Editor's note: With Congress out of session, the Tip Sheet will be in your inboxes on Tuesdays and Thursdays this month. Our daily cadence will pick back up on Monday, September 9.

— A LOOK AT SOME OF THE RECENT HARRIS-WALZ POLICY PROPOSALS. The Harris-Walz campaign has started putting pen to paper on the Vice President’s economic agenda should she win the presidency.

— HOUSE GOP BROADENS SCRUTINY OF EPA 'GREEN BANK' GRANTS. Republicans have raised concerns over conflicts of interest and potential ties between grant recipients and the Chinese government.

— TRP CONGRESSIONAL RETIREMENT TRACKER. Click to view TRP's congressional retirement tracker.

— A LOOK AT SOME OF THE RECENT POLICY PROPOSALS. The Harris-Walz campaign has started putting pen to paper on the Vice President’s economic agenda should she win the presidency in November. While some of these recent proposals vary in terms of specificity, we pulled together a top-level overview of some of the policies that jumped out to us:

• Health. The Vice President outlined several health policy suggestions aimed at lowering costs, promoting access, and addressing medical debt. This includes: (1) expanding upon the Medicare Drug Price Negotiation Program; (2) capping the cost of insulin at $35 and capping out-of-pocket drug expenses at $2,000 for all patients; (3) working with states to cancel medical debt; (4) addressing anticompetitive practices that limit competition and increase costs; and (5) reducing taxes on health insurance premiums.

• Housing. The Harris-Walz campaign has sketched out some ambitious proposals that seek to: (1) fund the construction of three million new housing units over four years; (2) boost tax incentives for building starter homes and affordable rental housing; (3) reduce administrative burdens to home building activities; (4) offer up to $25,000 in down-payment assistance for first-time home buyers; and (5) promulgate new rules on the use of algorithms to determine rent prices.

• Tax. Vice President Harris is seeking to advance the Biden administration's priority of increased taxes on high-income earners and corporations, as well as pursuing a more generous Child Tax Credit (CTC). The campaign specifically calls for: (1) increasing the corporate tax rate to 28 percent; (2) expanding the Earned Income Tax Credit for lower-income individuals and couples; and (3) establishing a new $6,000 CTC for families with children in the first year of life.

• Costs. With inflation on the top of mind for many voters across the country, the Harris-Walz campaign is honing in specifically on the cost of groceries. Notable proposals include a ban on "price gouging" in the food and grocery industries, as well as providing the Federal Trade Commission (FTC) with additional authorities to scrutinize grocery mergers that result in price increases.

• Situational awareness. As with any presidential campaign's proposals, the size and scope of any future legislative efforts will depend on the margins in Congress. If the Harris-Walz ticket does win in November, Vice President Harris will need to be in dealmaking mode right from the get-go, particularly if the election produces small majorities in both chambers or a divided government — the same applies to former President Donald Trump should he return to office next year. As such, some of the more costly and ambitious proposals outlined above will need to be scaled back to clinch future intraparty and bipartisan deals.

• For more on the state of the 2024 election, click here to view our latest Special Report.

RECENT DEVELOPMENTS...

— DEMOCRATIC VP NOMINEE TIM WALZ: HEALTH POLICY POSITIONS. This memo provides an overview of Gov. Tim Walz’s (D-MN) background in the health care space, as well as insights as to how his experience could mesh with Vice President Harris’s stated goals and experience in health. 

— TRP SPECIAL REPORT: END-OF-2024 HEALTH POLICY OUTLOOK. TRP's newest Special Report provides an extensive overview of Congress' key health care priorities through the end of the 118th Congress.

— UPDATE ON FEMA DISASTER RELIEF FUND. The Federal Emergency Management Agency (FEMA) announced that the Disaster Relief Fund (DRF) has transitioned to Immediate Needs Funding (INF) due to a funding shortfall, imposing spending restrictions for existing rebuilding projects to prioritize lifesaving and life-sustaining activities.

• With the DRF in need of additional funding, lawmakers will rally to tie additional funds to a forthcoming continuing resolution (CR) needed to keep the government funded past Sept. 30 when they return next month.
• Click to view FEMA's fact sheet, frequently asked questions (FAQ), and monthly report to Congress.

— CMS UNVEILS MEDICARE NEGOTIATED PRICES FOR 10 SELECTED DRUGS. Pursuant to the Inflation Reduction Act (IRA), the Centers for Medicare and Medicaid Services (CMS) released the negotiated prices for 10 drugs covered under Medicare Part D that are set to go into effect beginning January 1, 2026. Click here to read TRP's memo.

