Financial Services Legislative and Regulatory Law Update – week of November 25, 2013

It is a rare moment when we realize we are actually witnesses to history. So it was only fitting that this past week, while the baby boomer generation remembered where they were when they heard the news of the assassination of President Kennedy, Majority Leader Reid decided to execute the so-called “nuclear option.” Like so many things these days in our nation’s Capitol, the decision was simultaneously hailed or demonized, and while history will be the ultimate judge of things, it is clear that the decision will have a real impact on the remainder of the 113th Congress. In terms of the procedural maneuver’s impact on the financial services industry, the most immediate effect is that many of the heretofore vacant positions at various regulators will be filled more quickly than under the old system. This includes Mel Watt at FHFA, as well as others, such as Janet Yellen who certainly appeared able to be confirmed under the 60 vote threshold. Though, the regulator that benefits the most from this change is the CFTC, which will dwindle to only two commissioners sometime shortly after the start of 2014 and likely would have been crippled for many months. Instead, the Senate should… Read full this story

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