Financial Services Legislative And Regulatory Update -- March 19, 2012

In This Issue:

Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and UPCOMING HEARINGS.

Excerpt from Leading the Past Week

The embers of hope for a bipartisan renaissance in Congress, or at least the Senate, continued to glow as Majority Leader Reid appeared to have acquiesced from the calls from Majority Leader Cantor and Minority Leader McConnell, among others, and decided to take up the House passed version of the capital formation bills. Despite the opposition of a small group of Senators who are concerned about the potential evisceration of consumer protections in the legislation, and some Conservative Republicans opposed to the inclusion of an expanded reauthorization for the Export-Import (?Ex-Im?) Bank, the Senate is likely to pass the bill by the end of next week. The other major news story of the past week was all of the attention given to the resignation letter from Goldman Sachs that Greg Smith had published in the New York Times. Without judging the contents of his letter or its timing, the more pressing policy question is whether the publicity generated by his letter will galvanize supporters of the Volcker rule, to push back against the continuously mounting opposition.

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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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