So Far Away: Reconciliation Slippage, Midterm Primaries & Tariff Refunds-Weekly

Research evidence excerpt

So Far Away: Reconciliation Slippage, Midterm Primaries & Tariff Refunds-Weekly

TD Cowen

Global Research May 22, 2026

Financial Services: House Passes Housing Bill, Gets Trump Backing; Plus For

Manufactured Housing – Jaret Seiberg

The House easily passed housing legislation that would boost manufactured housing,

encourage zoning reforms and expand reciprocal deposit capacity for banks. While

the bill could still be changed a fourth time when it goes to the Senate, we view

today's vote as a positive and continue to expect its enactment. Link to note here.

Financial Services: Fed Issues Limited Master Account Proposal; Positive For

Fintechs, Crypto – Jaret Seiberg

The Federal Reserve today issued its proposal for limited master accounts, which

would be available to banks that lack federal deposit insurance and a federal

supervisor. Though there would be limits on these accounts, we still view the proposal

as broadly positive for crypto platforms and fintechs as it would give them direct

access to the payment system. Link to note here.

Financial Services: Prediction Markets: Some Movement For Legislation; Real Risk

In 2027 – Jaret Seiberg

Legislative risk is rising for prediction markets as Capitol Hill frustration grows with

the industry. We saw this on display at Thursday's Senate Commerce hearing. We do

not expect Congress to enact legislation until the Supreme Court clarifies if states

can police event contracts tied to sports. That suggests the real risk will be in 2027 or

later even if there are headlines this year. Link to note here.

Health: Policy Vital: Healthcare Highlights & Week Ahead – Molly Turco

Positive FDA shake-ups continue to drive beltway healthcare news, with new changes

in the drug and biologics centers.