Financial Services Legislative And Regulatory Update -- August 6, 2012

In This Issue:

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

Excerpt from Leading the Past Week -

Members of Congress left town at the end of the week, fleeing the stifling heat of Washington, but not before providing a clear road map for the fall, lame duck and likely, the 2013 agenda. As has been the case for much of the year, legislative paralysis reigned supreme, as neither side could find the votes to advance a farm bill, a cyber security bill or even legislation to help with drought relief. This continued state of stasis appears to be only eventually broken by an aggressive lame duck agenda, though one has to wonder how much runway actually exists to move the plethora of bills being parked for consideration post election. This last week before the long August recess also offered a glimmer of insight into the tax reform that is coming in 2013 as the House advanced a number of tax bills, including one to extend Bush-era tax cuts and another to eventually facilitate comprehensive tax reform and the Senate Finance Committee was able to mark-up and pass on a broad bipartisan basis a tax extenders measure.

Please see full issue 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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