Balance of Power

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The White House said it has asked US Ambassador to Greece Kimberly Guilfoyle to resign from her post following allegations of unethical conduct.

President Donald Trump, speaking to reporters on Tuesday, indicated that she would be leaving.

“I didn’t speak to her, no — but she will not be there. I didn’t like what I read,” Trump said. White House Press Secretary Katie Zacharia told reporters earlier she had been asked to resign.

Guilfoyle, a Trump appointee, came under scrutiny in a series of reports by the Wall Street Journal alleging she solicited or accepted money, travel and other benefits from private individuals while using — or offering to use — her access to US officials and her diplomatic position to advance their interests.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump’s deal with Moscow on its diesel exports and his praise for Vladimir Putin are just the latest in a string of Russia-related news that has sparked public criticisms from Republicans weeks ahead of a midterm election that increasingly favors Democrats. 

Trump has said he is working with the Russian president to release the country’s diesel supplies into global markets, upending years of sanctions in a bid to ease fuel prices before the Nov. 3 elections. The move has prompted European officials to warn that increasing Russia’s diesel sales will boost Moscow’s war effort in Ukraine.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump is establishing a committee to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook and is forcing her to appear at a White House hearing to defend herself, a dramatic escalation in his efforts to oust her from her role.

The White House shared a memorandum dated Wednesday from Trump to establish the committee.

“As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law,” Trump said in the memo. He said the committee would investigate whether there is “cause” for Cook’s removal following a Supreme Court decision in June that allowed her to remain in her role while she fought an earlier attempt to fire her.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said the US would not attack Iran ahead of November’s midterm elections, citing what he said were “productive discussions” with the Islamic Republic.

“We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd,” Trump said in a social media post Thursday.

The president’s comments amounted to an unusual blending of US national security issues and domestic politics. And his decision to lay off new strikes comes despite Iran ramping up attacks on tankers in the Strait of Hormuz, Tehran-backed militants in Yemen attacking energy facilities in Saudi Arabia and the president’s decision to move US bombers from a base in the United Kingdom because of possible Iran-linked threats.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Texas Governor Greg Abbott is planning to skip a political rally in San Antonio headlined by President Donald Trump, declining a chance to appear with the country’s highest-profile Republican as his reelection bid faces a surprisingly strong challenge from Democrat Gina Hinojosa. 

Abbott, a longtime Trump ally and GOP stalwart, will instead hold campaign events in Jasper, a city of about 7,500 near the Louisiana border, and College Station, where he will appear at a barbecue described by its organizers as having a maximum capacity of 250. The barbecue will start around the same time as the Trump rally.

“I already have events scheduled that day and will not be able to make it,” Abbott told reporters Monday.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Republicans are bolstering US Senator Darline Graham’s campaign for a full term amid increasing concern that the race in South Carolina, traditionally a conservative stronghold, is tightening ahead of the Nov. 3 election. 

Some in the party are worried that the state of the contest, for a seat that her late brother Lindsey Graham held for more than two decades, is in jeopardy, according to people familiar with the situation.  

The Senate Leadership Fund, a Republican super PAC, is shifting $5 million to the race to support Graham, according to another person familiar with the matter. Two people who asked not to be identified downplayed the move — reported earlier by Axios — as more of a precautionary measure, meant to ensure Republicans are not taking South Carolina for granted. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

A look at the final actions of the Senate -- including releasing a bipartisan energy permitting bill -- as well as looking at regulatory rulemakings geared towards enhancing institutional adoption of the crypto sector led Bloomberg Intelligence's Washington Policy Pulse on Oct. 5. The energy bill aims to speed up permitting reviews for new infrastructure projects, including making data centers pay for their transmission costs, will likely see a vote in the forthcoming lame-duck period in November.

We also looked at the SEC's most recent proposals related to accredited investor and crypto custody and how the SEC plans to finalize them in 2027. The accredited investor proposal probably won't lead to a material increase in new growth for alternative asset managers. Finally, we previewed a Trump action on farm aid, which we think will be tied to cutting diesel costs. Yet we caution most federal actions over lowering the price of diesel are limited in scope.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump is preparing to ease limits restricting the use of a tax-exempt variety of diesel, his latest bid to pare costs for the essential fuel ahead of the November midterm elections.
 
The Trump administration is expected to unveil the plan targeting so-called red dyed diesel on Monday, according to people familiar with the matter, who asked not to be named before a public announcement. 

The plan effectively would allow more widespread use of red or dyed diesel, which is generally available for off-road purposes, such as in farm and construction equipment.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump predicted that Democrats would impeach him for a third time if they retake control of Congress, seeking to boost voter enthusiasm for Republican candidates amid broad public dissatisfaction with his leadership. 

Trump spoke Thursday during a campaign swing through Texas and Oklahoma, states which he carried handily in his three presidential campaigns but are now home to competitive Senate and gubernatorial races, highlighting the GOP’s peril in the November midterm elections. The president plans to hold a rally Friday in Alabama, another deep-red state.

“Pretend I’m running, please, because I am on the ballot. And if we don’t win, they’ll end up impeaching me,” the president said during a rally in the Oklahoma city of Durant. “They’re going to ruin our nation if they’re allowed to get back into office.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Donald Trump is embarking on a travel blitz aimed at shoring up struggling Republicans in states he won two years ago, as the president’s mood darkens about his party’s prospects in the November midterm elections. 

In the coming days, Trump plans to appear in Texas, Oklahoma, Ohio and Nebraska, GOP strongholds where a visit could deliver a jolt of energy to his base. But the choice of destinations points to a cold reality for Trump: a presidential appearance on behalf of office-seekers in competitive states might hurt more than it helps. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Federal Reserve’s internal watchdog found no evidence of criminal wrongdoing in the central bank’s renovation of its Washington headquarters, a $2.4 billion project that became a flashpoint between the Fed and the Trump administration as the president pushed for lower interest rates last year.

The findings came in a report released Wednesday by the Office of Inspector General that identified a series of missteps that led to surging costs for the renovation from an initially budgeted $1.3 billion in 2020.

“At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the US Attorney General in accordance with the Inspector General Act,” the OIG said. “Further, while our report outlines deficiencies in the management of the renovation project, resulting in our recommended corrective actions in accordance with the Inspector General Act, we did not identify administrative misconduct during our evaluation.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump shot down the idea of new federal regulations on artificial intelligence after meeting at the White House with top industry executives amid growing global concerns over threats posed by the technology.

Speaking Tuesday after a luncheon with nearly two dozen Silicon Valley leaders, including Anthropic PBC Chief Executive Officer Dario Amodei and Nvidia Corp. CEO Jensen Huang, Trump said existing laws would be enough to safeguard Americans from AI’s potential risks. 

