Financial Services Regulatory Reform Update - March 18, 2011

Although the White House and Congressional leadership continue to debate the FY2011 budget, this past week both the House and Senate managed another stopgap funding measure to keep the government funded through April 8th. This buys Congress just three more weeks to negotiate the final spending levels through September 30th of this year, although both the House and Senate will be in recess next week. However, it is not clear how many more short term measures Congress will be able to enact, since the a growing number of conservatives in both Houses have expressed displeasure with these short term patches. Earlier this week, 54 GOP members, many of them freshman tea-party types, voted against the 3-week CR, which included an additional $6 billion in spending cuts, on top of the $4 billion previously approved.

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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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