SEC Chairman Elisse Walter made remarks at the SEC open meeting on whether to approve the proposed 2013 budget and accounting support fee for the Public Company Accounting Oversight Board ("PCAOB" or "Board"). According to Chairman Walter, the PCAOB has an interim broker-dealer inspection program in place, and has issued a public report on the progress of the interim broker-dealer inspections program and the audit deficiencies identified in the limited initial group of inspected audits of broker-dealers. Chairman Walter noted that the Board plans to continue inspections under the interim

SIFMA released a statement from Kenneth E. Bentsen, Jr. (executive vice president, public policy and advocacy) in response to President Obama's endorsement of beginning negotiations with the EU on a comprehensive Transatlantic Trade and Investment Partnership. The statement from SIFMA said, "We strongly support such a partnership, which we believe should include financial services. . . . We encourage negotiators to focus on areas such as market access, extra-territoriality, and on enhancing regulatory efficiency that allows for increased growth and more efficient markets." Click here to view

Senator Bob Casey (D-Penn.) has joined the Senate Finance Committee for the 113th Congress, filling the seat of former Senator John Kerry (D-Mass.), who left the Senate this month to become Secretary of State. See: Statement by Chairman Max Baucus.

Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson released his Committee agenda for the 113th Congress. According to the agenda, Chairman Johnson's focus will be on strengthening and sustaining the nation's economic recovery, with top priorities including: continued oversight of Wall Street Reform implementation, building bipartisan consensus on the future of housing finance, reauthorizing expiring programs within the Committee's jurisdiction, and considering the President's nominees expeditiously. Lofchie Comment : Not too much common ground between the House and the

SIFMA, the Financial Services Forum, The Financial Services Roundtable ("FSR"), the Investment Company Institute ("ICI"), and the U.S. Chamber of Commerce submitted the attached comments to the European Commission ("EC") expressing serious concerns related to the extraterritorial impact in the United States and other countries of the EC's draft Council Directive implementing enhanced cooperation in the area of financial transaction tax (links to EC page). The groups assert the Directive would introduce both a residency and issuance test for taxation, which it says are inconsistent with