Worldwide: Government Policy & Public Finance

The EPA has released decisions on 34 small refinery exemption petitions from 2025, granting full or partial exemptions that total 1.76 million RINs - significantly more than initially estimated. This discrepancy has prompted the agency to announce a new rulemaking that will reallocate 100 percent of exempted volumes to 2026 and 2027 renewable volume obligations, potentially increasing compliance burdens for nonexempt obligated parties.

The Committee on Foreign Investment in the United States released its Annual Report for Calendar Year 2025, revealing significant shifts in filing patterns, declaration clearance rates, and mitigation agreement usage. With declaration filings reaching record highs but clearance rates dropping to historic lows, parties face new strategic considerations when navigating CFIUS review processes under the Trump Administration's America First Investment Policy.

The US Army Corps of Engineers and EPA have released a supplemental proposal that further refines the regulatory definition of "waters of the United States" under the Clean Water Act. The proposed changes introduce bright-line tests for determining jurisdictional waters, requiring perennial flow and continuous surface connections rather than seasonal standards. These revisions aim to align federal regulations more closely with the Supreme Court's Sackett v. EPA decision while potentially narrowing the scope

The Committee on Foreign Investment in the United States (CFIUS or the Committee) recently released its Annual Report to Congress, covering calendar year (CY) 2025 activity. The Report, a statutory requirement, provides annual statistics about CFIUS actions and processes as well as information on the Committee’s priorities. Although three lapses in appropriations caused CFIUS to toll deadlines for more than 120 days over the reporting period, the Committee generally proved able to clear transactions within historic averages, even in the face of increased caseloads.

Industry stakeholders should anticipate multiple data center-related bills addressing water, power, local regulatory authority and tax incentives, with increased scrutiny of development practices and community engagement.

The U.S. Department of Transportation has issued a final rule fundamentally restructuring how airlines report flight delays and cancellations, creating a new reporting category that removes ten specific events from the traditional "Air Carrier" category. This regulatory change, mandated by the FAA Reauthorization Act of 2024 and effective October 2026, will significantly impact how airline performance is measured and perceived by consumers, while reducing carriers' customer service obligations for certain

The U.S. Department of Homeland Security has proposed a sweeping new $103,265 fee for all cap-subject H-1B visa petitions, significantly expanding beyond the scope of a previously blocked $100,000 fee. Additionally, the executive branch is weighing a $100,000 fee for Optional Practical Training (OPT) that could impact hundreds of thousands of international...

FDA has issued two new guidance documents clarifying the abbreviated drug approval pathways. The first revision provides sponsors with greater clarity on when to submit an ANDA versus a 505(b)(2) application, addressing procedural gaps and duplicate drug scenarios. The second final guidance offers deeper insight into how the agency assigns therapeutic equivalence ratings, including the process for securing an A-rating for 505(b)(2) products.

International cannabis markets face critical political shifts as Brazil, France, and Germany approach elections that could reshape their medical marijuana programs. With right-wing governments already rolling back reforms in Colombia and threatening changes across Europe and Latin America, the durability of cannabis legalization now depends heavily on who controls government power.