Insights: Policy

Energy, Financials, Healthcare, Macro, Miscellaneous, Tech / Media / Telecom

Election Outlook

Our bottom-line view is that it’s likely (75%) that Democrats gain a House majority and marginally unlikely (<50%) that they gain a Senate majority. The macro political environment is very negative for Republicans, with President Trump’s approval rating having dropped below 40% for the first time, perception of the economy at historic lows, and...

Fertilizer/Iran

Driven by the conflict in Iran, global fertilizer prices are expected to rise by 31% in 2026, putting many farmers in a precarious financial position. Judging from the visibility of the reaction in Congress and the administration, fertilizer prices are among the most central areas of economic dislocation on which policy makers are focused. This...

ROAD to Housing Act (Housing Supply)

As noted earlier in the month, House Financial Services Committee (HFSC) Chair Hill (R-AK) and Ranking Member Waters (D-CA) are developing a modified version of the Senate-passed ROAD to Housing Act, the Senate’s housing supply bill. The homebuilding industry as well as other housing industry and advocacy groups have visibly raised concerns about...

CLARITY Act (Crypto Market Structure), Stablecoin Yield

Senate Banking Committee (SBC) Chair Scott (R-SC) has indicated that Republicans on the committee are close to fully unified in their support of the CLARITY Act, which provides a comprehensive regulatory framework for the crypto ecosystem. He said his goal is for the committee to vote on the bill in May and hopes the full Senate will take it up...

Medical Devices/Medicare (RAPID)

CMS and the FDA have announced a new coverage pathway – known as the Regulatory Alignment for Predictable and Immediate Device (RAPID) pathway – designed to expedite access to certain Class II and Class III “Breakthrough Devices” for Medicare beneficiaries.

Drug Pricing/Most-Favored-Nation (MFN)

Senate Republicans are advancing reconciliation (partisan) legislation that would provide FY27 funding for U.S. Immigration and Customs Enforcement (ICE) and U.S. Customs and Border Protection (CBP). During the amendment votes on that bill, Senate Democrats forced Republicans to vote on two drug pricing proposals: one to codify...