The Shut-Down Shut-Up
Although the calendar later in this report notes several Congressional hearings set for this week, these will be poorly attended if they are even convened. That’s because we’re back on the brink, waiting to find out if Speaker Johnson (R-LA) can corral his super-conservative colleagues or if key parts of the U.S. government will close their doors. Even if they don’t, the disruption of an imminent shut-down and start-up is significant and much of the government is thus already holding its breath. The banking agencies are funded outside the appropriations process and will soldier on, but other financial regulators face shut-down of all but their emergency functions as soon as the 19th and, if that deadline mercifully passes, then again on February 2nd when the rest of the government is on the brink of losing its funding. A Washington snowstorm always stows chaos and the one likely on Tuesday surely won’t make any of this any easier.