How a Government Shutdown Can Affect New York Businesses

It was recently announced that, if Congress does not pass a spending bill by April 29, 2017, the federal government will run out of money and shut down. Congress has yet to present a spending bill and, without one in place, the federal government is not authorized to pay its expenses. The last government shutdown lasted 16 days in October 2013 and cost American taxpayers $2 billion for lost productivity, according to the Office of Management and Budget. When the federal government shuts down, it not only affects federal government workers, but also businesses and the U.S. economy overall. Continue reading “How a Government Shutdown Can Affect New York Businesses”

President Trump’s Executive Order May Seek to Limit Dodd-Frank

On Friday, February 3, 2017, President Donald Trump issued an executive order directing the Secretary of the Treasury to consult with the heads of the member agencies of the Financial Stability Oversight Council, within 120 days, and report on which existing laws, guidance, treaties, record-keeping requirements, and other policies do not promote or inhibit the order’s Core Principles for Financial Regulation. These six generalized principles prioritize investor choice, economic growth and international competition, as well as traditional goals of financial oversight, such as analyzing and reporting risk, increasing accountability, and preventing taxpayer-funded bailouts. Although the Dodd-Frank Wall Street Reform and Consumer Protection Act was not specifically mentioned in the executive order, it is expected that the legislation will take a big hit. President Trump has been quoted as saying, “We expect to be cutting a lot of Dodd-Frank.” Continue reading “President Trump’s Executive Order May Seek to Limit Dodd-Frank”