Washington: What to Watch Now

Key takeaways

Senate passed $70 billion immigration enforcement funding bill, without restrictions to the $1.776 billion anti-weaponization fund. The House is poised to vote this week.

President Donald J. Trump signed a slimmed down executive order on artificial intelligence (AI) while Capitol Hill struggles to find consensus on how to regulate AI.

House may ban itself from betting on elections or public policy events in prediction markets.

The U.S. Department of the Treasury launched an app for Trump Accounts, the new investing vehicle for children, but warned parents to be careful of scams and fraud.

The Securities and Exchange Commission (SEC) proposed rescinding a climate risk disclosure rule for public companies that was approved in 2024 but never went into effect.

Shortly before 5 a.m. on June 5, the Senate gave final approval to the bill that provides about $70 billion for Immigration and Customs Enforcement (ICE), Customs and Border Protection (CBP), and other immigration enforcement functions. The final 52-47 vote came after an 18-hour overnight "vote-a-rama."

The bill was considered under "budget reconciliation" rules, which allowed Republicans to bypass a filibuster and pass the bill with a simple majority vote, but also allowed Democrats to force unlimited politically painful votes on amendments. Most of the amendments focused on the administration's "anti-weaponization fund," a $1.776 billion pot of money that was designated for individuals targeted by the government. Acting Attorney General Todd Blanche testified to Congress on June 2 that the administration was "not moving forward with the fund," but Democrats wanted to codify that. Despite support from some Republicans on the issue the bill ultimately passed without any restrictions on the fund. The House is expected to vote on the bill as soon as June 9. Passage in that chamber is likely, though not a slam dunk. If the bill passes the House, it will go to the president for his signature.

President Trump signs slimmed down executive order on AI

The White House on June 2 issued a scaled-down version of its long-awaited executive order on artificial intelligence. The order materially reduces industry oversight that had been included in an earlier draft of the order. (The president had been set to sign that version on May 21 but decided to postpone the signing after receiving critical feedback from companies and trade groups).

The order signed last week asks AI companies to submit their powerful new models to a voluntary government review 30 days before releasing the products to the public. The earlier draft asked companies to do so 90 days before a product's public release. The executive order also directs the Treasury to coordinate with AI industry officials to establish a "cybersecurity clearinghouse" to identify and patch cybersecurity vulnerabilities uncovered by the new AI models.

Meanwhile, on Capitol Hill, a bipartisan pair of lawmakers released a 269-page draft AI regulation bill last week after months of work—and it was immediately panned by members of both parties. The bill's authors, Reps. Jay Obernolte (R-Calif.) and Lori Trahan (D-Mass.), emphasized that the draft was just a starting point for discussions, but the tough feedback is a sign of just how tricky it will be to get Congress to unite behind any kind of AI regulatory framework.

House to add ban on betting on public policy events to stock trading ban legislation

House Administration Committee Chairman Bryan Steil (R-Wis.) said last week that he will add language banning House members and staff from using prediction markets to bet on elections or public policy events to his bill to ban stock trading by members. The underlying bill passed the committee in January but has not yet been voted on by the full House, though Speaker Mike Johnson (R-La.) has said he will put the bill to a vote this summer. The Senate banned senators and staffers from using prediction markets in April. The issue has become a hot one on Capitol Hill in the wake of growing concerns about possible insider trading in the prediction markets.

Treasury launches Trump Accounts app

The accounts for children, created last year as part of the One Big Beautiful Bill Act, are now in the process of going live. The app is now available to download on all platforms. In a press release, the Treasury said that parents who have already signed up for an account will begin receiving e-mails with instructions for activating accounts for their children.

The accounts will be able to accept contributions from parents, grandparents, employers, and others beginning July 6. The federal government's $1,000 contribution to the accounts of eligible children who were born on or after January 1, 2025, will also begin to be deposited in accounts on July 6. Notably, the announcement included warnings about avoiding scams and fraud, likely a sign that the administration is worried that scams could proliferate. The administration is expected to launch an aggressive marketing campaign to make sure parents are aware of and sign up for the accounts, particularly parents who are eligible for the government contribution for a new baby.

SEC proposes rescinding 2024 climate risk disclosure rule

The 2024 rule, approved during the previous administration, required public companies to disclose information to investors about their greenhouse gas emissions and the risks they face from climate-related threats. The rule was blocked by the courts and never went into effect. In March 2025, the SEC announced that it would no longer defend the rule in court and told the court that it would move toward formally rescinding the rule. The May 31 proposal starts that process and a 60-day public comment period on the proposed rescission is now underway.

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