“There’s a belief that there should be tremendous self-regulation, and we automatically have regulation with the Department of Justice, the FBI, all of that, but the self-regulation is very important,” the president told reporters in a brief appearance with his guests. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Global anxiety over artificial intelligence risks has intensified following fresh disclosures about a far wider range of breaches by advanced AI models, setting the stage for a high-stakes meeting between Anthropic PBC Chief Executive Officer Dario Amodei and President Donald Trump.

Amodei and Trump met on Sunday night, according to a White House official, bringing together two men at opposite ends of the AI safety debate. The meeting marked their first private sit-down after months of rocky relations between the Anthropic chief and the administration over safety-related issues involving the company’s AI tools.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said he would meet again with Chinese leader Xi Jinping in November, following what he said was a successful summit in Washington.

“We will be meeting again in November, in China, and then at the G20 in December, in Miami, Florida. Much has been, and will be, accomplished,” Trump said in a social media post Friday.

Trump’s comments followed a summit in Washington with Xi that was seemingly light on concrete policy outcomes. Earlier Friday, US Trade Representative Jamieson Greer said the US would announce agreements with China on trade in non-sensitive goods, which could be made public as soon as Monday. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Donald Trump and Xi Jinping addressed their intense competition over artificial intelligence on Thursday during a summit aimed at keeping ties between the world’s largest economies on track. 

How the leaders are handling AI is one of the key questions looming over the state visit, with the US president arguing for unfettered development to keep his nation’s edge. China, meanwhile, has criticized American export controls on semiconductors and other inputs that it argues constrains its companies.

Trump said the two men would discuss issues related to security, technology and AI. “If we focus on our common interests, I’m confident there is much we can achieve throughout history,” he said during remarks in the Grand Foyer of the White House. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Xi Jinping and Donald Trump will sit down this week to hash out a plethora of thorny issues from trade to Taiwan. One thing both sides agree on: neither can afford to tap the brakes on AI.

While Silicon Valley debates the possibility of artificial intelligence wiping out humanity, Washington and Beijing appear more worried about global technological supremacy. The two countries have signaled no intention to slow down AI development — a debate that flared anew after Anthropic PBC co-founder Dario Amodei warned of the dangers of unbridled progress in a 3,800-word communique.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said US officials had a “very good” meeting with Iranian envoys in New York, reviving fragile hopes for a new diplomatic off-ramp hours after he again threatened to annihilate the country.

Trump said the three-hour meeting — held on the sidelines of the UN General Assembly meeting — was “very productive” and that another was being planned for the near future. Iran has yet to comment on the meeting or say who attended.

Trump later said his special envoys Steve Witkoff and Jared Kushner had participated in the meeting. The pair had led negotiations with Iran that preceded the US and Israeli military campaign that began in late February and has roiled the Middle East, as well as global energy markets.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

A preview of the meeting between President Donald Trump and Chinese President Xi Jinping led Bloomberg Intelligence's Washington Policy Pulse for Sept. 21. Topics that could be discussed at the summit include artificial intelligence regulations, tariffs, the conflict with Iran and the likelihood of Chinese automobiles in the the US market. We also discussed the future of AI regulations in the US, where legislation and regulatory views seem to differ, allowing states to take their place. We also reviewed a speech from the Fed Vice Chair for Supervision on the future of rulemakings related for stress testing and bank capital.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade and investment, signaling a mutual desire to steady ties ahead of this week’s summit between leaders Donald Trump and Xi Jinping.

China’s top trade negotiator, Li Chenggang, said the talks were held in a “good atmosphere” as he left JPMorgan Chase & Co.’s headquarters in New York on Sunday, while US Treasury Secretary Scott Bessent lauded “very successful” discussions. China’s official Xinhua News Agency called the exchange “candid, in-depth and constructive.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

California Gov. Gavin Newsom said artificial intelligence systems will face a slew of new safety and security standards as he pushes for leading companies to develop an AI “kill switch.”

Newsom cited recent incidents at major AI labs OpenAI and Anthropic that have led researchers to sound alarms on the potential catastrophic consequences of the unchecked development of the technology. Newsom, a likely presidential contender for 2028, particularly blamed Congress and President Donald Trump for inaction on the issue.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump visited North Carolina in his first campaign stop since the GOP’s Dallas midterm convention, seeking to boost Republican Senate candidate Michael Whatley, who is trailing Democrat Roy Cooper in the polls.

The race in North Carolina could be critical to determining which party controls the Senate, and the president’s rally at an airfield in Gastonia, outside Charlotte, offered a sign of the deep concern within GOP ranks over their prospects for holding onto the chamber.

“A vote for Roy Cooper is a vote to give control of the US Senate,” Trump said Wednesday, casting the race as having stakes far beyond the state. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

US midterm elections were already shaping up to be a key risk for AI-related stocks amid a backlash against data centers. But with a growing number of lawmakers from both parties sounding the alarm on the need for AI safety regulations, the stakes have only gotten higher.

Optimism about AI has powered the stock-market rally for the better part of four years amid soaring spending on computing infrastructure. That trade, however, is on shaky ground after Anthropic PBC and OpenAI both pledged to slow development of their most advanced models following a series of warnings from within the industry about its ability to control the technology. 

The Philadelphia Stock Exchange Semiconductor Index, better known as the SOX, tumbled nearly 6% on Monday, its worst day in more than two months. Former President Barack Obama called for AI policy to be “at the center of our public debate,” in a statement Monday evening. Meanwhile, senators including John Thune, Ted Cruz, Bernie Sanders and Amy Klobuchar have all proposed a range of policy measures aimed at addressing AI safety concerns.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump’s opposition to guardrails on artificial intelligence puts him at odds with a growing number of lawmakers from both parties, with AI safety fears adding to voters’ misgivings about the technology heading into the midterm elections.

In a rapid-fire series of social media posts, Trump on Monday belittled a push led by Anthropic PBC and OpenAI to slow work on cutting-edge systems, invoking bombastic language to dismiss existential fears about AI as “a hoax.” Later in the day, he made an impromptu call to Nvidia Corp. Chief Executive Officer Jensen Huang, who was onstage at a technology conference and put their conversation on speakerphone.

“The robots will not be taking over. AI will not be taking over the rest of the world,” Trump told Huang, who was a featured guest at the All-In summit in Los Angeles. “We have to do things, and we have to do them prudently, but that doesn’t mean we’re going to stop an industry.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump attacked Anthropic PBC Chief Executive Officer Dario Amodei for urging a slowdown in artificial intelligence development, intensifying his opposition to new guardrails for the technology.

