On September 3, 2026, the Securities and Exchange Commission (“SEC”) voted to propose rescinding in its entirety Rule 206(4)-5 under the Investment Advisers Act of 1940, the agency’s longstanding “pay-to-play rule” applicable to investment advisers. If finalized, the proposal would eliminate the most significant federal political law compliance regime for
Continue Reading SEC Proposes to Repeal Longstanding Pay-to-Play Restrictions on Investment AdvisersThe Procedural Puzzle Complicating the Fauci Contempt Referral
Posted in Congressional Investigations
As widely reported, the Senate Homeland Security and Governmental Affairs Committee voted to hold Dr. Anthony Fauci in contempt of Congress following his appearance before the Committee in July, where he refused to answer the Committee’s questions by asserting his rights under the Fifth Amendment. At the same time, the…
Continue Reading The Procedural Puzzle Complicating the Fauci Contempt ReferralFourth Circuit Sets Aside FCC Media Bureau Guidance on Lowest Unit Charge; FCC Asks the Supreme Court to Step In
Posted in Campaign Finance
On August 25, 2026, a divided panel of the U.S. Court of Appeals for the Fourth Circuit set aside guidance by the FCC’s Media Bureau stating that two types of political advertising were entitled to the favorable “lowest unit charge” (“LUC”) rate: ads paid for as “party coordinated expenditures,” meaning…
Continue Reading Fourth Circuit Sets Aside FCC Media Bureau Guidance on Lowest Unit Charge; FCC Asks the Supreme Court to Step InDOJ Signals it will Move Forward with Significant Revisions to FARA Regulations
In an August 2026 Unified Agenda entry, the Department of Justice (“DOJ”) stated that it intends to complete its long-running effort to revise the regulations implementing the Foreign Agents Registration Act (“FARA”). The National Security Division (“NSD”) stated that it is considering a final rule that would adopt “many…
Continue Reading DOJ Signals it will Move Forward with Significant Revisions to FARA RegulationsOLC Opinion Would Extend Executive Privilege to Include Private Advisers, Inviting Future Disputes with Congress and New Considerations for Private Parties
By Perrin Cooke, William Sokolove & Joshua Schenk on
Posted in Congressional Investigations
The Department of Justice’s Office of Legal Counsel (“OLC”) has issued a new legal opinion that may offer the administration new tools to withhold from disclosure the President’s communications with certain private parties. In an opinion published this week, OLC concluded that the presidential communications privilege shields from disclosure certain…
Continue Reading OLC Opinion Would Extend Executive Privilege to Include Private Advisers, Inviting Future Disputes with Congress and New Considerations for Private PartiesFauci Contempt Vote Underscores Renewed Stakes of Congressional Testimony
By Brian D. Smith & Darcy Slayton on
Posted in Congressional Investigations
On August 6, 2026, the Senate Homeland Security and Governmental Affairs Committee voted along party lines to hold Dr. Anthony Fauci in contempt of Congress. The vote followed Dr. Fauci’s refusal to answer questions during a July 29, 2026, hearing regarding the federal government’s COVID-19 response. The Committee referred the…
Continue Reading Fauci Contempt Vote Underscores Renewed Stakes of Congressional TestimonyDefense Department Publishes Guidance Page Concerning Restrictions on Defense Contractors Retaining Outside Consultants
Over the last month, we have issued multiple client alerts outlining developments related to the Chinese military company covered lobbyist prohibition enacted by Section 851 of the National Defense Authorization Act (“NDAA”) for Fiscal Year (“FY”) 2025, codified at 10 U.S.C. § 4663. This is a follow-up to…
Continue Reading Defense Department Publishes Guidance Page Concerning Restrictions on Defense Contractors Retaining Outside ConsultantsEarly Post-NRSC Domino Falls: Minnesota Stops Enforcing Limits on Certain Party In-Kind Contributions
By Andrew Garrahan & Alex Langton on
Posted in Campaign Finance, State Law
State regulators are beginning to grapple with the implications of the Supreme Court’s recent decision in National Republican Senatorial Committee v. FEC (“NRSC”). Minnesota may have provided the first clear example of how the ruling could reshape state campaign finance regimes. On June 30, the Supreme Court struck…
Continue Reading Early Post-NRSC Domino Falls: Minnesota Stops Enforcing Limits on Certain Party In-Kind ContributionsRegulations Issued for New Restrictions on Defense Contractors Retaining Outside Consultants
The Chinese military company covered lobbyist prohibition enacted by Section 851 of the National Defense Authorization Act (“NDAA”) for Fiscal Year (“FY”) 2025, codified at 10 U.S.C. § 4663, took effect on June 30, 2026. Just before that date, the Department of Defense took steps to implement the…
Continue Reading Regulations Issued for New Restrictions on Defense Contractors Retaining Outside ConsultantsElection Year Reminder: Pay-to-Play Risks Are Easy to Miss and Costly to Fix
Posted in Pay-to-Play
It’s a common scenario: An employee receives a text from a friend asking them to contribute to the campaign of a candidate the friend supports. Without thinking much about it, the employee makes a $500 contribution. Though the employee has been trained on their company’s political contributions policy, it doesn’t…
Continue Reading Election Year Reminder: Pay-to-Play Risks Are Easy to Miss and Costly to Fix