Insights: Policy

Congressional Leadership (Senate HELP)

Senate HELP Committee Chair Cassidy (R-LA) lost his primary, finishing third behind Trump-backed Rep. Letlow (44%) and State Treasurer Fleming (28%). Cassidy remains Senate HELP Chair through this year, but the committee will have new leadership in the next Congressional session starting in January 2027.

Medicare Physician Payments

The House Ways & Means (W&M) Committee voted unanimously (44-0) to approve H.R. 8163, the Provider Reimbursement Stability Act of 2026, which would revise Medicare Physician Fee Schedule (PFS) budget-neutrality rules.

Balance Billing/IDR

HHS issued the final rule on Federal Independent Dispute Resolution (IDR) Operations. The rule focuses on the mechanics of the No Surprises Act’s (NSA) federal independent dispute resolution process rather than the underlying standard for out-of-network payment.

Defense Spending (FY27 Funding, Reconciliation, Iran Supplemental)

The House Armed Services Committee (HASC) released its annual defense policy bill, which authorizes ~$1,071b in baseline defense spending, which is consistent with the level requested by the White House. This figure represents a 9% increase over the current level of spending if one considers “current" to mean the FY26 defense appropriations and...

Iran War/Domestic Politics

Congressional Republicans are showing discontent about President Trump’s handling of the Iran war in two somewhat contradictory ways. Hawks are concerned that he is going to cut a deal that is too weak, thereby leaving Iran with too much influence over the Strait of Hormuz and not sufficiently addressing its nuclear program. This was reflected...

Brokered Deposits/Small Bank Reforms

The House yesterday passed housing legislation (the ROAD to Housing Act) on a strong bipartisan basis (396-13) which contains a number of ancillary provisions, including a number that provide small banks with more flexibility to accept brokered deposits, as well as other small bank reforms.