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Financial Services Update – September 2, 2011

September 6, 2011

Authors

Matt Jessee

Financial Services Update – September 2, 2011

September 6, 2011

by: Matt Jessee

August Job Report Shows No Growth

On Friday, the Department of Labor released the August jobs report showing no net new jobs for the month. The Department revised the July report to decrease to 85,000 the number of net new jobs reported as opposed to the original 117,000 figure. The unemployment rate remained unchanged from July at 9.1 percent with the total number of unemployed workers remaining 14 million.

Obama Rejects New EPA Air Rule

On Friday, President Obama directed the EPA to abandon its proposed new rules that would lower the nation’s air quality standards from 75 parts per

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Financial Services Update – May 20, 2011

May 23, 2011

Authors

Bryan Cave Leighton Paisner

Financial Services Update – May 20, 2011

May 23, 2011

by: Bryan Cave Leighton Paisner

IMF Leader Resigns

On Wednesday, International Monetary Fund (IMF) President Dominique Strauss-Kahn resigned following his arrest in New York. European officials quickly moved to assert their claim over the leadership of the IMF, however emerging economic powers Brazil, China and India are seeking a process that prevents the top position from being granted to a European, as has been the convention since the fund was founded 65 years ago. European leaders appeared to unite behind Christine Lagarde, France’s finance minister, as their preferred candidate to succeed Mr. Strauss-Kahn. Other possible candidates include Kemal Dervis, a former finance minister of Turkey;

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Financial Services Update – May 6, 2011

May 10, 2011

Authors

Bryan Cave Leighton Paisner

Financial Services Update – May 6, 2011

May 10, 2011

by: Bryan Cave Leighton Paisner

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 – April 22, 2011

April 22, 2011

Authors

Matt Jessee

Financial Services Update – April 22, 2011

April 22, 2011

by: Matt Jessee

Japan Announces Disaster Relief Fund

On Friday, Japanese Finance Minister Yoshihiko Noda announced a 4 trillion yen ($48.5 billion) emergency budget for disaster relief in the wake of the nuclear crisis triggered by the March tsunami. Noda said the government would not issue new bonds to pay for the fund, and the cabinet plans to submit the emergency budget to parliament on April 28. Given that the material damage alone from the disaster could top $300 billion, the government is expected to seek additional future disaster funding that will likely require tax increases and debt financing.

Justice Department Examines NYSE/Nasdaq/ICE

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Financial Services Update – April 15, 2011

April 18, 2011

Authors

Matt Jessee

Financial Services Update – April 15, 2011

April 18, 2011

by: Matt Jessee

Shutdown Averted, House Passes Budget, Debt Ceiling Vote Next

Last Friday night, Senator Harry Reid (D-NV), Speaker John Boehner (R-OH), and President Obama came to an agreement to fund the federal government for the remainder of the fiscal year, averting a possible shutdown.  On Thursday, the House passed the legislation by a bipartisan vote of 260-167.  59 Republicans voted against the bill, and 81 Democrats voted for it.  Hours later, the Senate acted with far less suspense but again on a bipartisan 81-19 roll call.  With over six months of the current fiscal year already completed, the funding bill reduces

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Financial Services Update – April 1, 2011

April 6, 2011

Authors

Bryan Cave Leighton Paisner

Financial Services Update – April 1, 2011

April 6, 2011

by: Bryan Cave Leighton Paisner

Government Shutdown Looms

With the current temporary funding resolution set to expire April 8, House and Senate Appropriations committees worked toward crafting a six-month compromise bill, setting annual spending at $1.055 trillion, $28 billion more than the House-passed level but still a $33 billion cut from the original spending measure. However, House Republicans remain splintered over whether a shutdown would be good politically, or whether they should compromise with Democrats in order to move on to larger future battles such as next year’s budget and the debt ceiling increase. Meanwhile, Democrats also remain divided over whether to allow a shutdown

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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

October 11, 2010

Authors

Matt Jessee

Financial Services Update

October 11, 2010

by: Matt Jessee

September Jobs Numbers Released

On Friday, the Department of Labor reported that the economy added 64,000 jobs but lost a net of 95,000 nonfarm jobs in September, the result of a 159,000 decline in government jobs. Of the loss in government jobs, 77,000 were temporary Census Bureau employees, 76,000 were in local governments, and 7,000 in state governments. The Bureau of Labor Statistics also released preliminary revisions to the model used to estimate job changes from month to month, indicating that the recovery has been even weaker than initially reported. The Bureau says it expects to revise down the level

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