Capital Snapshot: A Monthly Overview of the Issues, Events, and Timelines Driving Federal Policy Decisions

Our Legislative & Public Policy team is pleased to provide the May 2025 edition of “Capital Snapshot.” Capital Snapshot includes a monthly summary of the issues, events, and timelines driving federal policy and political decisions. This month’s edition includes a recap of recent major developments in politics, including congressional retirements, special elections, Trump administration changes, and approvals/favorability of President Trump. Additionally, this edition contains a review of the landscape of the 119th Congress, including party breakdown of each chamber, and upcoming congressional schedules and key dates. We also provide a recap of where things stand with congressional Republican planning for reconciliation, and the state of play and next steps for FY26 federal appropriations. Furthermore, we share legislative and policy updates across a variety of additional key policy areas, including: (1) tariffs and trade; (2) tax; (3) financial services; (4) defense; (5) education; (6) health care; and (7) energy and environment. We also assess economic factors and conditions that could impact the future political landscape.

© Arnold & Porter Kaye Scholer LLP 2025 All Rights Reserved. This Advisory is intended to be a general summary of the law and does not constitute legal advice. You should consult with counsel to determine applicable legal requirements in a specific fact situation.