Financial Services Regulatory Reform Update - February 4, 2011

Although the House of Representatives was in recess this week, a draft of the Financial Services Majority staff’s oversight strategy was leaked and widely circulated. Based on that report, which is expected to be ratified this week, the Republicans intend to scrutinize nearly every piece of legislation that stands to create more and potentially unnecessary regulation by the federal government, and will hold multiple hearings overseeing the implementation of Dodd-Frank. Notably, the plan does not call for outright repeal of Dodd-Frank.

The U.S. debt ceiling was also a major topic of discussion this week, with members of both parties, administration officials, and others all weighing in on when the ceiling will be reached and how to avoid a default on U.S. debt. While most of the major players seem to be in agreement that something must be done in the near future, there is no consensus on how to move forward. Potentially complicating matters, arch conservatives like Senator Toomey (R-PA) believe that no action is necessary at all, as evident by the dueling statements he issued with Treasury Secretary Geithner this week on the need to expand the ceiling.

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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