Financial Services Legislative and Regulatory Update -- August 5, 2013

In This Issue:

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

Except from Leading the Past Week -

Congress usually tries to leave town for its month-long August recess either with a bang or a whisper, however on Friday it left town with a giant THUD, as both chambers failed to advance respective versions of the FY14 Transportation Housing and Urban Development (“THUD”) bill. On August 1st Senate Republicans blocked a $54 billion proposal that would have funded highways, aviation, passenger rail, and other transportation projects because the bill exceeded previously agreed to spending limits. The Senate’s actions came a day after House Republican leaders were forced to pull their $44 billion THUD bill from the floor due a lack of votes for the measure. These actions not only exposed rifts in the Republican party but also leaves many wondering if Congress will be able to keep the government operating upon its return. With only 11 legislative work days between the end of the District Work Period and the end of the Federal fiscal year on September 30th , plus the ever encroaching breach of the Federal debt limit, all sides will have to find a way to put forward a short term short-term continuing resolution (“CR”) to keep the lights on while attempting to figure out how to address longer term issues like FY14 funding, the sequester and the debt ceiling.

Please see full issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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