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. The lawyers in the firm are also counsel to the international law firm, Squire Patton Boggs.

ISSUE: #76, November 2016

The Longbrake Letter
- Bill Longbrake
In a stunning surprise, Donald Trump was elected to be the next president of the U.S. Bill Longbrake explains in this month's letter that Trump's success should not have come as a surprise. A majority of Americans have become increasingly dissatisfied with changes in America's social, political and economic fabric, which many view as demeaning the value and dignity of their work and undermining the opportunity to live the American dream. In this context, Make America Great Again, resonated. Longbrake notes the markets' euphoric response to the anticipated economic benefits of aggressive fiscal stimulus, but cautions that uncertainty has increased and with it the odds for recession. Bill summarizes the probable domestic and international impacts of Trump's election and examines the economic impacts of several fiscal stimulus options.

It's Not Just the Cabinet Positions That Count
- Bob Barnett
While the public focuses on filling Cabinet positions during the transition, who takes the subcabinet positons is often as important to the public. Questions of the ability of the president to fill some of those positons remain.

Implications of the PHH Ruling on the Federal Housing Finance Agency
- Ray Natter
In PHH v. CFPB, the Court of Appeals for the D.C. Circuit held that the Constitution requires that an independent agency, such as the CFPB, must be headed either by a multi-member board, or by a single agency head removable by the President. This article discussed the implications of this decision for the single-headed Federal Housing Finance Agency.

The Intriguing Situation at CFPB Now That the Administration Will Change
- Bob Barnett
The possibility of removing the Director of CFPB or the Director's operations at CFPB being limited by laws in existence but seldom used is a real possibility. This discusses some aspects of the issue.