Inside Year One: Finance Developments Under A New Administration

This article is part of Inside Year One: Key Developments Under A New Administration. Click here to read the full newsletter.

A year into President Trump's second term, policy signals from Washington are increasingly influencing capital allocation, underwriting assumptions, and sector-level opportunity. The Administration's signature tax-and-spending package—H.R. 1, commonly referred to as the One Big Beautiful Bill Act (OBBBA), signed on July 4—has reshaped the outlook for after-tax ROI across industries, with a mix of extensions and revisions to prior tax policy and a rebalancing of incentives, including changes affecting energy and other project finance economics.

On the financial services front, the direction has been toward a lighter regulatory footprint and a recalibration of supervisory priorities, with potential implications for bank capital and liquidity expectations, consumer finance enforcement, and overall credit availability. At the same time,