Financial Services Legislative and Regulatory Update -- November 18, 2013

In This Issue:

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

Excerpt from Leading the Past Week -

While Washington and the country were mainly focused on the troubles surrounding the implementation of the of the Affordable Care Act (ACA), other areas of the federal government tasked with implementing the President’s other signature law – Dodd-Frank – were having a bit more success. Last week, regulators moved ahead with several aspects of the Dodd-Frank Act, including new clearinghouse standards and additional stress test requirements. However, one area where the roll out has not gone as smoothly is the Volcker Rule. With the nominee for CFTC chair announced this week, it seems that the impetus to get a draft of the final rule out may have gained steam. Despite the interest by some to move forward, there are clear bumps in the road head. For example, it was reported that Securities and Exchange Commission (SEC) Commissioner Michael Piwowar will not support a “final or interim final rule without first re-proposing” the Volcker Rule, a position similar to fellow Republican Commissioner Dan Gallagher, though with a full slate at the SEC, Chairwoman White would have enough votes to pass if her two fellow Democratic Commissioners hold. Though there may be dissent among those that must vote on a final Volcker Rule, regulators are expected to release a draft as soon as this week – though we’ve been close before.

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