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: #25, May 2012

The Longbrake Letter
- Bill Longbrake
In his March and April letters, Bill Longbrake asked: Is this another false start or have we finally achieved break out? The answer now is clear and the answer is “No”. Risks to U.S. economic growth remain substantial and, if anything, have intensified somewhat over the last month. In this month's letter, Longbrake reviews recent developments in GDP growth, personal income, consumption, consumer debt and employment. The letter also updates developments in Europe and examines China's unbalanced economic model and discusses challenges and risks that lie ahead as Chinese policymakers attempt to design a more balanced and sustainable economic model.

National Bank Preemption Post Dodd-Frank Act
- Ray Natter & Katie Wechsler
The Dodd-Frank Act made serveral changes with respect to preemption under the National Bank Act, but it did not change the traditional conflict preemption standard that has applied since the National Bank Act was adopted in 1863, and which is the basis for the OCC's preemption regulation.

The Need for Rigorous Cost-Benefit Analysis in Regulations
- Bob Barnett
Pressure is building through court decisions, congressional  letters and lobbying efforts by consumer and industry groups for the Consumer Financial Protection Bureau to conduct rigorous cost benefit analyses in promulgating its rules implementing the Dodd Frank Act.

Dodd-Frank Regulations and the Congressional Review Act
- Jim Sivon & Morton Rosenberg
This article examines the potential for Congress to overturn Dodd-Frank Act regulations under the Congressional Review Act.