Financial Services Legislative And Regulatory Update -- July 30, 2012

In This Issue:

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

Excerpt from Leading the Past Week -

With many of the world’s eyes turning to London this weekend for the start of the 2012 Summer Olympics, lawmakers in the House and Senate were concerned with something very different coming out of London: the LIBOR scandal. Lawmakers in both the House and Senate grilled Treasury Secretary Timothy Geithner for his role as President of the New York Fed and whether he acted appropriately in identifying and acting on irregularities and suspected fraud in the benchmarking system. Geithner was not the only Administration official to come before Congress last week as CFTC Chairman Gary Gensler faced tough questions from House Agriculture Members on the Peregrine and MF Global customer fund scandals. CFPB Director Cordary was also on the Capitol Hill defending the Bureau’s regulatory actions and cost-benefit analyses while CFPB Student Loan Ombudsman Rohit Chopra went before the Senate to call for more help for those facing massive student loan debts. On the floor, in the House of Representatives Ron Paul’s legislation to audit the Fed was finally passed after years of efforts on a broad bipartisan vote, while in the Senate Republican effort to extend the Bush-era tax cuts failed in an up or down vote, while a Democratic proposal narrowly advanced but is not anticipated to be passed by the House.

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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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