— FINANCE COMMITTEE SENATORS UNVEIL 'DE MINIMIS' LEGISLATION. A bipartisan group of senators on the Finance Committee — including Chair Ron Wyden (D-OR), Sens. Cynthia Lummis (R-WY), Sherrod Brown (D-OH), Susan Collins (R-ME), and Bob Casey (D-PA) — introduced legislation that intends to tighten rules governing the use of the "de minimis" trade provision. Key policies contained in the Fighting Illicit Goods, Helping Trustworthy Importers, and Netting Gains (FIGHTING) for America Act include:

• Barring certain categories of products from being imported through de minimis, including: (1) goods such as textiles, apparel, and leather goods that have been designated as "import-sensitive" under the Generalized System of Preferences; (2) goods subject to tariffs imposed under Sections 301, 232, or 201; (3) other types of goods that Customs and Border Protection (CBP) has identified as experiencing a surge in de minimis imports or presenting a persistent risk of illegal importation; and (4) goods subject to anti-dumping or countervailing duties;
• Requiring CBP to collect additional data on low-value shipments to better target and interdict illicit imports; and
• Establishing a $2 fee per shipment for the use of de minimis entry procedures.

— WHITE HOUSE LAUNCHES NEW INITIATIVE ON 'CORPORATE TIME WASTING.' President Biden announced a new administration-wide policy initiative aimed at addressing "time wasting" practices — such as long hold times, burdensome paperwork, unwanted subscriptions, and difficult cancellation processes — among corporations across a wide swath of sectors. Notable announcements tied to this initiative include:

• A letter to health insurance companies and group health plans from Health and Human Services (HHS) Secretary Xavier Becerra and Acting Labor Secretary Julie Su regarding options to help people keep and use their coverage;
• A forthcoming rulemaking from the Consumer Financial Protection Bureau (CFPB) to require human contact options for company customer service lines under its jurisdiction; and
• Additional rules or guidance from the CFPB to address the use of chatbots in banking and financial services products.

— WH ROLLS OUT NEW HOUSING POLICY ANNOUNCEMENTS. The Biden administration announced a series of actions tied to its Housing Supply Action Plan. Notable announcements include: 

• $100 million in grant funding for the Pathways to Removing Obstacles to Housing (PRO Housing) program;
• New actions from the Departments of Treasury and Housing and Urban Development (HUD) intended to provide more interest rate certainty for state and local Housing Finance Agencies (HFAs) that use the Federal Housing Administration’s (FHA) risk-sharing initiative with the Federal Financing Bank to finance new construction;
• Guidance from the Department of Transportation (DOT) to clarify that Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation and Improvement Financing (RRIF) loans used for conversion projects may be eligible for a categorical exclusion under the National Environmental Policy Act (NEPA);
• Up to $250 million in loan financing from HUD for communities that use Community Development Block Grant (CDBG) funding to support new construction of Section 108 housing; and
• A forthcoming rule from HUD to update its Manufactured Home Construction and Safety Standards.

Semafor: The 2025 tax war starts early as Harris and Trump vie over child credit

Donald Trump is weighing whether to endorse an expanded $5,000 child tax credit that would go to parents at all income levels, an official at his campaign told Semafor. Trump’s vice presidential nominee, Ohio GOP Sen. JD Vance, proposed a $5,000 child tax credit that would “apply to all American families” in a recent CBS News interview.

E&E News: House GOP broadens scrutiny of EPA ‘green bank’ grants ($)

House Republicans are expanding their investigation into EPA’s $27 billion grant program to reduce greenhouse gas emissions. GOP leaders in the Energy and Commerce Committee wrote to EPA Administrator Michael Regan on Monday seeking copies of the full award agreements the agency signed with recipients under its Greenhouse Gas Reduction Fund program The GOP has long been scrutinizing the program, which is the largest non-tax item stemming from the Inflation Reduction Act. It’s sometimes called a “green bank,” since its largest project, worth $14 billion, will function like a bank to finance projects to reduce emissions. The panel’s oversight to date has included a January hearing with a top EPA adviser working on the GGRF and some follow-up communications over issues like conflicts of interest, potential ties between grant recipients and the Chinese government and performance audits. But Republicans want more now. “In short, the EPA repeatedly sought to reassure the Committee that its award agreements with selected recipients would address the issues of concern and potential risks. The Committee seeks additional detail on how these award agreements will address the issues of concern and potential risks," wrote committee Chair Cathy McMorris Rodgers (R-Wash.) and Reps. Morgan Griffith (R-Va.) and Buddy Carter (R-Ga.) …

