Financial institutions are consistently targets of congressional oversight interest. In the last Congress, House and Senate committees held hearings with, demanded documents from, requested interviews with, and hosted briefings from a number of bank and non-bank financial institutions regarding a variety of issues. In a recent client alert, we looked at recent trends in
Governing Under an Equally Divided Senate
After the election of two Democratic Senate candidates in the Georgia runoff elections on January 5, 2021, the Senate this year will be equally divided between 50 Democratic Senators (and those caucusing with them) and 50 Republican Senators. Governing in an equally divided Senate presents several challenges regarding the internal rules of the Senate, the
A Curious Advisory Opinion Reinterprets the FARA Exemption for Lawyers (and Resolves a FARA Mystery)
Last week, the Department of Justice’s FARA Unit released a curious advisory opinion. The new opinion stated that it replaced an advisory opinion released by the Department in December 2019, and it revised the Department’s guidance on the scope of the lawyers’ exemption to FARA. As far as we can tell, this is the first
Congressional Investigations: Recent Events Bring Greater Clarity to Expectations for 2021
As the calendar turns from 2020 to 2021, we are taking stock of congressional investigations over the past two years, and assessing events in the recent weeks that help to shed light on the likely trajectory for congressional investigations in 2021.
- In late October, we considered congressional investigations in the context of the upcoming election.
Sen. Grassley’s Unsuccessful Effort to Pass FARA Reform Legislation Leads to Bipartisan Commitment for Comprehensive Review of the Law
On Wednesday, December 16, Senator Chuck Grassley (R-Iowa) sought, and failed to achieve, unanimous consent to pass legislation that would have granted significant new powers to the Department of Justice to enforce compliance with the Foreign Agents Registration Act. In objecting to passage, Sen. Bob Menendez (D-N.J.) said that the Senate should “take a step
DOJ Releases FARA Determination Letters
The Department of Justice’s FARA Unit has publicly posted, for the first time, a set of FARA determination letters. A determination letter is the Unit’s formal opinion on whether an entity under scrutiny by the Department is required to register under FARA. As far as we can tell, the release was done quietly, without
DOJ Begins to Move Existing FARA Registrants to a New E-File System
Following the Department of Justice’s announcement in March 2019 of an initiative to increase enforcement of the Foreign Agents Registration Act (“FARA”), the Department began rolling out a new electronic filing system for FARA registrations in September 2019. At that time, as Covington reported, the new system applied only to new registrants, and the
Congressional Pandemic Oversight Bodies Begin to Take Shape
As we reported in our prior client advisory on the wave of investigations to follow the pandemic, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established three new bodies to conduct oversight and investigations on pandemic-related issues. Separately, House Speaker Nancy Pelosi announced a special committee to conduct additional pandemic-related oversight. In recent weeks,
Past as Prologue: The Wave of Investigations to Follow the Pandemic Recovery and Actions that Companies Can Take Now to Prepare
On March 30, 2020, the inspectors general of several major agencies selected the Department of Defense Inspector General, Glenn Fine, to lead a newly created federal oversight entity that will investigate waste, fraud, and abuse in connection with the massive new coronavirus economic relief legislation. The inspectors general were exercising new authority contained in the
Congress Creates New Oversight Functions for Coronavirus Relief
Although a final version of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is not yet available, based on what we know so far, it appears that the legislation will include the provisions described below establishing oversight functions for the use of stimulus and bailout funds. According to a number of sources, the bill