Financial Services Legislative And Regulatory Update -- February 6, 2012


In This Issue:

Leading the Past Week; Legislative Branch; House of Representatives; Executive Branch; Federal Reserve; Treasury; DOL; CFTC; IRS; International; and Upcoming Hearings.

Leading the Past Week

It was only fitting that in a week where we honor America?s worst weatherman, err… rodent that the week ended with a jobs creation announcement that shattered predictions. The Bureau of Labor Statistics reported that 243,000 jobs were created in January. The increase helped drop the unemployment rate to 8.3 percent, the lowest level in close to three years. This growth comes despite the lack of the temporary holiday hiring that accompanied the report from December, with the biggest gains in the professional and business services which added 70,000 jobs. The result exceeded most predictions by over 100,000 jobs, and it capped off a week that saw the Administration get its political swagger back. Throughout the week we continued to see the White House blend politics and policy. From the President announcing a new housing plan to aid underwater homeowners just as the Republican primary season comes to one of the epicenters of the housing crisis, to Treasury Secretary Geithner defending Dodd-Frank and using rhetorical jujitsu to accuse the law?s opponents of being responsible for undermining our nation?s financial institutions, it seems clear that the White House is fusing its political and policy messages. By contrast, perhaps the biggest news out of Congressional Republicans this past week was their intention to file an amicus brief in support of some future court challenge to the recess appointment.

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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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