In a Monday social media post, Trump blamed a “SICK conspiracy” for voter backlash on AI data centers and increased concern about frontier models, adding that “the only one that is happy about it is China.”

“The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. has that, in spades!” Trump posted. “We are leading China, and all others, and will continue to do so. Conspiracy Theorists, Treasonists, Traitors, and Leakers, BEWARE!”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey speaks with:

See omnystudio.com/listener for privacy information.

Bloomberg News' Ottawa Bureau Chief Brian Platt sits down with Canadian Prime Minister Mark Carney ahead of the country's first national investment summit in Toronto. Carney says he thinks it’s still possible for the US and Canada to reach a “mutually advantageous” deal that would reduce trade barriers. He notes that Canada is "ready to sit down and negotiate that and move it forward". Carney adds that he welcomed President Trump’s comments over the weekend that he believed the countries could reach an agreement fairly soon. He also discusses the need to strengthen AI guardrails and more. 

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Anthropic says its artificial intelligence model Claude has been misused in attempts to develop a wide range of military applications, including kamikaze drone swarms, missile navigation systems and research tied to potential biological weapons.Users from countries including Iran, Russia, China and Yemen are among those flagged for misusing the AI company’s frontier models in the past year, according to a report by Anthropic’s threat intelligence team on Thursday. None of the cases involved Anthropic’s most advanced models, Fable and Mythos. 

Guest hosts Christina Ruffini and David Gura deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this edition, David and Christina speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this special edition of Balance of Power, Kailey Leinz hosts from our Dallas bureau to speak with several key figures in Texas for the first of its kind midterm convention for the Republican party, headlined by two primetime speeches from President Donald Trump.

During his speech on opening night, President Donald Trump floated a dividend for American voters if his party wins the upcoming November midterm elections, promising a $5,000 payment to each US citizen adult if Republicans keep control of the House and Senate. 

On this edition, Kailey speaks with:

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US Agriculture Secretary Brooke Rollins says she is not running for Texas governor or a Senate seat for now. “That is a ‘no’ right now for sure,” Rollins said while speaking to Bloomberg Television from the Republican midterm convention in Dallas. She is attending the event in her personal capacity.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this special edition of Balance of Power, Kailey Leinz hosts from our Dallas bureau to speak with several key figures in Texas for the first of its kind midterm convention for the Republican party, headlined by two primetime speeches from President Donald Trump.

Kailey speaks with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.
Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

US job growth surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought.

Nonfarm payrolls increased 162,000 last month and July’s job losses were revised away, according to Bureau of Labor Statistics data out Friday. The August increase topped all estimates in a Bloomberg survey. The unemployment rate remained at 4.1%.

The report indicates the labor market is powering through uncertainty from the Iran war and pressure from inflation. Federal Reserve officials will likely read it as bolstering the argument for raising interest rates, though next week’s consumer price data will prove key to the central bank’s decision later this month.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US and Iran have intensified tit-for-tat military strikes in recent days, remaining locked between ceasefire and all-out war as the White House struggles to end the six-month conflict.

“Very clearly militarily, we are stalled,” Republican Representative Pat Harrigan of North Carolina, who sits on the House Armed Services Committee, said in an interview on Wednesday. “There’s no question about that.”

The latest back and forth has seen Iran hit merchant vessels, spurring the US to strike Islamic Revolutionary Guard Corps sites that were used for targeting ships in the Strait of Hormuz. That led to Iran firing missiles and drones on US bases in the region, including in Jordan, Kuwait and Bahrain.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

US Commerce Secretary Howard Lutnick lauds the benefits of artificial intelligence. Speaking with Bloomberg Balance of Power co-host Joe Mathieu at the G20 Innovation Ministerial in Chapel Hill, North Carolina, Lutnick also says Anthropic has settled differences with the Trump administration and discusses the state of US-Canada trade negotiations. Listen to the full conversation, as heard live on Bloomberg TV and Radio.

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US Energy Secretary Chris Wright discusses details of Venezuelan oil production and exports, deals signed with Chevron, ENI, and GE Vernova, and offers an update on the Strait of Hormuz. He speaks with Tyler Kendall in Caracas, Venezuela.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US launched a fresh wave of strikes against targets in Iran and the Islamic Republic said it retaliated, as the back-and-forth of fighting between the two escalated.

President Donald Trump said the US strikes were in retaliation for Iran trying to put mines in the Strait of Hormuz and for an earlier attack on a military base in Jordan. He warned of more attacks to come if Tehran responded.

Within hours, Iran said its forces had launched a “decisive operation” against US bases in the region, the semi-official Tasnim news agency reported. The Islamic Revolutionary Guard Corps said the new fighting “only tightened the lock on the Strait of Hormuz,” IRIB reported.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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With the House of Representatives returning to Washington after August recess, the likelihood of a government shutdown -- only 20% in our view -- led Bloomberg Intelligence's Aug. 31 Washington Policy Pulse. The House will most likely embrace a Senate deal that extends the government funding until Dec. 11 before leaving town to further campaign ahead of the midterm elections. A potential vote on a separate measure on a Russian sanctions package will likely be pushed back until after the election.

We also discussed President Donald Trump's announcement of a deal in Venezuela to have the US take a stake in Venezuela's oil fields. Analysis from BI's energy team suggest that while Chevron may embrace the deal, ConocoPhillips and ExxonMobil may be more hesitant. We also previewed a forthcoming meeting with energy executives at the White House on Sept. 2.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

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House members return to Capitol Hill after a monthlong break with a crowded docket and just 16 days in session to complete it before the November midterm elections.

A planned vote to avoid a fall government shutdown is atop their to-do list, and continued GOP hopes of a third party-line budget package loom over other legislative priorities lawmakers want to pass and campaign on in their districts.

House leaders have to contend with delays in progress due to the Senate being in recess until Sept. 14 and several high-profile legislative packages involving cryptocurrency and college sports stalled in that chamber.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Federal Reserve Chairman Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers must be confident that it is, otherwise the central bank has “work to do.” 

In a sweeping speech, his first since becoming chairman of the central bank in May, Warsh reiterated that policymakers will return inflation to their 2% goal, which he said is a firm and fixed target. 

“Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job,” Warsh said at the Fed’s annual conference in Jackson Hole, Wyoming, on Friday.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall is in for Kailey. Joe and Tyler speak with:

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President Donald Trump announced he was moving to rename Lake Ontario as Lake America, escalating his clash with Canada after trade negotiations between the two nations collapsed.

Trump on Thursday signed a directive changing the name of the lake and said the move would take place “effective immediately.” The president previewed the move in a social media post earlier this week. The order signed by Trump said the Interior Department had 30 days to change the name in federal databases and materials.

