Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law.

ISSUE: #21, January 2012

The Longbrake Letter
- Bill Longbrake
2011 ended on an upbeat note with stronger than expected data reports. Optimism is building for a better 2012, but significant risks remain in play. While recent European news has had an optimistic tone, matters are deteriorating, particularly in Greece.

January Through April, 2012 - Should Be Interesting
- Bob Barnett
The first four months of 2012 will be very busy, will be challenging for those running for election in the Fall, and will present difficult legislative, regulatory,judicial, and governance issues that must be decided.

Legal Effect of Finding that the CFPB Director Was Not Validly Appointed
- Raymond Natter
This article explains the de facto officer doctrine, and how this doctrine could apply to preserve the decisions of the Director of the CFPB, even it is determined in the future that his appointment was unconstitutional.

Dodd-Frank Implementation: Act II
- Jim Sivon
Act II of Dodd-Frank implementation promises to be more action packed than Act I.