In the March 2026 edition of The ICR D.C. Insider, we cover developments in Iran and China, new tariffs, SEC priorities, policy updates, and more. Get expert insights and analysis about developments in Washington that could have an immediate and long-term impact on your business.
Global Developments
- Iran – Following the U.S.-led military action in Iran, cybersecurity experts, company leaders, and others are warning of cyberattacks in retaliation. While Cybersecurity and Infrastructure Security Agency (CISA) – the federal government’s lead agency in charge of cyber protection and information sharing – is currently without funding, experts recommend that companies stay vigilant and regularly update their systems.
- China – Rep. John Moolenaar (R-Mich.) Chairman of the House Select Committee on China, along with other Congressional national security leaders, urged Treasury Secretary Scott Bessent to take additional action to implement the Comprehensive Outbound Investment National Security (COINS) Act and ensure American capital and expertise do not strengthen China’s military industrial base.
Tariffs
- Supreme Court Rejects Blanket Tariffs & President Trump Enacts New Ones – With a 6-3 decision, the Supreme Court found that President Trump’s use of a 1977 law, the International Emergency Economic Powers Act (IEEPA) to impose broad, non-targeted tariffs was illegal. The majority decision, written by Chief Justice John Roberts, removes a diplomatic tool that President Trump has aggressively wielded to remake U.S. trade deals and collect tens of billions of dollars from companies importing foreign goods. In response, the President immediately imposed 10% (with a promise to work to raise it to 15%) tariffs under Section 122 of the 1974 Trade Act, a provision that legal experts say a president has never used before for tariffs. Legally, Section 122 tariffs last for a maximum of 150 days after which they must be renewed by Congress, a dim prospect according to House Speaker Mike Johnson (R-La.). Treasury Secretary Scott Bessent said the Administration will also turn to tariffs under Section 301 (for claims of unfair trade practices) and Section 232 (based on threats to national security). Finally, while the Supreme Court did not speak to refunds, FedEx led in its litigation against the government to collect a full refund, as other companies did likewise, as the Administration contemplates options on how to keep that revenue.
SEC
- SEC Chairman Testifies on Capitol Hill – Securities and Exchange Commission (SEC) Chairman Paul Atkins testified before the House Financial Services Committee and the Senate Banking Committee. His statement (given to both bodies) focused outlined on, “my plan to make IPOs great again,” including:
- Re-anchoring disclosures in materiality so that investment decisions can turn on economic signals rather than on regulatory noise.
- De-politicizing shareholder meetings by restoring their focus to significant corporate matters.
- Allowing public companies to have litigation alternatives so that we shield innovators from the frivolous and investors from the fraudulent.
He added his endorsement for several congressional bipartisan initiatives, including those in the Senate’s Empowering Main Street in America Act and the House’s INVEST Act. Indeed, in a speech at the U.S. Chamber of Commerce, Atkins, speaking of the INVEST Act, said: “For example, allowing all companies to ‘test-the-waters’ before their IPO could incentivize more firms to explore going public. A modernized accredited investor definition, meanwhile, such as a knowledge-based exam, would recognize that financial sophistication can scarcely be measured by income or net worth alone.”
- Enforcement Priorities Articulated – In a speech before the Annual Securities Regulation Seminar in Los Angeles, newly-appointed Enforcement Division Director Margaret Ryan echoed similar themes and messages to those Chairman Atkins has previously addressed. In summary:
- The SEC is prioritizing fraud and other violations that result in investor harm and/or threaten market integrity.
- SEC Enforcement Division leadership is open to mitigation when appropriate, emphasizing a more selective, risk-based posture.
- The agency’s “back to basics” message aligns with enforcement frameworks emerging at the Department of Justice and Commodity Futures Trading Commission (CFTC).
- Enforcement Division Updates Policies – The SEC’s Division of Enforcement announced significant updates to its Enforcement Manual, including changes to investigative procedures that are intended to enhance consistency and uniformity. Investigative targets will have additional access to the SEC’s investigative files and more time to respond to initial disclosures notifying them they are under investigation. Specific updates were made around working to ensure a uniform Wells Notice process, facilitating simultaneous consideration of settlement recommendations and waiver requests, the impact of cooperation on civil penalties, changes intended to encourage more consistent internal collaboration, updates regarding the formal order process, and an updated framework for referrals to criminal authorities. The Enforcement Manual, which was last revised in 2017, will undergo yearly reviews going forward.
- New Risk Disclosure Approach Suggested – Chairman Atkins, in a speech at the Federal Reserve Bank of Dallas, talked about the potential reduce the volume of risk factors so that only material risks would be presented to investors. He went on to say, “if the primary purpose is for management to communicate to investors, then a novel idea could be to have an entity – perhaps the SEC or the company itself – maintain a set of risks, which could be published separately outside of the annual report, that broadly apply to most companies across most industries.” With such a single set of risks companies could “maintain a set of risks that broadly apply to most companies across most industries,” including how companies expect to be affected by legislation, geopolitics, and natural disasters. Atkins also said that it makes sense to reconsider the number of executives, in addition to the CEO, for whom compensation information is provided to appropriately calibrate the level of disclosure with the cost. Companies shouldn’t have to publicly disclose spending on security details for their executives, he also said.
- New Rules For Foreign Insiders Approved – The SEC adopted final rule and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable Act (HFIA), which will increase transparency into the holdings and transactions of directors and officers of foreign private issuers (FPIs). Directors and officers of FPIs with a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 (Exchange Act) must begin disclosing their holdings and transactions in the FPI’s equity securities on March 18, 2026, the effective date of the HFIA Act.
- Proxy Advisor Executive Order – Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, pressed Chairman Atkins in a letter for details on how he is implementing President Trump’s Executive Order that takes aim at proxy advisors – criticizing the Administration in the process.
DOL
- Revised Independent Contractor Rule Offered – The Labor Department (DOL) proposed a rule to make it easier for employers to classify their workers as independent contractors – which would rescind a Biden-era rule that aimed to put more contractors on company payrolls and give them access to employee benefits such as health insurance and paid time off, would affect millions of workers in a range of industries, including healthcare, restaurants, construction and transportation.
FTC
- FTC & DOJ Seek Public Comment for Guidance on Business Collaborations – The Federal Trade Commission (FTC) and the Department of Justice (DOJ) Antitrust Division launched a joint public inquiry regarding potential additional guidance on collaborations among competitors. The inquiry will help the FTC and DOJ with their effort to develop up-to-date guidance to the business community, building on the previous 2000 Antitrust Guidelines for Collaborations Among Competitors. The guidelines explain how the FTC and DOJ analyze various antitrust issues raised by such collaborations. The 2000 Guidelines were withdrawn in December 2024.
- Expanded Merger Disclosure Rule Allowed – The Fifth Circuit Cout of Appeals granted the FTC’s request to stay a Federal District Court decision that would have vacated the FTC’s 2024 rule expanding the Hart-Scott-Rodino Act (HSR) premerger notification form. While the FTC requested a stay only through March 2, 2026, the Fifth Circuit instead granted a stay “until further order of [the] court.” The rule, finalized in 2024, provided antitrust enforcers at the FTC and the DOJ with more information about mergers and acquisitions. The rule was finalized in the waning days of the Biden Administration, current FTC Chairman Andrew Ferguson, who was then a commissioner, voted in its favor, at the time calling it “a lawful improvement over the status quo.”
DOJ
- Antitrust Head Leaves the Department – Assistant Attorney General for Antitrust, Gail Slater, resigned from the Justice Department and Omeed Assefi, previously Deputy Assistant Attorney General, taking over the Division.
