Insights: Clients

IEEPA Litigation

In a 7-4 decision, the Court of Appeals for the Federal Circuit upheld a decision from the U.S. Court of International Trade (CIT) blocking President Trump’s imposition of tariffs under the International Emergency Economic Powers Act (IEEPA). The decision (involving two cases, V.O.S. Selections v. U.S. and Oregon v. U.S.). The Federal Circuit...

As we’ve previously noted, there is some interest among Republicans in passing another reconciliation bill or two (i.e., tax/mandatory spending (entitlements) bill that can be passed on a partisan basis). They have two procedural opportunities to do so in the coming year - under the FY26 and FY27 budget resolutions.

FY26 Appropriations

Congress is in the midst of passing appropriations legislation to sustain government funding (i.e., grants/loans/programs, not entitlements) beyond its current expiration at the end of FY25 on 9/30. House Republicans are pursuing a partisan approach to cutting non-defense spending levels (by ~6% on average) and flat for defense, while the Senate...

Federal Reserve Board

Activity surrounding President Trump’s reshaping of the Fed Board significantly accelerated this week with his effort to fire Fed Board Governor Cook, his comments suggesting he will try to quickly replace her, and additional signs emerging that Republicans are moving to quickly confirm Stephen Miran, Trump’s nominee to fill the seat vacated...

Crypto Market Structure, Stablecoins

Senate activity is intensifying regarding crypto market structure legislation, with a group of Republicans led by Sen. Lummis (R-WY) and Banking Committee Chair Scott (R-SC) releasing a discussion draft and working on building bipartisan support among the committee's membership. Scott reportedly intends for the committee to consider the bill in...

Mergers & Acquisitions

The companies are due to file HSR by August 29. We do not expect HNI/Steelcase will receive a second request from the FTC or DOJ, but we do observe material risk of such an outcome.