Narrow Compromise Revived

Newsom and Democratic legislative leaders negotiate a narrower replacement bill that preserves California's existing refuge posture while reducing legal exposure from interstate conflicts. This is the most likely path because California already has sanctuary-style protections, and the veto is more likely to reflect objections to drafting, cost, or enforceability than a wholesale policy reversal.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.