Al100223
The Week That Won’t
As we write this, the U.S. government shutdown seems all too inevitable. Karen Petrou’s memo addresses its financial-system consequences – none good – even as the political fallout starts to smolder. What the shutdown already means to day-to-day business in Washington is evident from the all-quiet calendar below. Even though the FDIC, OCC, and FRB are funded independently of appropriations and will thus remain fully open, each generally eschews substantive non-emergency action during shutdowns to avoid the appearance of attempting to subvert Congress or, in days past, the White House.