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.
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:
Bloomberg Washington Correspondent Tyler Kendall.
NATO Secretary General Mark Rutte.
Former US Ambassador to NATO Kay Bailey Hutchison.
Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino and American Principles Project Political Director Katie Frost.
Taxpayers for Common Sense President Steve Ellis.
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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.
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:
Bloomberg Washington Correspondent Tyler Kendall.
Bloomberg Government Senior Washington Reporter Jonathan Tamari.
Republican Congressman Mike Lawler of New York.
Burway Group Senior Advisor Roger Fisk and Brownstein Hyatt Farber Schreck Partner Rosemary Becchi.
Bloomberg White House Correspondent Jennifer Dlouhy.
Former US Ambassador to NATO Ivo Daalder.
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:
Bloomberg Washington Correspondent Tyler Kendall.
American Petroleum Institute President Mike Sommers.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
Bloomberg TV Markets Correspondent Norah Mulinda.
States Project Co-Founder and former New York State Senator Daniel Squadron.
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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.
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.
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:
Bloomberg Washington Correspondent Tyler Kendall.
American Enterprise Institute Nonresident Senior Fellow Heather Conley.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
Bloomberg Opinion Editorial Board Member Therese Raphael.
FIL Inc. CEO and Pollster Frank Luntz.
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