Insights: Clients

Financials, Mergers & Acquisitions

Capital One/Discover

Going into the end of last week, it appeared that the Capital One/Discover deal would be subject to the more permissive bank M&A regulatory framework that we expect the Trump administration to pursue in the coming years. In fact, the CFPB dropped its lawsuit against Capital One, which suggested the Trump administration was inclined to look at the...

Last week, the FDIC voted to overturn the bank merger guidelines issued last year under the Biden administration and to revert to the prior standards. Separately, Senate Republicans are reportedly planning to soon vote on a Congressional Review Act (CRA) resolution that would terminate the OCC’s bank merger guidelines, which were also finalized...

Tech / Media / Telecom

Rural Broadband (BEAD)

Secretary of Commerce Lutnick this week announced that he is undertaking a review of the BEAD program that is intended to eliminate requirements that have slowed distribution of the program's funds and that he will be shifting the priority of the program to be “technology neutral” and fund projects that deliver access at the “lowest cost.”...

Macro, Tech / Media / Telecom

CHIPS Act & Semiconductor Tax Credits

During President Trump’s speech to Congress this week, he was highly critical of the CHIPS Act and said Congress should get rid of it and whatever funding is left over. He implied that the funding hasn’t had an impact on investment/jobs in the U.S. and contrasted it with tariffs, which he suggested has caused firms like TSMC to make substantial...

Mergers & Acquisitions

Schlumberger/ChampionX

While we continue to expect the proposed merger will close, recent developments raise some concern that deal consummation is at risk and could be delayed past early-Q2. Recent feedback from industry participants (who are not involved in the merger) suggests the NCA’s concerns with the deal’s impact on the North Sea production chemicals market may...

HHS Rulemaking Process

Late last week, the Department of Health & Human Services (HHS) rescinded a 1970’s memo, referred to as the “Richardson Waiver,” under which the agency agreed to (1) follow the notice-and-comment rulemaking process for rules related to “agency management or personnel or to public property, loans, grants, benefits, or contracts” and (2) sparingly...