Reconciliation Law Highlights
While many in Washington thought it would not happen, President Trump signed the reconciliation bill, previously titled the One Big Beautiful Bill (OBBB), into law on July 4. Among its provisions, OBBB makes the 2017 tax cuts permanent; phases out clean energy tax breaks; increases funding for defense and border security; and increases the debt by $3.3 trillion dollars. Of most interest to Emory, the tax on our endowment is projected to increase from 1.4% to 4% (down from the House proposal of 7%). It also has major changes to the student loan repayment system, access to graduate student loans, and eligibility for Pell Grants. For more information on the education provisions of the bill, please see NAICU’s resource. NAICU is the National Association of Independent Colleges and Universities of which Emory is a member.
On the health care front, the OGCA team was able to prevent any changes to our current state-directed payments through GA-STRONG and negotiated a modest one-year increase to the physician fee schedule. However, OBBB significantly limits ACA subsidies by restricting eligibility for certain immigrant populations and requiring subsidy verification. The new law does not implement cost-sharing reductions or address the Marketplace Integrity and Affordability rule finalized by the Centers for Medicare and Medicaid Services (CMS) in June. Read the AHA briefing for more information on the health care piece. Emory is a member of the American Hospital Association (AHA).
See how Emory fared on specific provisions of OBBB. As OBBB moves into the regulatory process, the OGCA federal team will continue to work on limiting the impact on Emory as much as possible.
Congress now turns to the FY2026 appropriations process, which we expect to dominate the calendar between now and Sept. 30. With several Emory priorities on the line, appropriations becomes the federal team’s top priority.
Academic Medicine Week
The last week of June was designated Academic Medicine Week. As part of the recognition, the AAMC hosted a Congressional reception honoring both our Congressional champions and hospitals across the country. Rep. Rich McCormick (R-GA) joined the reception and spoke with guests about his training at Emory. | 