The Hill: Democrats divided over permitting reform’s climate math

Sen. Martin Heinrich (D-N.M.) says a bipartisan energy bill would be a huge win for the climate; Sen. Bernie Sanders (I-Vt.) says it would be a disaster. The Democratic caucus is divided over whether to support legislation that seeks to speed up the nation’s energy build-out — largely based on disagreements about what its actual climate impacts would be. Emissions analysts tell The Hill there’s good reason for the conundrum: It’s fairly unclear what the bill would mean for the climate due to political and economic uncertainties in the years ahead. … The bill in question seeks to speed up the permitting processes for energy projects and is a compromise between Sens. Joe Manchin (I-W.Va.) and John Barrasso (R-Wyo.). When it came to a vote before the Senate Energy and Natural Resources Committee last month, seven Democrats and independents who caucus with them voted for it, while three voted against it. Both left-wing supporters of the bill and opponents invoked climate change. … Provisions in the bill would give federal energy regulators greater authority to approve new power lines and those that require planning between regions of the electric grid. In addition, the legislation includes provisions aimed at speeding up the timelines for wind and solar projects on federal lands, as well as increasing opportunities to pursue offshore wind and geothermal energy, the latter of which comes from heat within the earth and does not produce planet-warming emissions.

ABC: California insurance regulation reforms take important step forward

Proposed reforms to California’s insurance regulations took a key step forward Friday, officially entering the public comment period required before they can be enacted. The proposed regulation will allow insurance companies to use forward-looking, so-called ‘catastrophe modeling’ when asking the California Department of Insurance (CDI) to approve requested rate hikes. Each model is comprised of computerized calculations simulating potential catastrophic events. Currently – and for the past three decades, since the passage of California’s last major reform of insurance industry regulations, Proposition 103 – insurers have only been allowed to use historical modeling, looking at the past 20 years’ worth of climate data when justifying increases to customers’ premiums. Under Prop 103, insurance companies must get approval from CDI before raising customers’ premiums. Using catastrophe modeling, insurers argue, will allow them to more accurately price their products. CDI also says forward-looking modeling will allow companies to better take into account wildfire mitigation efforts done by either an individual homeowner or – in the case of a Firewise community – an entire neighborhood. “Over the past several years, the state has put billions toward wildfire mitigation efforts and homeowners have made significant investments in home hardening,” California Insurance Commissioner Ricardo Lara said in a news release Friday.

Reuters: Trump pledges to end pollution rule, block steel merger

Republican presidential candidate Donald Trump pledged on Monday to rescind a Biden administration rule limiting power plant pollution and reiterated a promise to block Nippon Steel's planned purchase of U.S. Steel. In the most detailed economic remarks he has offered on the campaign trail so far, Trump also ratcheted up his pledge to radically limit foreign access to domestic markets, saying he would ensure the supply chain for essential goods would be 100% American if he wins the Nov. 5 election. He did not elaborate on how he would accomplish that goal beyond advocating broad measures, like imposing tariffs on other nations. … Trump in February had signaled he would move to block the Nippon-U.S. Steel deal, a potential merger that has stirred anxiety among some unionized workers, a key voting bloc in Pennsylvania and the other "Rust Belt" swing states likely to determine the results of the election. … Trump also pledged to eliminate rules published by the Environmental Protection Agency in April, which limit air and water pollution from power plants and are designed to cut over 1 billion metric tons of greenhouse gas emissions by 2047. The electricity sector is responsible for nearly a quarter of U.S. greenhouse gas pollution, according to the EPA. "It's a disaster for our country," Trump said. "Instead of shutting down power plants, we will open dozens and dozens more, and they'll happen fast." Trump said his administration would bring more "advanced small, modular nuclear reactors" online and that he would invoke the Defense Production Act to ramp up production of essential products.

POLITICO: AI initiatives would get $40M annually in draft California journalism bill agreement

Artificial intelligence initiatives would receive tens of millions of dollars in a draft settlement on a closely watched state legislative effort to make large platforms like Google and Meta fund California newsrooms. The draft proposal, dated Saturday afternoon, would see California form a public-private partnership with Google and news publishers to fund in-state newsrooms and AI over five years. The partnership would provide over $300 million across five years, including at least $40 million annually for an unspecified “AI Innovation Accelerator” program managed by a “yet-to-be finalized” nonprofit. A summary of the draft proposal says it aims to “strengthen democracy and the future of work in an Artificial Intelligence future” — a remarkable shift from the original purpose of Assemblymember Buffy Wicks’ bill, which aimed to make platforms share advertising profits from news-link sharing back to California newsrooms. A deal on the bill has yet to be announced, and Wicks’ office did not immediately respond to questions about the draft document obtained exclusively by POLITICO.

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