Tag Archives: Financial services

Biden’s Competition EO Impacts Banks and the Financial Services Industry

On July 9, 2021, President Joe Biden issued an Executive Order (EO) “Promoting Competition in the American Economy.” The EO affirms that it is the administration’s policy “to enforce the antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony.” While certain portions … Continue Reading

Transatlantic Trade | US and Europe – Week of March 29, 2021

United States (US) officials released two major annual publications this week, one focused on human rights and the other focused on trade barriers for American goods and services.  The United Kingdom (UK) submitted a roadmap to the European Union (EU) regarding its border controls in Northern Ireland.  The two sides also appear to have reached … Continue Reading

EU Public Policy Update Financial Services and Taxation – Selected Developments From First Half of (H1) 2020

The European Commission (i.e. the European Union’s Executive Body) has started a new 5-year political mandate on 1 December 2019 under the leadership of its new President, the German Ursula von der Leyen. Three overarching priorities are woven into the EC policy agenda 2019-2024: (1) sustainability/climate neutrality (under the new European Green Deal), (2) digitalization … Continue Reading

NAFTA Modernization Talks – Round One Completed; Next Stop, Mexico

The first round of 5-day negotiations to modernize the North American Free Trade Agreement (NAFTA) concluded on August 20. In a joint statement released by trade officials from the United States, Mexico and Canada, they restated the commitment to updating the deal, continuing domestic consultations, and working on draft text. They also committed to a … Continue Reading

Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance

Legislative Activity President Trump Orders Review of Financial Regulations Last Friday, February 3, President Trump issued an Executive Order related to financial services regulatory reform (generally) and an Executive Memorandum specifically targeting the Department of Labor’s (DOL) Fiduciary Rule. The Executive Order on Core Principles for Regulating the United States Financial System directs the Secretary … Continue Reading

Financial Services Reform Efforts Slow Moving, as Lawmakers Turn to Fight on Terrorism Financing; SEC to Hold Open Meetings

Legislative Activity Lawmakers Press on with Financial Services Reform Efforts On June 23, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled a discussion draft of legislation aimed at replacing the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The legislation, Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (Financial CHOICE Act), … Continue Reading

Senate and House to Focus on Appropriations Bills Under New Caps

Legislative Activity Senate and House to Focus on Appropriations Bills Under New Caps Following the recent two-year budget and debt ceiling agreement, The Bipartisan Budget Act of 2015, the House and Senate are now working under new discretionary caps, increased by $50 billion for FY 2016 and equally divided between defense and non-defense programs. The … Continue Reading

Appropriations Process on the Floor Comes to a Standstill, in Both Houses; Heading Towards a Shutdown or a Continuing Resolution

Legislative Activity Appropriations Process on the Floor Comes to a Standstill, in Both Houses After an unplanned public fight over a confederate flag amendment in the Interior-Environment Appropriations Bill the House appropriations process has stalled, effectively bringing appropriations efforts on the floor for both Houses of Congress to a standstill just three weeks before the … Continue Reading

General and Financial Services Updates from the First Week of the 114th Congress

House of Representatives Leadership Speaker John Boehner (R-OH) was reelected as Speaker of the House. A small faction of the Republican Party – 25 Members – did not vote for him. As a result, two of those Members, Florida Congressmen Richard Nugent and Daniel Webster, lost their seats on the influential House Rules Committee. Scott … Continue Reading

Transatlantic Trade and Investment Partnership: Status and Financial Services Issues

On June 17, 2013, President Obama, European Council President Van Rompuy and European Commission President Barroso agreed to open negotiations on a Transatlantic Trade and Investment Partnership (TTIP) agreement. Since then, EU and US officials have conducted seven negotiation rounds on TTIP, with an eighth round expected to take place in Brussels in early February … Continue Reading

Congress Releases Volcker Fix Bills & Financial Stability Board Releases New Consultative Document

Legislative Activity Congress Releases Volcker Fix Bills House Financial Services Chairman Jeb Hensarling (R-TX), Representative Shelley Moore Capito, and four other House Republicans introduced the “Fairness for Community Job Creators Act” (H.R. 3819) last week, to exempt all banks, regardless of size, from divesting collateralized debt obligations (CDOs) backed by trust preferred securities (TruPS) under … Continue Reading

Student Debit Cards

Legislative Activity Student Debit Cards Last Thursday, September 26, Democratic lawmakers, including Sens. Sherrod Brown (OH), Elizabeth Warren (MA), and Dick Durbin (IL), as well as Reps. George Miller (CA), Louise Slaughter (NY), Maxine Waters (CA) and Peter Welch (VT), sent letters to bank CEOs asking for information related to their agreements with institutions of … Continue Reading