Global Regulatory Enforcement Law Blog : Global Regulatory Enforcement Lawyers & Attorneys: Reed Smith Law Firm: Government Contracts & Compliance

This post was written by Chris Rissetto, Jim Burns, and Bob Helland.

This week, President Obama signed into law a $17.6 billion jobs creation package passed by Congress, H.R. 2847, the Hiring Incentives to Restore Employment Act ("HIRE Act"). This legislation includes incentives for businesses to hire the unemployed; extension of infrastructure programs affecting surface transportation, energy, and school construction projects; and continuation of depreciation programs in effect for small businesses. We note that this legislation, when first taken up and passed by the House of Representatives in December 2009, was a much broader measure that included: tax credits for businesses for hiring the unemployed, as well as other credits directed at small businesses; extension of assistance to help to pay COBRA healthcare premiums; and funding for new infrastructure and clean energy programs, among other items. Senate Majority Leader Reid (D-NV), recognizing he did not have the votes to support such a measure at the time, instead wrote a smaller bill. That does not mean, however, that Congress will not consider additional measures to address the nation's economic woes. Legislation is already under consideration, for example, to 1) either provide additional tax incentives for businesses or extend expiring ones; 2) extend unemployment insurance and provide health insurance subsidies for the long-term unemployed; and 3) provide additional funding for infrastructure programs. All of this is being done against a background of continued economic concerns and a Congress where many members are facing difficult re-election races in the fall. As a result, an environment exists to pursue lobbying opportunities in these areas for the remainder of the 111th Congress.

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This post was written by Chris Rissetto, Bob Helland, Michael Bleier, Peter Blasier, and Perry Napolitano.

The next few weeks are make-or-break for the Obama administration and Congressional Democrats as they consider separate and often competing proposals on the regulation of financial institutions. The House of Representatives last year passed its own version of legislation, H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," sponsored by the Chairman of the House Financial Services Committee, Rep. Barney Frank (D-Mass.-4) ("H.R. 4173"). This legislation would create a "Financial Stability Council" to identify those at-risk financial institutions whose failure would most likely hurt the nation's financial system; and it also establishes a process for dismantling those institutions without the need for taxpayer funds. In addition, it would create a Consumer Financial Protection Agency to protect consumers against unfair financial practices.

Over in the Senate, Sen. Christopher Dodd (D-Conn.), the Chairman of the Banking, Housing and Urban Affairs Committee, is working on his second proposal (the first effort last year having been withdrawn) and has held talks on this with both the Ranking Member of the Committee, Sen. Richard Shelby (R-Ala.), and another member of the committee, Sen. Bob Corker (R-Tenn.). While a full draft of Sen. Dodd's bill has not yet been made public, elements are being released for Senate comment, as Sen. Dodd attempts to produce a bipartisan bill. Finally, the Obama administration has upped the ante by recently proposing restrictions on (1) bank size and (2) the ability of banks to buy and sell financial instruments with their own funds, not their customers', customarily referred to as "proprietary trading."

The window for getting a bill passed by both Houses of Congress and to the president's desk is quickly closing. Congress has only a few months to consider the huge issues pending before it on health care, the economy, and financial regulation before it adjourns for the summer. We do not see any significant legislative activity occurring in the fall as members head home to campaign in the midterm congressional elections. So what happens next is pivotal to the success of the proposed reforms. This Client Alert provides (1) a discussion of some of the key issues in the regulatory reform proposals being debated between Congress and the Executive Branch and within Congress itself, and (2) suggested possible affirmative steps that might be taken to influence that process.

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This post was written by Leigh Hansson, Michael Lowell, Michael Grant, and Anne Borkovic.

The United States Congress is currently considering legislation that would increase the scope and application of the U.S. sanctions against Iran: The Comprehensive Iran Sanctions, Accountability and Divestment Act of 2009 (S. 2799) and the Iran Refined Petroleum Sanctions Act of 2009 (H.R. 2194). These changes could significantly impact the ability of non-U.S. companies to do business with both Iran and the United States. This article summarizes the proposals under consideration and highlights key provisions that could affect the international operations of European companies.

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