Financial Services Legislative And Regulatory Update -- December 10, 2012

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Explore:  Fiscal Cliff

In This Issue:

Leading the Past Week; Fiscal Cliff; Legislative Branch; House of Representatives; Executive Branch; and Upcoming Hearings.

Excerpt from Leading the Past Week:

Despite the fact that President and the Speaker apparently met yesterday, the week concluded with no apparent progress for a deal on the fiscal cliff, and each passing day only heightens the probability that the country will “go over.” The stalled debate this past week was juxtaposed against another positive jobs growth report on Friday but there seems to be a growing consensus that the uncertainty emanating out of our nation’s Capital is going to eventually harm the country’s economic confidence.

Late last week, Senate Leader Harry Reid set in motion the debate to extend full deposit insurance for banks, and the issue, which galvanized banks, credit unions and money market funds, will come to a head this afternoon. In addition to dealing with current issues, we continue to learn the make-up of the key committees for next year, as both sides made announcements. Although not formally confirmed, it appears that Senators-elect Warren and Haitkamp, along with Joe Manchin will be joining the Senate Banking Committee next year.

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.

© Mintz Levin - Public Finance Matters | Attorney Advertising

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