Financial Services Legislative And Regulatory Update -- May 29, 2012

In This Issue:

Leading the Past Week; Legislative Branch; Senate; House of Representatives; Executive Branch; Miscellaneous; International; and Upcoming Hearings.

Excerpt from Leading the Past Week

With the House of Representatives in Recess this past week all action was found in the Senate where the Banking Committee heard from emboldened regulators seeking to capitalize on the events of the JP Morgan trading loss as justification for tougher regulation and strong implementation of the Dodd-Frank Act, in addition to considering legislation to help spur refinancing and aid the Housing market. Also, the CFPB made the news this week as it announced yet another effort to regulate a heretofore lightly regulated financial product – in this case general purpose prepaid cards.

However the biggest story was the partisan sniping between the Obama and Romney campaigns about the President‘s efforts to paint Romney as a vampire capitalist for his work at Bain Capital. This line of attack, which we should expect to see, in some form of another until November, really represents a broader philosophical question about how one should view wealth – through the prism of the short-term profit or the long-term growth. This question, to which it seems that neither party has an answer, will be elevated as Congress try to deal with the looming ?fiscal cliff? our country is facing, especially during the debate that the House will engage in late July on whether to extend the Bush tax cuts.

Please see full issue below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


Mintz Levin’s Public Finance practice has earned a reputation for taking a client-oriented,... View Profile »

Follow Mintz Levin - Public Finance Matters:

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.