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CMS Publishes Round 3 IRA Drug Negotiation List — 20 Additional Drugs

CMS published the final Round 3 list of 20 additional drugs for Medicare price negotiation under the IRA. 4 Pfizer products included: Eliquis, Ibrance, Prevnar 20, and Paxlovid. Therapeutic value assessment methodology finalized with 60-day comment period. Combined Round 1-3 scope: 50 drugs, $98B in Medicare spending.

NDAA Conference Report Released — $886B Defense Authorization

House and Senate Armed Services Committees released the FY2026 NDAA conference report. B-21 Raider fully funded at $7.2B, Sentinel GBSD at $3.8B. Includes new AUKUS technology sharing provisions, AI autonomous systems funding of $2.4B, and DoD cloud modernization framework. Floor votes expected within two weeks.

Senate Commerce Committee Passes Federal Data Privacy Act (18-8)

Senate Commerce Committee advanced the Comprehensive Federal Data Privacy Act with bipartisan support. Key provisions: individual data rights, opt-out of targeted advertising, algorithmic transparency, FTC enforcement, and state law preemption with floor for biometric/health data. Bill moves to full Senate.

EPA Publishes Final Power Plant Emissions Rule — Effective June 1

EPA published the final rule on power plant emissions standards in the Federal Register, triggering a 60-day effective date (June 1, 2026). Industry coalition led by API immediately announced legal challenge in D.C. Circuit. Rule requires 90% emissions reduction for new gas plants >400MW by 2032.

Senate Energy Committee Passes FERC LNG Permitting Reform (14-6)

Senate Energy & Natural Resources Committee advanced the FERC LNG Export Permitting Reform Act with bipartisan support. Establishes 18-month permitting timeline and categorical exclusions for existing terminal expansions. Cheniere's Stage 3 expansion specifically benefits from brownfield categorical exclusion.