Financial Services Regulatory Reform Update - January 21, 2011

Next week will mark the return of both chambers of Congress to the Hill, as the Senate wraps up its last days of recess and members gear up for the 112th Congress to be under way. Although we are starting to see a trickle of new bills being introduced and hearings scheduled, for the most part these first few weeks tend to be reserved for staff transitions, strategizing, and finalizing committee membership and subcommittee leadership. We expect the Senate to finally pass an organizing resolution next week that will, among other things, set the committee ratios. Additionally, both parties held member retreats in the past weeks to formulate their goals for the upcoming year and discuss policy issues, and President Obama spoke at the Democrat conference in Maryland, at which the media was not allowed.

While we await, and fully anticipate real action on the Hill, this past week saw the tolling of the six months post enactment of Dodd-Frank. With this milestone came the deadline for the completion of quite a few reports, some of which are discussed below, and really kicks into high gear some of the more complicated components of the implementation of the law.

Please see full update 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.

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