On August 3, 2020, President Donald Trump signed an executive order and released a related fact sheet in furtherance of the White House’s continued efforts to ensure that federal agencies focus on using United States labor in their federal contracts. This new executive order, which is arguably in furtherance of the previous Buy American Hire American executive orders, requires federal agencies to review their contracts and subcontracts from fiscal years 2018 and 2019 to assess whether their contractors used temporary foreign labor to perform the...

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With the resurgence of COVID-19 infections across the United States, employers are facing growing pressure to ascertain whether their employees have contracted the virus. Temperature checks and symptoms screening, while helpful, will not identify employees who are asymptomatic and potentially contagious. This gap is critical because studies show that up to 45% of people infected with the virus do not show any symptoms.1 As a result, COVID-19 testing can be essential to remaining operational or reopening after a workplace outbreak. The Equal Employment...

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What has long been one of the last “sovereign” bastions of Council decision making, EU tax policy may soon be subject to the EU’s “ordinary legislative procedure” – something long called for by Parliamentarians. When the Commission adopted its Action Plan on fighting tax evasion and making tax simple and easy, the proposals were mainly overshadowed by the European Court of Justice’s landmark Apple ruling. In just a few words of a side paragraph, however, the Commission proposed one of the...

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The European Union approved under EU rules for state aid Portugal's plans to create a new national development bank to promote the growth of the Portuguese economy. The European Commission on Tuesday said that it had approved the creation of the new Banco Português de Fomento (BPF), which was decided by Portugal’s government in June. According to a statement from the European Union executive, it approved under EU rules for state aid Portugal’s plans to create a new national development bank...

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On July 24, 2020, the Federal Deposit Insurance Corporation (FDIC) released a final rule to revise and codify into the agency’s regulations the FDIC’s Statement of Policy (SOP) on Section 19 of the Federal Deposit Insurance Act. Section 19 generally prohibits any person from participating in banking who has been convicted of a crime “involving dishonesty, breach of trust, or money laundering, or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for any such...

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The European banking sector has been characterised by low profitability and overcapacity. Consolidation in the banking sector is expected to improve the sustainability of banks’ business models and enhance the overall financial soundness of the European banking system. In weighing benefits against risks, the task for the supervisors is to make sure that the business combinations resulting from consolidations comply with prudential requirements and ensure effective risk management. On 1 July 2020, ECB Banking Supervision published a guide on the supervisory approach...

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