Politics likely to temper legislative action on financial services in 2012
In 2011, the congressional agenda on financial services was driven by efforts to implement – and prevent implementation – the Dodd-Frank Act, which was took effect on July 21. The result was a legislative agenda caught in the gridlock of partisan politics, says the American Banker.
The GOP-led House focused its attention on curbing the powers of the Consumer Financial Protection Bureau and strengthening oversight of the housing industry. The Senate under its Democratic leadership sought to move implementation forward and to confirm a slate of nominations. Little else was accomplished.
A new year, a new oppprtunity to make progress? “In some ways, 2012 in Washington will look a lot like 2011,” said Brian Gardner, senior vice president at Keefe, Bruyette & Woods.
There will be a few areas in which action may occur, reports the American Banker.