“Canada has been ripping us off for a long time on trade,” Trump told reporters when asked what message he was sending to the US’s northern neighbor. “They want to be treated like they’re a state, and so we just can’t do that anymore.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall is in for Kailey. Joe and Tyler speak with:

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Utah Governor Spencer Cox discusses Meta’s settlement, arguing the amount should have been much higher, yet argues the more consequential result is the equitable relief requiring child accounts, age-gating, parental controls, algorithm changes, overnight restrictions and healthy pauses. Cox thinks Meta buried research showing significant harms to young users and says Utah will use the money to mitigate those harms, help struggling children, and create more opportunities for them in the real world. Cox spoke with Bloomberg's Joe Mathieu and Tyler Kendall.

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President Donald Trump’s latest trade upheaval is threatening to deepen Republicans’ peril in November’s midterm elections, saddling Senate GOP candidates with another economic headache as the party fights to hold onto its majority. 

In recent days, Trump has announced plans for tariff relief on some ground beef imports, enraging cattle producers in states such as Iowa and Nebraska, and launched a new trade war with Canada, rattling manufacturers and businesses in border states including Maine, Michigan, Alaska and Ohio. Those states are all Senate battlegrounds crucial to Democrats’ strategy to retake the chamber. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall is in for Kailey. Joe and Tyler speak with:

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Ontario Premier Doug Ford said his war of words with President Donald Trump got a little heated, but he had to "hit back." Ford says the US and Canada need a fair trade deal, but he says no deal is better than a bad deal. Ford speaks to Joe Mathieu on "Balance of Power."

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Prime Minister Mark Carney matched the new tariffs imposed by President Donald Trump and announced new support programs for Canadian businesses hurt by the escalating trade war with the country’s largest trading partner.

Canada will double its existing counter-tariffs on US steel and aluminum products to 50%. American-made milk, furniture, clothing and apparel will also have new 50% duties applied, as will video-game consoles, smartphones and other electronics. 

Overall, the retaliatory levies will affect $20 billion worth of annual US exports to Canada, roughly matching the dollar-value impact of the tariffs the White House put on Canadian products on Saturday. It’s equal to about 6% of US exports to Canada last year. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey speaks with:

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With Congress still out and the week of Aug. 24 likely light on policy developments, the Bloomberg Intelligence's Aug. 24 Washington Policy Pulse call focused the US 50% additional tariff on roughly $20 billion of Canadian imports that took effect on Aug. 22 as well as Trump's Aug. 24 remarks that forthcoming tariffs were coming for the Canadian automotive industry. Canadian Prime Minster Mark Carney has vowed to respond with dollar-for-dollar retaliatory tariffs beginning Sept. 8, which could influence Senate races in Ohio, Maine and Alaska.

Finally, we reviewed a White House meeting last week with executives from Coinbase, Intercontinental Exchange and Nasdaq and how it didn't do much to move the crypto bill known as the CLARTY Act forward. We continue to ascertain a 40% chance of passage in 2026.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.   

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

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Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

Treasury Secretary Scott Bessent threatened economic punishment against any country doing business with Iran as part of what he called an “economic D-Day” campaign to isolate the country and end nearly six months of war.President Donald Trump is calling world leaders with “specific requests to cease their interactions with the regime” and countries will face a specific timeline to shut down links with Iran or face unilateral US punishment, Bessent told a press conference.

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US President Donald Trump and Canadian Prime Minister Mark Carney expressed optimism about finalizing a tariff agreement as negotiators from both countries met in Washington for further talks. 

Trump on Wednesday declared that “we’ve come to a deal with Canada,” saying that Canadian representatives “gave us the points we had to have” on issues including market access for US agricultural products. “It’s all subject to finalization of documents,” the president told reporters at the White House. 

Meanwhile, Carney posted that the two sides are “moving towards an agreement that reinforces that Canadian advantage” and secures “the best terms in each of Canada’s most important strategic sectors,” without elaborating on the specifics.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey speaks with:

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Total US public debt surpassed $40 trillion for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide fiscal deficits.

Public debt outstanding stood at $40.05 trillion as of the close of business Tuesday, a Treasury Department release on Wednesday showed. 

The news came hours after Treasury Secretary Scott Bessent made a fresh attempt to rein in long-term borrowing costs from multi-year highs — a notable component of the growth in debt. The Treasury said it’s ramping up a buyback program for longer-dated securities, in an announcement that sent yields lower.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

US President Donald Trump and Canadian Prime Minister Mark Carney expressed optimism about finalizing a tariff agreement as negotiators from both countries met in Washington for further talks. 

Trump on Wednesday declared that “we’ve come to a deal with Canada,” saying that Canadian representatives “gave us the points we had to have” on issues including market access for US agricultural products. “It’s all subject to finalization of documents,” the president told reporters at the White House. 

Meanwhile, Carney posted that the two sides are “moving towards an agreement that reinforces that Canadian advantage” and secures “the best terms in each of Canada’s most important strategic sectors,” without elaborating on the specifics.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

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US President Donald Trump insisted Tuesday that there were no talks ongoing with Iran, leaving the simmering conflict in the Middle East and control of the Strait of Hormuz stuck in limbo.

“There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran,” Trump posted on his social media platform.

On Monday, after the memorandum of understanding that the US and Iran signed in June expired, the president said he would not extend it. The agreement had given the parties a 60-day window to negotiate a lasting peace deal. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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A preview of an upcoming meeting at the White House later this week featuring executives from Coinbase, Intercontinental Exchange, CME Group and Nasdaq -- and how it likely won't change much in terms of US crypto policy -- led Bloomberg Intelligence's Aug. 17 Washington Policy Pulse. The meeting -- ahead of a CFTC advisory committee featuring many of the same attendees instead will likely serve as a White House push to emphasize that regulatory clarity can still exist in absence of passage of congressional legislation, which we ascertain a 40% chance of passing in 2026.

We also discussed a SEC request for comment on novel ETFs and how it may speed and slow down approval times for issuers launching new ETFs that involve complex products such as crypto and event-contracts. Finally, we looked at the current Kalshi prediction market odds for the midterm elections, which show that Democrats have a 85% chance of taking the House of Representatives. The Senate remains tighter with the GOP having a 51% chance of retaining that chamber.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

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The prospects for peace in the Middle East suffered a fresh setback, with President Donald Trump saying he’s not interested in extending the expiring agreement with Iran and fighting flaring anew in Lebanon. 

Asked whether he would seek an extension of the memorandum of understanding signed in June — which technically expires Monday — Trump told reporters, “No.” That truce was meant to give Washington and Tehran a window to reach a more lasting peace deal within 60 days.

