President Trump signed an executive order Saturday directing federal agencies to accelerate access to psychedelic drugs in clinical settings, framing the action as a response to what the order describes as a crisis of serious mental illness. The directive instructs the FDA to designate certain psychedelics as breakthrough drugs, fast-tracking their review, and expands access through right-to-try legislation, which permits terminally ill patients to use experimental treatments outside standard regulatory pathways. FDA Commissioner Marty Makary announced three priority review vouchers will be awarded next week to serotonin 2a agonists, a class of psychedelic compounds, with agency decisions expected later this summer. The executive order also directs a broader reevaluation of psychedelics' controlled substance classifications, a step that would carry significant legal and commercial consequences for the nascent psychedelic therapeutics sector. Investors and developers in that space will watch the FDA's summer timeline closely, as breakthrough designation and scheduling changes would materially alter the clinical and commercial runway for drugs in this pipeline.
India's Expenditure Finance Committee has cleared a Rs 1.25 lakh crore outlay for India Semiconductor Mission 2.0, up 64 percent from ISM 1.0's Rs 76,000 crore. The proposal now goes to the Cabinet, as two chip plants begin commercial output and a third, CG Semi, is set to open July 4, 2026.
The Supreme Court blocked Trump from firing Federal Reserve board member Lisa Cook, preserving the Fed's independence from presidential removal power. A separate ruling the same day gave Trump broader authority to dismiss leaders of other independent federal agencies.
The US Supreme Court has blocked President Trump's attempt to fire Federal Reserve governor Lisa Cook, who faced unproven mortgage fraud allegations. The ruling preserves Fed independence for now and keeps a politically charged removal case alive in the courts.
The US Supreme Court, splitting along ideological lines, has allowed the Trump administration to end Temporary Protected Status for Haitian and Syrian immigrants.
