As congress wraps up for 2022, and we look towards a divided government in 2023, there are a few possible legislative moves on the horizon that investors will want to be prepared for.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Head of Global Thematic and Public Policy Research for Morgan Stanley. Along with my colleagues, bringing you a variety of perspectives, I'll be talking about the intersection between public policy and financial markets. It's Wednesday, December 21st at 11 a.m. in New York. As Congress wraps up its business for the year, it's a good time to level-set on what investors should watch out for out of D.C. in 2023. While it's not an election year, and a divided government means legislative achievements will be tough to come by, it's always a good idea to be prepared. So here's three things to watch for. First, cryptocurrency regulations. Turmoil in the crypto market seems to have accelerated lawmaker interest in tackling the thorny issue. And even if Democrats and Republicans can't come together on regulation, the Biden administration has been studying how regulators could use existing laws to roll out new rules. For investors, the most tangible takeaway from our colleagues is that crypto regulation could support large cap financials by evening the regulatory playing field with the crypto firms. Second, watch for permitting reform on oil and gas exploration. While a late year effort led by Democratic Senator Joe Manchin didn't muster enough votes for passage. It's possible Republicans may be willing to revisit the issue in 2023 when they control the House of Representatives. If this were to pass, watch the oil markets, which might be sensitive to perceptions of future increased supply, supporting the recent downtrend in prices. Lastly, keep an eye out for the U.S. to raise more non-tariff barriers with regard to China. While we're not aware of any specific deadlines in play, many of the laws passed in recent years that augment potential actions like export controls put the U.S. government on a sustained path toward drawing up more tariff barriers. Hence the continued momentum toward restricting many types of trade around semiconductors. We'll be particularly interested in 2023 if the U.S. takes actions that start to relate to other industries, which would reflect a broadening scope of U.S. intentions and the US-China trade conflict. That is potentially a challenge to our strategists' currently constructive view on China equities. Of course, these aren't the only three things out of D.C. that investors should watch for, and history tells us to expect the unexpected. We'll do just that and keep you in the loop here. In the meantime, happy holidays and have a safe and blessed new year. Thanks for listening. If you enjoy the show, please share Thoughts on the Market with a friend or colleague or leave us a review on Apple Podcasts. It helps more people find the show.