As the Iran war approaches the six-month mark and tensions over the re-opening of the Strait of Hormuz have sparked flare-ups in hostilities, both sides have said the agreement is defunct. Still, Trump insisted on Monday that the US had leverage over Iran, citing the naval blockade of Iranian ports. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. 

On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump claimed the US had “total control over the Hormuz Strait,” as Washington and Tehran hardened their positions in deadlocked negotiations over the critical waterway.

“We own it,” Trump told reporters at Joint Base Andrews outside Washington late Tuesday, an assertion Iran has dispelled via intermittent attacks on ships transiting the passage. “At some point, maybe they’ll do something, and then they get blown away.”

Trump has oscillated for months between threatening to resume attacks on Iran and expressing confidence that talks to bring an end to America’s war with the Islamic Republic are progressing. His latest comments came after Pakistan’s defense minister, Khawaja Asif, told Bloomberg in Islamabad that the two sides are “close to some sort of arrangement” over Hormuz, a key sticking point. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Moderate Democrat David Crowley defeated Democratic Socialist Francesca Hong in Wisconsin’s primary for governor, an upset in a race that had become a test of the party’s ideological direction.

Crowley had 39.8% of the vote to Hong’s 39.3%, with 99% of the expected vote counted, according to the AP. Decision Desk HQ also called the race for Crowley.

Crowley’s projected victory puts a check on recent momentum for the Democratic Party’s progressive wing, a week after Abdul El-Sayed defeated an establishment-backed candidate in Michigan’s primary for US Senate. But the close margin also showed the power of the party’s left flank, with Hong coming within reach of leading the ticket in a key battleground state.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

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Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to toughened their positions in the long-deadlocked negotiations. 

“Things are shaping up in favor of peace,” Khawaja Asif told reporters in Islamabad on Tuesday, without giving details of any breakthrough. Pakistan’s Interior Minister Mohsin Naqvi will shortly arrive in Tehran to hold talks with his Iranian counterpart, the Islamic Republic’s semi-official Fars agency reported. 

Talks between Iran and Oman about reopening Hormuz to some maritime shipping have reached an advanced stage, Al Jazeera reported earlier, citing a Qatari Foreign Ministry spokesperson. Pakistan has been mediating the conflict, alongside Qatar.   

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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With Congress now in August recess, President Donald Trump and Congress have a long list of items that may see action before the midterm elections. Yet with only a handful of days in September when both chambers are in action, many of the initiatives could prove to be no more than headline risks and opportunities for companies and sectors.

On Bloomberg Intelligence's August 10 Washington Policy Pulse, we discussed how a Senate continuing resolution to keep the government open until Dec. 11 -- which includes an extension of the Highway Authorization bill -- will likely be adopted, staving off, but not stopping a $580 billion highway package key for Vulcan, CRH and Marietta. We also looked what fares next for the CLARTY Act and Coinbase and Robinhood after it failed to pass the Senate before recess. Finally, we updated clients on the outlook for the farm bill, defense spending, and a bill that would allow President Donald Trump to place tariffs on countries that purchase oil from Russia.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

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US President Donald Trump signaled he’s prepared to let economic pressure on Iran build rather than launch fresh military strikes to force a reopening of the Strait of Hormuz, even as the Islamic Republic reiterated that the conditions still aren’t in place to allow free passage through the key waterway.

“We are just watching Iran with its huge inflation and the fact they have no money,” Trump told Axios in an interview on Sunday, saying that a US naval blockade of the country was deepening its financial woes. “We are low-keying it.”

The president’s comments mark a shift from his repeated threats to escalate the bombing campaign against Iran and come amid lingering talks between Tehran and Oman to reopen Hormuz. Iran has said it’s nearing a deal, while laying out a list of demands for Washington to meet before shipping can resume — including the lifting of sanctions. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with:

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The Senate voted to pass a slate of sweeping new sanctions against Russia Friday afternoon and extended existing sanctions against Iran. The bill faced pushback over its use of tariffs on countries that buy Russian oil, with some Democrats and Republican Rand Paul saying that would give President Trump too much authority to place new tariffs on countries like China and India. The Senate also made moves towards confirming Trump's nominee for Attorney General, Todd Blanche. Earlier in the day Senator Bill Cassidy of Louisiana said that he would back Blanche, clearing the way for his confirmation to the role. Giving remarks on the Senate floor Cassidy said, 'Mr. Blanche is not perfect, and he will tell you this, but the choice is not between perfection and Mr. Blanche. It is between Mr. Blanche and another acting attorney general, who may not run the department effectively under President Trump.'

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

See omnystudio.com/listener for privacy information.

President Trump took to Truth Social Thursday to hit back at reports that the US has depleted much of its munitions stockpile and that the president clashed with Defense Secretary Pete Hegseth over the state of the stockpile. President Trump wrote, "The U.S. has massive amounts of 'munitions'" in his post and said that more were being manufactured. In an additional post Thursday afternoon, he doubled down saying 'I am extremely happy with the job that Pete Hegseth is doing.'

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this edition, Joe and Kailey speak with:

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Former Virginia Governor Glenn Youngkin says he does not anticipate being on a presidential debate stage in 2028, while stopping short of definitively ruling out a campaign. Youngkin also says communities should have the final say on data center development and that developers must address concerns about power, water and infrastructure. He also discusses his new initiative promoting a federal scholarship tax credit. He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."

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Abdul El-Sayed won the Democratic US Senate primary in Michigan, notching a narrow but cataclysmic victory over Representative Haley Stevens and the establishment wing of the party that backed her in the battleground state. 

El-Sayed prevailed with 48.5% of the vote to Stevens’ 47.5%, according to the Associated Press. Mallory McMorrow, who had suspended her campaign, drew 4% of the votes. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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US President Donald Trump is pushing Iran to reach a deal with Oman on the Strait of Hormuz as soon as Tuesday, or face devastating air strikes.

“I want to give them every last chance before decapitation,” Trump told reporters on Monday. “You’ll find out today or tomorrow. I mean, they’re going to go quickly, one way or the other. It’s not very complex.”

This is a “last chance” for Iran to come to an agreement, the president said, after he called off what he described as a major attack on the Islamic Republic over the weekend that would have likely involved Israel.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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President Donald Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic. 

Iran denied it was negotiating with the US, but said talks with Oman to get more ships moving through the Strait of Hormuz are making progress.

Despite the conflicting signals, the suggestions of renewed diplomacy pushed oil prices lower on Monday, with Brent crude down about 4.6% to just under $84 a barrel.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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With the Senate entering its final week before the the August recess, political discussions over a cryptocurrnecy market structure bill -- ahead of a potential procedural vote this week -- led Bloomberg Intelligence's August 3 Washington Policy Pulse. A vote that gains more than 60 Senators would likely just kick the can on negotiations during the recess. Failure could keep the regulatory landscape for firms like Coinbase, Robinhood and other platforms murky for the next few years.

