Insights: Clients

Bank Capital/Liquidity

Secretary Bessent gave a speech this week in which he indicated Treasury plans to play a central role in re-shaping financial regulation. He outlined his views generally and signaled direction on a number of issues, including Basel III, SLR, and stress tests/SCB. Bessent’s speech builds on Trump’s comment that, “The Fed has done a terrible job...

House Republicans are this week attempting to adopt the version of the budget resolution passed by the Senate last week, which sets the basic deficit parameters of the subsequent “reconciliation” (tax/spending) bill they will enact on a partisan basis. Their attempts to do so have been delayed by objections from conservatives who have concerns...

Recent/upcoming developments… In recent weeks, HHS Secretary Kennedy has made a variety of statements pressuring states to consider banning the purchase of “soda” with SNAP benefits. Republican-led states appear to be heeding those calls, with WV Governor Morrisey indicating his state would seek USDA approval of such a ban and the ID legislature...

Skilled Nursing Facilities (SNFs)

Recent/upcoming developments… Judge Kacsmaryk of the District Court for Northern Texas has struck down the most impactful components of the Biden-era SNF minimum staffing rule (the staffing quotas/minimum hours). * As previously noted, last April CMS finalized its SNF minimum staffing rule, which will require SNFs participating in Medicare and...

GLP-1 Drugs/Obesity

CMS has decided not to finalize a Biden-era proposal to formally recognize obesity as a chronic disease and reinterpret the Medicare statute to allow Part D coverage of anti-obesity medications prescribed solely for treating obesity (i.e., weight-loss).

Medicare Advantage (CY26 Rates)

CMS has released the CY26 Medicare Advantage (MA) Final Rule (also known as the Part II rule, which addresses payment issues). Under the rule, CMS asserts that aggregate plan payments will increase next year by a projected 5.06% or $25b over FY25.