Today we’re going to do a deep dive on one possible Trump Administration 2.0 priority.

Specifically, the elimination of red tape and excessive bureaucracy at the FDA.

First, a reader letter from last week’s issue on Elon Musk’s X interview with Mr. Trump.

Reader Barbara writes…

“It was great to sit back and listen to the two of them discuss ways to fix the problems confronting Americans. Both seem to agree that the best thing to do is to let each person decide what is right for his-her family. Sovereignty at its best.”

We agree.

Everyone in the mainstream press, it seems, is concerned with what the government can do - what it can give, provide, protect, cover, guarantee, backstop.

Refreshing - shocking even - to hear Musk and Trump discuss what America could do if the government did less.

We all want clean water and working traffic lights. But we don’t want a bureaucratic behemoth wagging its finger at our decisions because it thinks it knows what’s best for us.

Which brings us to a possible new Trump Administration priority worth a closer look…

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Your Rundown for Monday, August 19, 2024...

Trump’s “Right to Try” Expansion

President Trump’s 2018 effort to expand the FDA’s compassionate use provisions into a more patient-friendly “right to try” made an appearance in his Republican National Convention speech.

In short, terminal patients should have the freedom, in Trump’s view, to try experimental medicines. From a moral standpoint, from a scientific standpoint, this makes sense.

The FDA’s compassionate use standards allowed for this, but the process wasn’t exactly speedy or user friendly. “Right to try” sought to expand patient access.

Trump mentioned this point specifically in his RNC speech on July 19th.

Rep. Andy Biggs (R-AZ), an original sponsor of Trump’s 2018 push, has requested Trump continue to press “right to try” upon taking office again in January, according to Politico.

True, the majority of compassionate use applications are approved. It’s also true putting early stage medicines in the hands of terminally ill patients carries no guarantee of efficacy.

But Trump’s point - worth highlighting - is that in the broadest possible sense it isn't the government's job to tell a citizen, a taxpayer, a patient - what’s best for them.

This mindset, expanded beyond FDA policy to the EPA and regulatory impact on the oil and gas industry, for example, is Trump’s single biggest advantage over Democrats and Kamala Harris.

Do we want to live in a country with at least some semblance of individual liberty or do we want “price controls” on groceries? Do we want a bureaucrat or a patient to decide which medicines are best for them?

Furthermore, the Supreme Court’s recent overruling of the 1984 Chevron v Natural Resources Defense Council decision could bring this issue to the forefront of the campaign.

We’ll look deeper at individual vs. state-related issues and where the candidates stand, in the days ahead…

Market Rundown for Monday, Aug. 19, 2024

The S&P 500 is flat this morning at 5,579.

Oil’s down a touch at $76.08.

Gold’s off a little over $5.00, currently at $2,532. Gold’s up over 24% in the last 6 months.

And Bitcoin goes for $58,411.

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