A $75 billion 'Reconciliation 2.0' bill is advancing to fund the Department of Homeland Security, strategically removing a key leverage point for Democrats for the remainder of the administration.
The Department of Justice has rescheduled FDA-approved, state-licensed marijuana to Schedule 3, providing 280E tax relief for medicinal cannabis companies but maintaining legal ambiguity that will likely keep banks out of the sector.
Kevin Warsh's nomination for Federal Reserve Chair is expected to advance, with analysis suggesting current Chair Jerome Powell would likely remain as a Fed Governor, creating a unique dynamic at the central bank.
Tension is growing between major banks and regulators over the Basel III endgame rules, with a key House hearing set to highlight industry pushback against new capital requirements.
12 quotes
Concerns Raised
Persistent legal and banking ambiguity for the cannabis industry despite rescheduling.
Potential for partisan 'votarama' votes to complicate the passage of the Reconciliation 2.0 bill.
Ongoing tension between banks and regulators over Basel III endgame rules could create uncertainty for the financial sector.
Opportunities Identified
Medicinal cannabis companies are now eligible for significant 280E tax relief.
A new $500-$550 billion highway authorization bill will create opportunities in the infrastructure and industrials sectors.
Multi-year funding for the Department of Homeland Security provides budget certainty for contractors and related industries.