We also discussed the latest on a government shutdown and Senate efforts to unlock a $95 billion reconciliation bill that would aid contractors like Lockheed Martin, RTX and Northrop Grumman.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY-S2m3hbQqvVC1_Q#/registration

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

President Donald Trump said he’s losing confidence in Iranian negotiators, the latest sign that the renewal of armed hostilities in the Middle East could drag on. Speaking during a Cabinet meeting on Friday, Trump took issue with missile attacks that Iran launched earlier this week against US forces in Jordan that ended a multi-day pause in fighting. “I’m losing faith in them because they do lie and do, they do misrepresent,” Trump told reporters during the meeting at the Camp David presidential retreat in Maryland.

Meanwhile, Michigan’s Senate primary is emerging as the biggest test yet of whether the Democrats’ progressive wing can notch a major victory in a presidential battleground heading into 2028 — or if the movement’s historic shortfall with Black voters will undercut its national ambitions. 

On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said he is open to the possibility of temporarily withdrawing Todd Blanche’s nomination as attorney general amid opposition from two Republican senators, suggesting he could renominate his pick after those lawmakers departed office.

Trump’s comments come amid a delay in the confirmation process for Blanche, currently serving as the acting attorney general, to take the role on a permanent basis.

Republican Senators Thom Tillis of North Carolina and John Cornyn of Texas are demanding written guarantees that plans for a $1.8 billion fund to pay victims of alleged government weaponization are being scrapped. They also want assurances that a provision in a legal settlement giving Trump, members of his family and his businesses immunity from past Internal Revenue Service audits would not apply to third parties. Trump reached a settlement with the IRS over leaks of his tax information in 2019. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said the US would strike back at Iran after a recent attack that targeted a military base in Jordan, as the war in the Middle East flared up once again following a recent pause in hostilities.

“We’ll be hitting them hard,” Trump said in a phone interview, Fox News reported Wednesday, adding that “they’re going to get a beating.”

The comments sent oil surging back above $90 a barrel. A days-long halt to strikes ended Tuesday night after US forces said they were targeted by Iran — in what Trump called a “surprise attack” — while Iran’s state-run IRIB News said the US struck a location in the country’s West Azerbaijan province. 

Iranian media said the Islamic Revolutionary Guard Corps targeted a base in Jordan in response to “aggressive US actions,” without giving details.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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US President Donald Trump welcomed Israeli Prime Minister Benjamin Netanyahu to the White House Tuesday as the US leader sought to avoid renewed bombing in Iran and instead laid the ground for further diplomacy after both sides paused tit-for-tat strikes.

“I think we have a very strong position right now,” Trump told Fox News on Tuesday. He reiterated his threat to bomb Iran’s major bridges if no agreement can be reached, but added “if I can avoid doing that, I’d like to do that.”

Trump’s comments came four days after the US ended roughly two weeks of strikes on the Islamic Republic. Hostilities had resumed when peace negotiations over the Strait of Hormuz broke down. In turn, Iran paused retaliatory fire on Gulf states. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Some House Republicans are urging President Donald Trump to expand his visibility for them on the campaign trail, as lawmakers sound the alarm on their vulnerabilities with him not being at the top of the ticket.

Several lawmakers who spoke to Bloomberg Government said they wanted Trump to be more aggressive in the crucial months before the November election to help turn out low propensity voters with control of Congress hanging in the balance and more than 40 open House GOP seats

“He needs to travel and convince our base that he is on the ticket because if we lose the majority he’s probably going to be impeached twice a week,” said Rep. Carlos Gimenez (R-Fla.).

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. 

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The House passed stopgap funding to keep the government open past the midterm elections, though the measure now faces demands for changes in the Senate. 

Government funding is currently set to run out after Sept. 30. The legislation, passed Tuesday on a 220 to 205 vote, would extend that through Dec. 4.
 
Speaker Mike Johnson was able to unite House Republicans in the face of opposition from minority Democrats, who argued the bill contained a loophole which could allow the administration to add more funding for immigration raids. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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House passage yesterday of a stopgap measure marks the first step in congressional wrangling over how to avoid a government shutdown this fall, even if the legislation changes before it reaches President Donald Trump’s desk.

Government funding set to run out after Sept. 30 would be extended through Dec. 4 under the legislation, which passed on a 220-205 vote.

Democrats largely opposed the measure (H.R. 9770), citing the lack of technical language from a past funding extension for the Department of Homeland Security that explicitly zeroes out funding for immigration enforcement agencies after deadly shootings by those officers.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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US President Donald Trump minimized the prospect of immediate talks with Iran as the two sides exchanged strikes and Houthi militants in Yemen threatened shipping in the Red Sea.

Trump vowed on Tuesday to respond if the Iran-backed group disrupted that waterway, but didn’t specify how. 

His comments came after the 10th day of US and Iranian attacks and as mediators continued efforts to restart negotiations. Oil prices ticked higher amid the threats to key routes for global energy supplies. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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A look at the National Defense Authorization Act -- which could be voted upon by the House of Representatives this week -- led Bloomberg Intelligence's July 20 Washington Policy Pulse -- with a highlight of a Senate provision that would prohibit firms that contract with the Department of Defense from conducting stock buybacks or pay dividends. We think that the language, as written, could -- subject to liberal interpretation -- could apply to more firms than just defense contractors.

We also previewed what the US Trade Representative may do later this week as the deadline for President Donald Trump's Section 122 tariffs comes on July 24. We expect tariffs will be shifted to Section 301 tariffs, and could represent an increase for firms like Nike, Adidas, Lululemon and peers.

Finally, we discussed the House budget reconciliation efforts -- which aims to provide up to $60 billion in funds for the conflict with Iran -- and how that effort may struggle to become law.

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President Donald Trump vowed that Iran “will pay” for killing three US soldiers in recent days, even as mediators proposed a new truce with the Middle East war widening further.   

“Every time Iran kills an American Soldier they will pay for that killing many times over!” Trump wrote on social media on Monday.

White House Press Secretary Karoline Leavitt also said the president will attend a dignified transfer ceremony for “our fallen heroes” on Tuesday evening.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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President Trump accused China of meddling in the 2020 elections and alleged a cover up by the US intelligence community in his primetime address to the nation Thursday night. Trump said, 'great damage has been done to our country.

Our elections were left vulnerable to being rigged and stolen, and the trust of the American people was lost,' and urged Congress to pass a the SAVE act, voter identification legislation backed by the president. President Trump also briefly mentioned the conflict in Iran, as the US unleashed more strikes Thursday night and into Friday morning. 

