An Unquiet August
As is all too evident, campaign season is roaring and Democrats are doing all they can to persuade Americans that allowing them to retain Congressional control is the best way to ensure a better economic outcome than pretty much anyone else thinks possible. As of this writing, the “Inflation Reduction Act” is moving forward, with the Senate thus set for a “vote-a-rama” in which all sorts of extraneous issues appear seemingly out of nowhere as appendages to a must-pass measure. We are watching this closely and will advise clients as soon as we identify legislation with financial-sector strategic impact. And, while August is indeed vacation season, federal regulators remain very busy in part because several cherished initiatives are at grave risk should Republicans gain control of both the House and Senate. As we have noted, the CFPB is less frightened of Congress because it’s less scrupulous about the niceties of administrative action, but it will use August’s seeming quiet to drop some high-impact initiatives.