UBS On-Air: Market Moves
UBS On-Air: Market Moves

Sep 4, 2026 · 12 min

Congress juggles funding, open-source AI and Iran tensions

Washington Weekly Podcast: Open-Source AI Leadership Act, Funding Bill, US-Iran War

The episode connects a compressed legislative calendar with U.S. technology policy and renewed military risks involving Iran.

3 key takeaways
  1. 1Congress weighs extending federal funding through December 11 alongside highway and farm bill provisions.
  2. 2The Open Source AI Leadership Act would have Commerce support U.S. development and identify barriers to adoption.
  3. 3Renewed U.S.–Iran hostilities near the Strait of Hormuz raise broader strategic and geopolitical questions.

Don't miss

Shane Lieberman links the Open Source AI Leadership Act to U.S. efforts to compete with China while strengthening domestic open-source development.

The brief

Dan Cassidy and Shane Lieberman open with a House-passed measure extending federal funding through December 11, plus highway and farm bill provisions, as Congress faces limited time.

The Open Source AI Leadership Act would direct Commerce to support open-source AI, identify adoption barriers and work with companies and startups as the U.S. competes with China.

The discussion then turns to renewed U.S.–Iran hostilities, including strikes near the Strait of Hormuz, Iran’s response and the conflict’s wider strategic implications.

Together, the topics show how a constrained Washington calendar is carrying immediate budget questions alongside longer-term technology competition and geopolitical risk.

What was said on this episode

14 statements · 6 positive · 7 negative · 1 mixed

  1. Shane Liebermanon December 2026 lame-duck session of CongressPositive2:16

    The December lame-duck session could have a substantial legislative agenda.

    “I think it's shaping up to what could be a busy laying duck.”

    Listen at 2:16

  2. Shane Liebermanon December 2026 lame-duck session of CongressNegative3:49

    The lame-duck session will likely accomplish less and defer issues to 2027.

    “I think we're seeing signs that it's going to be a less fruitful lame duck, and it pushed some of these items into 2027 to be dealt with at that time.”

    Listen at 3:49

  3. Shane Liebermanon Open Source AI Leadership ActPositive4:49

    The bill would direct Commerce to support open-source AI in the United States.

    “what this bill would do is direct the Department of Commerce to support open source AI in the U.S.”

    Listen at 4:49

  4. Shane Liebermanon Open Source AI Leadership ActPositive4:58

    The bill would identify adoption barriers and collaborate with companies and startups.

    “identify barriers to adoption and work with companies and startups to, you know, kind of fuel AI in the U.S.”

    Listen at 4:58

  5. Shane Liebermanon Open Source AI Leadership ActNegative5:07

    The bill calls for assessing risks from foreign adversaries’ AI models, especially China’s.

    “it also calls for assessment of risks tied to foreign adversaries, AI models, you know, most notably China.”

    Listen at 5:07

  6. Shane Liebermanon Open Source AI Leadership ActNegative6:00

    The bill is more likely to advance in 2027 than during the 2026 lame duck.

    “I put this in the 2027 bucket for it to actually get stronger legs to move forward.”

    Listen at 6:00

  7. Shane Liebermanon Open Source AI Leadership ActMixed6:07

    The bill may still advance quickly during the final quarter of 2026.

    “it's definitely something we'll keep an eye on and see if it is able to move quickly in the last quarter of 2026.”

    Listen at 6:07

  8. Shane Liebermanon U.S. military strikes near the Strait of HormuzPositive7:00

    U.S. strikes near Hormuz were a tactical action to reopen and maintain the strait.

    “as President Trump really looks to open up the Straits and keep it open, this was kind of a tactical... by the U.S. military.”

    Listen at 7:00

  9. Shane Liebermanon Neighboring countries supporting IranPositive7:37

    Neighboring countries helping Iran would strengthen Iran’s position.

    “some of these neighboring countries that may look to help Iran in this standoff, if you will, strengthens Iran's position.”

    Listen at 7:37

  10. Shane Liebermanon Iranian rialNegative8:04

    The Iranian rial is at an all-time low against the U.S. dollar.

    “I think the Iranian real is at an all-time low. Against the dollar, I think it's 2.2 million rials to $1.”

    Listen at 8:04

  11. Shane Liebermanon U.S.-Iran peace talksNegative8:18

    Current pressure on Iran is unlikely to produce results in near-term peace talks.

    “I don't think it's enough that we're going to see peace talks yield anything in the coming days or weeks.”

    Listen at 8:18

  12. Shane Liebermanon U.S.-Iran peace negotiationsPositive8:35

    A future round of U.S.-Iran negotiations may produce progress.

    “I think that may... bear some fruit in another round.”

    Listen at 8:35

  13. The U.S.-Iran conflict may settle into recurring cycles of low tensions and hostilities.

    “I'm starting to wonder if this is kind of the new normal for a little while where there, you know, are weeks of lower tensions and then, you know, an exchange of hostilities for a week and then back to lower tensions.”

    Listen at 8:40

  14. Current U.S.-Iran hostilities are unlikely to produce meaningful negotiations.

    “But right now I'm a little skeptical.”

    Listen at 9:04

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.

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