Lots to do

Although Congress has left Washington for a two-week recess, it and the rest of the capital will be working hard – FedFin very much included.  Key developments to anticipate include:

  • Sanctions Plus: As Secretary Yellen made clear in her HFSC testimony (see Client Report SANCTION18) the U.S. and its allies are looking for ways to punish Russia and its allies, and Congress wants more of this on a still faster schedule.  A raft of bills is awaiting an HFSC mark-up and negotiations are under way to position many of them for action when Congress convenes on April 25.  Facts on the ground and thus action by the Administration may take some of these bills off the table, and others are largely rhetorical.  However, some bills mandate the secondary sanctions the White House has so far been wary of imposing.  Given their financial-market consequences, we’ll be watching these with particular care….