Financial Services Legislative and Regulatory Update -- April 15, 2013

In This Issue:

Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings.

Excerpt from Leading the Past Week -

Congress returned from a two-week recess and the President finally released his FY14 Budget, which was immediately attacked by friend and foe alike. Some view this bipartisan attack as a sign that the President made a real effort to offer a framework for serious negotiation. Later in the week the President met with fifteen CEOs from some of the largest financial institutions, including: JP Morgan CEO Jamie Dimon, Goldman Sachs CEO Lloyd Blankfein, AIG CEO Bob Benmosche, Citigroup CEO Michael Corbat, MetLife CEO Steve Kandarian, Bank of America CEO Brian Moynihan, in a meeting generally described as positive. Although there weren’t any detailed press accounts of the meeting, other than that it included discussion of immigration, cybersecurity, the stability of the financial system, and the nation’s long-term fiscal health, one wonders whether the CEOs shared their thoughts about a leaked draft of legislation being pushed by Senators Brown and Vitter that would effectively break up many of their institutions.

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