Bloomberg Washington Correspondent Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

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White House press secretary Karoline Leavitt told reporters that President Trump will be releasing 'findings' on the 2020 election in his address from the White House tonight and that all of his claims around election integrity will be 'backed by facts.' Leavitt also told reporters that a longtime teleprompter operator who has been found betting on presidential speeches on Kalshi has been put on leave. Leavitt called the actions 'deeply unfortunate and frankly a disgrace' and said that the prediction market alerted the CFTC about the bets.

Bloomberg Washington Correspondent Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this edition, Joe and Kailey speak with:
Bloomberg Washington Correspondent Tyler Kendall Emory University Associate Professor of Political Science Andra Gillespie.Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.Host of Bloomberg's 'This Weekend' and 'The Big Take' Podcast David Gura. Bloomberg Congress Reporter Erik Wasson.

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The United States launched more strikes against Iran Wednesday with the President pledging to keep up the barrage until Iran stops attacking targets in the Strait of Hormuz. Talking to Fox News last night President Trump said, 'We’re going to hit them very hard the night after. And then next week it gets really bad for them because next week comes the power plants. We’re going to knock out all of their bridges unless they get to the table and negotiate.' Lawmakers also released a spending blueprint that would allocate more than $60 billion in funding for armed services.

Bloomberg Washington Correspondent Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

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President Trump said that he is shelving the potential 20% fee for cargo ships passing through the Strait of Hormuz after gulf states urged him to drop it. 'I don’t like the concept of a fee,' Trump told reporters during an oval office meeting with the Prime Minister of Iraq. 'They’re going to be making massive investments into the United States, and I like that much better.' Trump said that he spoke to representatives of the Saudi Arabia, Qatar, Bahrain, Kuwait and the United Arab Emirates who urged him to change course.

Bloomberg Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this edition, Joe and Kailey speak with:

-Bloomberg International Economics and Policy Correspondent Mike McKee

-Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch

-Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.

-Republican Congressman from Montana Troy Downing.

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A look at the fallout from Senator Lindsey Graham's unexpected death and the impact it has on reconciliation 3.0 chances, a potential for $350 billion in defense funding and the appropriations process led Bloomberg Intelligence's July 13 Washington Policy Pulse. 

The death of the Senate Budget Committee chairman -- who was a key proponent of another reconciliation package -- probably puts further roadblocks on the idea and supports our view that such a package has a low chance of success in 2026.

We also discussed the forecast for the CLARITY Act and whether or not a crypto bill can pass in July. For crypto platforms like Robinhood and Coinbase, the failure to pass the bill in 2026 likely leaves the industry with regulatory certainty only for a few years, not long-term. 

Finally, we previewed Fed Chairman Kevin Warsh's testimony on Capitol Hill and whether or not he will address bank regulatory matters important to Bank of America, Citigroup and Wells Fargo. 

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

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President Trump and lawmakers spoke out Monday in memory of South Carolina Senator Lindsey Graham after his sudden death early Sunday morning. In a social media post over the weekend Trump remembered Graham as, "one of the greatest people and Senators I have ever known.” Graham was known as a staunch foreign policy hawk and had spent his final days in Ukraine working to support the country's fight against Russia and was pushing for an increased Russian sanctions package. Graham's death opens up questions about the legislative path forward in the Senate, as well as questions about who will succeed him in his seat. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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President Donald Trump said the US would continue talks with Iran but considers the ceasefire between the countries to be over.

“The Islamic Republic of Iran has asked us to continue ‘talks.’ We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!,” Trump said Friday on social media.

The president’s comments follow several nights of US airstrikes and Iranian retaliation that sent oil prices higher and raised doubts about further talks toward a broader peace deal. The recent tensions, along with a US Treasury move to revoke a waiver allowing Iran to sell its oil globally posed the biggest challenges yet to an interim peace deal between Washington and Tehran.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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The US military attacked Iran for a second day and Tehran retaliated against American allies in the Persian Gulf, raising fears of a return to war after little progress in efforts to secure a diplomatic outcome.

US Central Command said on X about 90 targets were hit overnight — after 80 the previous day — “to further degrade” Iran’s ability to attack commercial shipping in the Strait of Hormuz. 

Iran reported strikes on the perimeter of a nuclear power plant and two railway bridges connecting the capital to the city of Mashhad, where former Supreme Leader Ali Khamenei is being buried on Thursday.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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President Donald Trump said the US would probably launch further strikes on Iran and could resume a blockade on the country’s ports, ratcheting up pressure on Tehran and raising the prospect of a return to all-out war.

“We hit them very hard last night,” Trump said Wednesday on the sidelines of the NATO summit in Ankara, Turkey. “Probably hit them hard again tonight.”

Trump spoke hours after the US launched strikes on Iran, with almost 40 fighter jets — F-35s, F-15s, F-16s and F/A-18s as well as drones — hitting targets with precision-guided weapons, according to a US official. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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NATO allies have agreed to at least $50 billion in defense industry deals, according to an alliance official, to show to US President Donald Trump that Europe is heeding his spending demands.

Secretary General Mark Rutte revealed some of the contracts on Tuesday during a defense industry forum in Ankara, Turkey’s capital, where the military alliance’s leaders are meeting for their annual summit this week. Those included $12 billion in deals to buy next-generation drones, surveillance planes and military aircraft.

Notably, some of the contracts show Europe moving to locally source some equipment it previously bought from the US. Eleven countries, for instance, will now buy airborne radar-detection systems from Swedish aerospace firm Saab AB, replacing a US-made Boeing Co. model. The deal is worth $5 billion, according to a NATO diplomat.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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President Donald Trump will meet with Ukrainian President Volodymyr Zelenskyy at a NATO summit in Turkey on Wednesday that will be charged with tension over the US leader’s views on Greenland, European defense spending and the Iran war.

Trump arrives in Turkey on Tuesday, when he will meet with President Recep Tayyip Erdogan before a summit with the full defense alliance the next day, White House spokesperson Anna Kelly said.

Trump, who has had an up-and-down relationship with Zelenskyy, had pledged as a presidential candidate to end Russia’s war with Ukraine within a day once he returned to office. He has been frustrated by an inability to do that. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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US hiring slowed sharply in June even as the unemployment rate fell, curbing some of the budding momentum in job growth this year. 

Nonfarm payrolls increased 57,000 last month after downward revisions to the prior two months took some of the shine off recent blockbuster reports, Bureau of Labor Statistics data Thursday showed. The unemployment rate fell to 4.2% as labor force participation plunged.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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US President Donald Trump said negotiators had made progress in indirect talks with Iran, as the two countries seek to move past last week’s tit-for-tat strikes and convert their interim truce into a lasting peace.

