Sen. Chuck Grassley. Photo: Win McNamee via Getty Images

Sen. Chuck Grassley (R-Ia.) will chair the Finance Committee next Congress, meaning that the position being vacated by pharma ally Sen. Orrin Hatch will be filled with someone much less defensive of the industry.

What we're hearing: "PhRMA is probably crying in a corner right now. Winter is coming," a senior GOP Senate aide told Axios. And a former GOP aide mused, "If the administration, Democrats in the House, and Grassley all want to go in a direction, does pharma have the resources to get Republicans to stand on the wall against this coming invasion?"

Yes, but: Majority Leader Mitch McConnell will still control what gets a vote on the floor. 

What we're watching: Grassley has supported mandatory price disclosures in direct-to-consumer ads and legal drug importation from Canada.

The big picture: “I would expect Sen. Grassley to take a more activist approach when it comes to drug pricing, which might be more in line with the president’s position on this," said Chris Campbell, a former Hatch aide who now is a chief strategist with Duff & Phelps.

  • “There certainly is a real risk to investors that are investing in the health care sector, specifically in drugs and biologics, that stocks might be (affected) by the ebb and flow of the debate over drug prices, and potentially by the compromise, if one’s found in Washington," Campbell added.

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Tesla is the company of the moment — the prime exemplar of just about any big and important trend that you might care about.

Why it matters: Almost every reader of finance and business news will have at least one strongly-held opinion about Tesla. What you might not realize is just how widely those opinions range, and the degree to which they map onto much broader views of the world.

Gallup: Party preference swings dramatically in favor of Democrats

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Americans' political party preferences have swung sharply from a 2-point Republican advantage in January to an 11-point Democratic advantage in July, according to Gallup's monthly averages of telephone polls in 2020.

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Nancy Pelosi: "I yearn for other Republican presidents"

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What she's saying: "I yearn for other Republican presidents," Pelosi said at a press conference. "While we may have disagreed on many points, but at least we had a shared commitment to the governance of our country."