Selections v. Trump, a lawsuit challenging the administration's authority to unilaterally issue tariffs under the International Emergency Economic Powers Act (IEEPA). The CIT is currently weighing whether to impose a preliminary injunction on the continued implementation of those...

Tariff Litigation

The Court of International Trade (CIT) held oral arguments in VOS Selections v. Trump, a lawsuit challenging the administration's authority to unilaterally issue tariffs under the International Emergency Economic Powers Act (IEEPA). The CIT is currently weighing whether to impose a preliminary injunction on the continued implementation of those...

House Republicans will take the final and most politically complex votes on their reconciliation bill later today in the Ways and Means (W&M) Committee (TCJA, IRA clean energy credits, other tax provisions), Energy and Commerce (E&C) Committee (Medicaid, ACA, energy spending, spectrum provisions), and Agriculture Committee (food stamps/SNAP)....

Medicare Physician Reimbursement

Included in the House Energy & Commerce (E&C) Committee’s section of the reconciliation bill are reforms to reimbursements under the Medicare Part B Physician Fee Schedule (PFS). Notably, the bill does not include temporary relief from the -2.93% conversion factor cut in effect for CY25. However, the bill does include long-term reforms to PFS...

Pharmacy Benefit Managers (PBMs)

Republicans on the House Energy & Commerce (E&C) Committee have included as part of their section of the reconciliation bill various reforms regarding PBMs. Specifically, those include (1) a ban on spread pricing in the Medicaid program, (2) a prohibition on PBM compensation being based on a drug’s list price in the Medicare Part D program (so...