Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

A divided US Supreme Court upheld the constitutional right of birthright citizenship, rejecting President Donald Trump’s planned restrictions and invalidating a central plank of his immigration agenda.

The court said an executive order Trump issued hours after his inauguration last year couldn’t be squared with the Constitution’s 14th Amendment, which has long been understood as guaranteeing citizenship to virtually everyone born on US soil.

The case tested what it means to be an American. Trump’s order sought to restrict birthright citizenship to babies with at least one parent who is a US citizen or green-card holder, affecting an estimated 250,000 children born to undocumented immigrants and temporary visitors each year.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Stonecourt Capital Partner Rick Davis and Maywood Strategies Principal Doug Farrar.
• Bloomberg News Legal Reporter Erik Larson.
• Former FTC Commissioner Rebecca Slaughter.
• Bloomberg White House and Washington Correspondent Jeff Mason.
• Kpler Head of Policy and Geopolitical Risk Michelle Brouhard.

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A look at the $87.6 billion supplemental spending request from the White House, which would earmark most of that to the Department of Defense and the conflict with Iran, led Bloomberg Intelligence's July 29 Washington Policy Pulse. However, the request may get a frosty reception on Capitol Hill from both sides of the aisle. Democrats will likely oppose any larger request tied to the conflict with Iran and Republicans may be concerned with messaging ahead of the US midterms. And while $11 billion in farm aid that was included in the request would have bipartisan support, it's inclusion in a larger bill makes it less of a chance of passing in 2026. Increased defense spending, if enacted, would likely be tied to counter-drone and anti-missile technology, aiding contractors like Lockheed Martin, RTX and Northrop Grumman.

Finally, we gave a slight preview of the Supreme Court's decision on the Federal Reserve Lisa Cook case, as well as highlighted upcoming legislation and hearings in July tied to artificial intelligence. While US policy on AI remains high-level and "light-touch", there is growing dissent with the sector with both Republicans and Democrats.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.

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Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

A closely divided US Supreme Court reinforced the Federal Reserve’s independence from the White House, protecting governors from being fired by the president without proof of wrongdoing.

The Fed shield came even as the court in a separate ruling Monday expanded the president’s power to fire top government officials at other federal agencies in a blockbuster ruling that overturns a 91-year-old precedent.

Voting 5-4, the high court said Fed Governor Lisa Cook can stay in her job while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Writing for the majority, Chief Justice John Roberts pointed to what he said was a long tradition of keeping the Fed’s exercise of monetary policy independent from the White House.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Former Acting White House Chief of Staff Mick Mulvaney.
• Stonecourt Capital Partner Rick Davis and Hicks Evaluation Group CEO Fredrick Hicks.
• Constitutional Accountability Center President Elizabeth Wydra.
• Bloomberg International Economics and Policy Correspondent Michael McKee.
• Republican Congresswoman Nicole Malliotakis of New York.

See omnystudio.com/listener for privacy information.