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Financial Services Update – May 6, 2011

May 10, 2011

Authors

Bryan Cave

Financial Services Update – May 6, 2011

May 10, 2011

by: Bryan Cave

April Unemployment Rises to 9%

On Friday, the Department of Labor announced that the United States economy added 244,000 jobs in April, but the unemployment rate rose to 9 percent from 8.8 percent in March. The jobs numbers beat forecasts estimates of an expected gain of 185,000 jobs.

Bank Regulators to Testify on Dodd-Frank in Senate

The Senate Banking Committee announced that next Thursday, May 12, Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corp Chairman Sheila Bair, Commodity Futures Trading Commission Chairman Gary Gensler, Securities and Exchange Commission Chairman Mary Schapiro, Acting Comptroller of the Currency John Walsh and

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Financial Services Update – February 18, 2011

February 19, 2011

Authors

Matt Jessee

Financial Services Update – February 18, 2011

February 19, 2011

by: Matt Jessee

House to Pass Funding Cuts

This week the House debated an extension of the current fiscal year’s funding resolution that expires on March 4th. While the measure is not expected to pass until tonight, among the largest funding cuts passed so far are a $336 million cut to the School Turnaround Grant program, a $22.5 million cut to the National Endowment for the Arts, a $131 million cut to the Securities and Exchange Commission, as well as defunding of the Federal Communications Commission’s implementation of the so-called “Net Neutrality” rules and defunding portions of the Equal Access to Justice Act.

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Financial Services Update – February 4, 2011

February 8, 2011

Authors

Matt Jessee

Financial Services Update – February 4, 2011

February 8, 2011

by: Matt Jessee

Warren Interviews AGs for Consumer Protection Agency

Reports this week indicate that Elizabeth Warren, who is interim head of the U.S. Consumer Financial Protection Bureau, has interviewed four Democratic state attorneys general to be her permanent successor. The four AGs reportedly in the running are Tom Miller of Iowa, Lisa Madigan of Illinois, Roy Cooper of North Carolina and Martha Coakley of Massachusetts. The bureau is scheduled to officially start work on July 21. Under the Dodd-Frank Wall Street Reform Act, which President Obama signed in July, the bureau must have a Senate-confirmed director to perform certain functions such as

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Financial Services Update – January 21, 2011

January 21, 2011

Authors

Matt Jessee

Financial Services Update – January 21, 2011

January 21, 2011

by: Matt Jessee

Immelt Appointed Chairman of Council on Jobs and Competitiveness; Volcker Resigns

On Friday, President Obama announced that General Electric CEO Jeff Immelt will serve as Chairman of the newly created “Council on Jobs and Competitiveness.”  The Council will advise the President on job creation policies and on the establishment of a long-term growth strategy.  Immelt previously served on the board of the President’s Economic Recovery Advisory Board (PERAB).  On Thursday, the President also announced the resignation of PERAB Chairman Paul Volcker and dissolution of the PERAB.

SEC Issues New Rules on Asset Backed Securities

On Thursday, the Securities and Exchange

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Financial Services Update – January 7, 2011

January 7, 2011

Authors

Matt Jessee

Financial Services Update – January 7, 2011

January 7, 2011

by: Matt Jessee

December Unemployment 9.4%

On Friday, the Labor Department announced that the United States economy ended the year with 9.4% unemployment in December. The agency also revised estimates from October and November saying that 210,000 jobs were created in October instead of 172,000 and 71,000 in November, instead of 39,000.

Obama Appoints Daley, Sperling To Key Posts

On Thursday, President Obama announced that William Daley will serve as his new chief of staff. Daley is the former U.S. Secretary of Commerce in the Clinton Administration and brother of Chicago Mayor Richard Daley. Daley replaces interim chief of staff Pete Rouse, who

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Financial Services Update

September 20, 2010

Authors

Matt Jessee

Financial Services Update

September 20, 2010

by: Matt Jessee

Senate Passes Small Business Tax Credits Bill

On Thursday, the Senate passed a long-stalled small business tax credit measure, 61-38, with all fifty-nine Democrats and two Republicans, George Voinovich (Ohio) and George LeMieux (Fla.), voting for the bill. The bill will extend a number of tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, a five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category, and liberalized Code Sec. 6707A penalty rules. The bill now heads back to the House where

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