Trump’s son-in-law Jared Kushner and envoy Steve Witkoff visited Qatar on Tuesday for technical discussions on the initial agreement, which set a 60-day negotiating period between Washington and Tehran. 

“They’ve had very good meetings, and we’ll see. We hit them very hard for three nights, as you know, but we’re getting along very well, so I call it the denuclearization, and it’s all taking place,” Trump said, without specifying what, if any, breakthroughs were made. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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A divided US Supreme Court upheld the constitutional right of birthright citizenship, rejecting President Donald Trump’s planned restrictions and invalidating a central plank of his immigration agenda.

The court said an executive order Trump issued hours after his inauguration last year couldn’t be squared with the Constitution’s 14th Amendment, which has long been understood as guaranteeing citizenship to virtually everyone born on US soil. 

The case tested what it means to be an American. Trump’s order sought to restrict birthright citizenship to babies with at least one parent who is a US citizen or green-card holder, affecting an estimated 250,000 children born to undocumented immigrants and temporary visitors each year. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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A look at the $87.6 billion supplemental spending request from the White House, which would earmark most of that to the Department of Defense and the conflict with Iran, led Bloomberg Intelligence's July 29 Washington Policy Pulse. However, the request may get a frosty reception on Capitol Hill from both sides of the aisle. Democrats will likely oppose any larger request tied to the conflict with Iran and Republicans may be concerned with messaging ahead of the US midterms. And while $11 billion in farm aid that was included in the request would have bipartisan support, it's inclusion in a larger bill makes it less of a chance of passing in 2026. Increased defense spending, if enacted, would likely be tied to counter-drone and anti-missile technology, aiding contractors like Lockheed Martin, RTX and Northrop Grumman.

Finally, we gave a slight preview of the Supreme Court's decision on the Federal Reserve Lisa Cook case, as well as highlighted upcoming legislation and hearings in July tied to artificial intelligence. While US policy on AI remains high-level and "light-touch", there is growing dissent with the sector with both Republicans and Democrats.

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A closely divided US Supreme Court reinforced the Federal Reserve’s independence from the White House, protecting governors from being fired by the president without proof of wrongdoing.

The Fed shield came even as the court in a separate ruling Monday expanded the president’s power to fire top government officials at other federal agencies in a blockbuster ruling that overturns a 91-year-old precedent.

Voting 5-4, the high court said Fed Governor Lisa Cook can stay in her job while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Writing for the majority, Chief Justice John Roberts pointed to what he said was a long tradition of keeping the Fed’s exercise of monetary policy independent from the White House.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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The US Supreme Court ruled that Federal Reserve Governor Lisa Cook can stay in her job for now, reinforcing the central bank’s independence from the White House and dealing a setback to President Donald Trump.
In a separate ruling, the court expanded the president’s power to fire top government officials at other federal agencies.
Voting 5-4, the high court said Cook can remain at the Fed while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Chief Justice John Roberts and Justice Brett Kavanaugh joined the three liberals in the majority.

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US President Donald Trump accused Iran of violating their ceasefire agreement by firing at cargo ships transiting the Strait of Hormuz, underscoring how unsettled the situation remains in a waterway critical to global energy flows. 

In a social media post Friday, Trump said “at least four” one-way attack drones targeted ships in the strait and that one of them “solidly hit the upper deck of a large and very expensive” cargo ship.

The vessel was “able to proceed,” Trump said, adding that the other three drones were downed.
“Obviously, this is a foolish violation of our Ceasefire Agreement,” the president posted, without saying what the consequences of a violation might be. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Tensions between Donald Trump and US Senate Republicans crescendoed to a fever-pitch during a Wednesday lunch after a 24-hour exchange that saw lawmakers rebuke the president over the war with Iran while he abruptly canceled a signing ceremony for legislation that the GOP sees as essential to its midterm election efforts. 

Trump refused to sign a bipartisan housing bill before attending a private luncheon with lawmakers at the US Capitol. A day earlier, as Trump was holding a campaign rally in Pennsylvania, the Republican-led Senate for the first time passed a largely symbolic measure to curb his ability to wage war with Iran. 

US Senator John Kennedy, a Louisiana Republican, told reporters that Trump was “mad as a murder hornet” at the war powers vote because it undermined his ongoing negotiations with Iran.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Donald Trump and Republicans in the US Senate squabbled on Wednesday, as the president abruptly canceled plans to sign a bipartisan housing bill and lawmakers pressed him over his handling of the war in Iran.

Trump’s refusal to sign the legislation came shortly before a private luncheon with Senate Republicans at the US Capitol, where tensions quickly flared. Louisiana Republican Bill Cassidy, whose Senate career Trump helped end, repeatedly criticized the president over the Middle East conflict, while Senate Majority Leader John Thune tried to play peacemaker, a person familiar said. Spokespeople for Cassidy and Thune did not immediately respond to requests for comment.

The president defended his war effort, telling senators he is the first president to do something to stop Iran from obtaining a nuclear weapon, said another person familiar with the matter, who requested anonymity to describe the closed-door exchange. Senator Jon Husted, a Republican from Ohio, described the Cassidy-Trump exchange as “memorable” but declined to say more.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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A preview of Senate and House plans this week to vote on a package that incorporates President Donald Trump's wishes on banning institutional investors from purchasing single-family homes led Bloomberg Intelligence's June 22 Washington Policy Pulse. Yet while corporate entities won't be able to purchase more than 350 homes, it's important to note for single-family REITs like Invitation Homes and AMH, the impact may be lessened by exemptions in the bill. The bill also doesn't contain language that would require build-to-rent communities from being required to divest rental communities after seven years.

We also discussed upcoming Congressional hearings on the Fintech and digital asset sectors and why Washington will likely be in a lull period for the fintech space, limiting policy risk for Visa, Mastercard and Stripe for now.

Finally, we gave a slight preview of some of the comment letters banking trade associations provided in regards to a capital requirement raising proposal called the Basel III endgame. Much of the sector hopes that the Fed will allow further capital reductions, which we currently estimate to be around $18 billion for the largest banks including JPMorgan and Bank of America.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.  

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The US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal.

Vice President JD Vance, attending the discussions in Switzerland, described the first round of negotiations as “very very good” and said Iran had agreed to allow nuclear inspectors back into the country — a claim later backed up by President Donald Trump. But Iranian officials, who also cited progress, challenged that claim, saying Vance’s assertion was “false and does not reflect reality.”

The discrepancy underscored the challenges that remain ahead as the two sides look to fulfill a memorandum of understanding signed last week to halt their conflict and pave the way for a long-term deal. That agreement left key issues unresolved while also aiming to give Iran immediate financial benefit, a dynamic that drew fierce criticism from Trump’s Republican allies.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

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