Capitol Hill Update
September 28, 2008
Congress Moves Closer to "Bailout" Package
Congress is moving closer to adopting a comprehensive legislative package designed to “bailout” financial institutions and stabilize the economy: the Emergency Economic Stabilization Act of 2008. We are closely monitoring negotiations between Congress and the White House, and we are analyzing the draft legislation. This email provides an overview of the newest draft bill, highlighting provisions that have been under discussion since Treasury unveiled its proposal last week.
News Release
September 25, 2008
Firm Announces Financial Industry Task Force
Bracewell has formed a multi-disciplinary Task Force to guide financial institutions, private investment funds, institutional investors and other market participants through the legislative, regulatory and enforcement challenges posed by the Troubled Asset Relief Act and other impending actions by Congress, the Treasury Department, the Federal Reserve and the SEC.
The Task Force includes:
Robert L. Clarke, Patrick C. Oxford, Sanford M. Brown, John A. Brunjes, Evan D. Flaschen, Marc L. Mukasey, Chris Olive, Mark E. Palmer, Julian Rainero and Scott H. Segal.
Capitol Hill Update
September 24, 2008
Congressional Update on "Bailout" Legislation
We are closely monitoring and evaluating developments related to the financial institution "bailout" legislation being debated on Capitol Hill. In addition to the high-profile hearings conducted over the last two days, Senate and House leadership have been involved in constant negotiations, most of which are out of the public eye, trying to craft a legislative proposal that will be acceptable to constituents and the Administration. Signals from leadership and the Administration suggest that passing legislation is a must and in the best interest of the United States. We expect this to be the theme of the President's address to the nation tonight at 9:00 P.M. ET, the success of which may influence the direction of the negotiations. As we have done with respect to the congressional hearings, we will closely monitor the President's comments and provide an analysis if appropriate.
Update
September 24, 2008
Federal Reserve Eases Limitations on Controlling Investments in Banking Organizations
On Monday, September 22, 2008, the Board of Governors of the Federal Reserve System (the "Federal Reserve") released a policy statement easing certain requirements that would cause an investor in a bank or bank holding company to become subject to supervision and regulation under the Bank Holding Company Act of 1956, as amended, and the Federal Reserve's Regulation Y (12 C.F.R. Part 225). The policy statement loosens rules that generally limit private equity and hedge fund investments in banking organizations.
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Capitol Hill Update
September 23, 2008
Updates from Senate Banking Committee Hearing
Turmoil in U.S. Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks, and Other Financial Institutions
Bracewell & Giuliani is closely monitoring the pending legislative and regulatory responses in Washington, D.C. to the ongoing financial crisis. In our continuing efforts to keep you informed, we are sending you the following update from today on Capitol Hill.
Update
September 22, 2008
SEC and NY AG Will Use Aggressive Tactics to Target Hedge Funds and Short Sellers
Too many fingers to point. Not enough people to blame. Enter hedge funds. False rumor mongering must have led to abusive short selling and market manipulation.