Balance of Power — Weekly Washington Policy Pulse:
Trump's Push on Housing Costs, DHS Funding, and More
Date: February 9, 2026
Host: Bloomberg (Joe Mathieu)
Guest: Nathan Dean, Senior Policy Analyst, Bloomberg Intelligence

Episode Overview

This episode centers on two major policy issues dominating Washington this week: the impending funding deadline for the Department of Homeland Security (DHS), and President Trump’s push on housing affordability with bipartisan support in Congress. Nathan Dean, joining from Bloomberg Intelligence, provides market-focused insight on the likely scenarios for both, discusses the status of crypto legislation, and highlights a few additional policy tidbits to watch.

Key Discussion Points & Insights

1. Imminent DHS Government Shutdown (01:31 – 05:20)

• Partial Government Shutdown Looming:
  • DHS funding expires Friday—other government functions have funding until September 30.
  • 266,000 DHS employees face uncertainty.
• No Agreement in Congress:
  • “Pretty much no agreement whatsoever on where to move moving forward.” (Nathan Dean, 02:33)
  • Options: full departmental shutdown or short-term continuing resolution (CR).
• Political Calculations:
  • Lawmakers are leaving for the Munich Security Conference. “Bipartisan members… don’t want to stick around in Washington and deal with this when they should be in Germany eating schnitzel.” (Nathan Dean, 03:29)
  • House and Senate are both out next week; pressure to avoid disruption.
• Potential Workarounds:
  • Discussions to strip ICE funding from the issue and fund other DHS agencies piecemeal (e.g., FEMA, Coast Guard, TSA).

Market Impact:

• “This shutdown, if it occurs, isn’t really going to have any market impacts.” (Nathan Dean, 04:39)
• Broader government funding secure through September 30, minimizing wider market or data disruptions.

Looking Ahead:

• No risk of a full government shutdown during midterms or lame duck session, next true risk window in March 2027.

2. Housing Affordability and Trump Policy Push (05:21 – 08:05)

• Upcoming House Vote:
  • Housing for 21st Century Act expected to pass with bipartisan support.
  • Originates from House Services Committee; part of President Trump’s “affordability push.”
• Impact Assessment:
  • “It’s not really going to do much things in terms of driving up new homes… cuts some regulatory red tape… makes bureaucracy a little bit more efficient.” (Nathan Dean, 06:13)
  • Not expected to materially shift housing markets or new home construction.
• Senate Focus:
  • Senate will prioritize housing in committee work for the next month; crypto legislation deferred.
• State/Local Complexity:
  • “It’s almost like a third rail of U.S. politics… very difficult” (Nathan Dean, 07:10)
  • Federal efforts often limited by state/local housing policy control.
• Goldilocks Dilemma:
  • Federal policies striving to lower prices risk angering homeowners who fear property value drops.
  • Under Biden, Vice President Harris led housing affordability—regarded as a “thankless role.”

Antitrust Spotlight:

• Potential Investigation of Homebuilders:
  • Recent Bloomberg News report: possible antitrust probe into U.S. homebuilders.
  • “This potential investigation, if it actually were to come out at this point, is more bark than bite.” (Nathan Dean, 07:48)

3. Crypto Regulation and Bitcoin Debate (08:05 – 09:19)

• Treasury Secretary Testimony:
  • Secretary Scott Bessant reaffirmed opposition to using taxpayer dollars to buy bitcoin.
  • “There is legislation… that would direct the U.S. Government to purchase bitcoin. It’s not going to go anywhere.” (Nathan Dean, 08:33)
• Senate Crypto Bill Timeline:
  • Crypto market structure bill likely scheduled for April–May.
  • “Senator John Thune, the majority leader, said that he would dedicate time to the Senate floor… in the spring.” (Nathan Dean, 09:01)
• Legislative Authority Debate:
  • Nathan believes US Treasury could legally buy bitcoin via the Exchange Stabilization Fund, but assesses only a 30% chance of any policy shift.
• Crypto Legislation Deprioritized:
  • Senate Banking Committee pushed crypto to a back burner while focusing on housing.

4. Other Noteworthy Policy Items (09:19 – 10:19)

• Israel–U.S. Relations:
  • Israeli Prime Minister Netanyahu visiting White House on Wednesday; possible headlines around U.S.–Iran negotiations.
• Supreme Court IEIPA Case:
  • Court could issue decision as soon as February 20; implications for tariffs.
• Commemorative Coin Legislation:
  • House proposes a $2.50 coin for America’s 250th anniversary.
  • On U.S. $1 coins: “I actually used one at the grocery store about six months ago and the grocery store actually thought I was using fake currency.” (Nathan Dean, 10:12)

Notable Quotes

• “You have five days to figure it out. There’s pretty much no agreement whatsoever on where to move moving forward.”
  —Nathan Dean, 02:33

• “This shutdown, if it occurs, isn’t really going to have any market impacts.”
  —Nathan Dean, 04:39

• “It’s almost like a third rail of US politics… very difficult.”
  —Nathan Dean, 07:10

• “When President Trump says I want to make housing more affordable, are you doing that to the detriment of homeowners who see the value of their homes going down, or… for individuals that don’t have homes that want to see those home prices go down?”
  —Nathan Dean, 07:18

• “This potential [antitrust] investigation… is more bark than bite.”
  —Nathan Dean, 07:48

• “There is legislation… that would direct the US Government to purchase bitcoin. It’s not going to go anywhere.”
  —Nathan Dean, 08:33

• “I actually used [a $1 coin] at the grocery store about six months ago and the grocery store actually thought I was using fake currency.”
  —Nathan Dean, 10:12

Timestamps for Key Segments

• DHS Funding/Shutdown scenario: 01:31–05:20
• Housing Legislation & Politics: 05:21–08:05
• Crypto Regulation Update: 08:05–09:19
• Other Policy Developments (Israel visit, SCOTUS, commemorative coin): 09:19–10:19

Language and Tone

The episode features Nathan Dean’s crisp, practical analysis with trademark dry humor—especially regarding Congressional motivations and the quirky fate of U.S. coins. The tone aims to inform investors and policy watchers, staying realistic about market impact and legislative intentions.

For Further Information

Email Nathan Dean or his team at nathan@ndeanbloomberg.net for direct policy questions or to join the live call.

This summary provides the top headlines and actionable insight on Washington policy for the week of February 9, 2026, with Nathan Dean breaking down what matters most for markets and politics.