Balance of Power — Weekly Washington Policy Pulse: September 15, 2025

Host: Joe Mathieu
Guest: Nathan Dean, Senior Policy Analyst, Bloomberg Intelligence
Date: September 15, 2025

Episode Overview

This episode delivers an inside look at the latest legislative and regulatory developments in Washington, D.C. Nathan Dean shares his expert analysis on current and emerging policy catalysts, including President Trump's new call for SEC reporting changes, the prospects of a government shutdown, updates on reconciliation legislation, major banking policy proposals, and headline business stories like the evolving TikTok deal.

Key Discussion Points & Insights

1. President Trump’s Move to Semiannual SEC Reporting

[01:11–05:18]

• Breaking News: President Trump posted on Truth Social calling for the SEC to eliminate quarterly reporting in favor of a six-month cycle.
• Context:
  • The idea is not new; Trump made a similar push in 2018, prompting the SEC to request public comment.
  • The Securities Exchange Act of 1934 technically requires quarterly reports, but there is some flexibility in how extensive these reports must be.
• Nathan's Analysis:
  • There is “some there there” because many businesses showed interest in less frequent reporting (citing a 2018 NASDAQ survey where 75% of businesses approved the idea).
  • Any official SEC action is likely a lengthy process, potentially starting with an Advanced Notice of Proposed Rulemaking (ANPR) in the first half of 2026.
  • “If this ANPR comes out…you’re looking at a proposal probably within the tail end of 2026 and finalization…mid to late 2027, well before the next administration.” (Nathan Dean, 04:05)
• Industry Reaction:
  • While public comments in 2018 trended negative, corporate surveys suggested strong support for reduced reporting frequency.
  • Notable distinction: Many companies favor ending “guidance” (forward-looking statements), not necessarily the full elimination of quarterly reports.

2. Government Shutdown Update

[05:19–08:21]

• Current Odds: Nathan places the likelihood of a shutdown at 40%, though possibly “a little bit too high.”
• Political Dynamics:
  • House Republicans are expected to release a “clean-ish” continuing resolution (CR) to keep government funded through November (before Thanksgiving).
  • “Clean-ish” means minor policy riders could be included.
• Vote Math & Key Players:
  • Two “no” votes already from Representatives Massie and Spartz. Massie is a hard no; Spartz “has the tendency to change her mind.”
• Process & Timing:
  • Rosh Hashanah leads to a congressional recess, squeezing the timeline to pass a CR before September 30.
  • Ultimately, pressure is on Democrats to accept the CR if it’s mostly clean.
• Memorable Anecdote:
  • “I was actually at one of my flag football games over the weekend. Friend of mine, government contractor, came up, said, ‘Hey, are we going to shut down? I want to know because I have to pay my guys.’” (Nathan Dean, 06:00)

3. Reconciliation 2.0 Prospects

[08:22–09:09]

• Background:
  • Discussion of a second large reconciliation package (“two big, two beautiful bill”) following June's previous bill.
• Outlook:
  • Jason Smith (House Ways and Means Chair) expressed doubt: “I don't think it's going to happen.”
  • Nathan echoes skepticism but highlights ongoing working groups.

4. Federal Reserve Governor & Other Nominations

[09:10–09:37]

• The Senate is expected to vote on Dr. Miron's nomination to the Federal Reserve, after deploying the “nuclear option” to limit debate and expedite nominations.

5. TikTok Deal & Social Media Policy

[09:38–10:26]

• Deal in Progress: Treasury Secretary Scott Bessen is close to finalizing a deal framework with TikTok. Details still pending.
• Social Media Scrutiny: Conservative calls to investigate social media intensified after the Charlie Kirk shooting, but effective policy levers remain limited.
• Expert Tip:
  • Bloomberg Intelligence analyst Matt Shettenhelm is following the TikTok story closely; Nathan recommends terminal clients connect with him for details.

6. Trump’s Upcoming Trip & Senate Banking Hearing

[10:27–11:19]

• International Headlines: President Trump will visit the U.K. this week, likely generating international news.
• Senate Banking Committee Hearing (Deposit Insurance):
  • Focused on raising current FDIC protection from $250,000 for business accounts up to $20 million.
  • Proposal co-sponsored by Senators Hagerty (R-TN) and Brooks (D-MD).
  • Consensus among hearing witnesses—including the American Bankers Association—was unexpectedly favorable.
  • “I could just hear the big bank lobbyists just going, no, no, you need to fight this because this is money that we're gonna have to pay in.” (Nathan Dean, 11:00)
• Implications:
  • Large banks would bear the cost (contributions to FDIC insurance).
  • Chairman Tim Scott clarifies: “This is gonna be a very long process. This is not something that's gonna move quickly.”

Notable Quotes

• “If this ANPR comes out in the first half of next year and it suggests we're going to move to a semiannual reporting basis… you’re looking at…finalization probably in the mid to late 2027.”
  — Nathan Dean, [04:05]

• “I was actually at one of my flag football games over the weekend. Friend of mine, government contractor, came up, said, ‘Hey, are we going to shut down? I want to know because I have to pay my guys…’”
  — Nathan Dean, [06:00]

• “I could just hear the big bank lobbyists just going, no, no, you need to fight this because this is money that we're gonna have to pay in. But this consensus was this wasn’t a bad thing.”
  — Nathan Dean, [11:00]

Timestamps for Important Segments

• SEC Reporting Change Announcement — [01:11–05:18]
• Government Shutdown Prospects — [05:19–08:21]
• Reconciliation 2.0 Discussion — [08:22–09:09]
• Fed Nominee Votes and Senate Procedure — [09:10–09:37]
• TikTok Deal & Social Media Policy Challenges — [09:38–10:26]
• Trump’s UK Trip & Senate Banking on FDIC — [10:27–11:19]

Tone & Speaker Attribution

Nathan Dean delivers policy insights with pragmatic analysis, reinforcing the complex, slow-moving nature of federal changes but highlighting real catalysts and the views of key players. His conversational tone, real-world anecdotes, and behind-the-scenes knowledge provide listeners with actionable intelligence and context.

Summary Takeaway

This week’s Washington Policy Pulse breaks down topical policy movements—especially the SEC reporting frequency push and shutdown negotiations—while offering real-time insight on how D.C.’s headlines might evolve in coming weeks. Nathan Dean’s practical analysis, bolstered by memorable moments and predictions, makes this episode a rich guide for anyone tracking legislative risk, regulatory changes, or the politics driving U.S. business and finance.