Financial Services

Read about how the November elections could shape the financial services policies of the next presidential administration and 119th Congress.

After closing the book on the formal sessions in July, Massachusetts lawmakers have turned their attention to the November election. The Senate and House of Representatives convene in informal sessions for the remainder of the year and no controversial legislative matters are expected to pass during this time.

Governor Charlie Baker signed a budget for FY17 on Friday, July 8, after vetoing $256 million in spending included in the plan approved by the legislature. The budget, which represents the second annual spending plan signed by the Governor, totals $38.92 billion and increases spending by just $489 million, or 1.3%, over FY16 levels.

With Beacon Hill off and running in the new year, Governor Charlie Baker and House Speaker Robert DeLeo this week unveiled key parts of their policy agendas for 2016.

On Friday, January 8, Governor Charlie Baker ordered $49 million in emergency spending cuts aimed at erasing a projected state budget shortfall. In a letter to state lawmakers, Baker said his administration had identified a $320 million gap between projected spending and revenues through the end of the fiscal year in July.

After many weeks of deliberation, the Massachusetts House and Senate sent a budget to Governor Baker’s desk. This budget passed the Senate 31-5 and the House 153-1 and represents a compromise between the House and Senate versions, described in previous ML Strategies advisories.

On June 23rd, the Massachusetts Joint Committee on Labor and Workforce Development met to consider legislation relating to the legality and enforcement of non-compete agreements.

On April 29 the Massachusetts House of Representatives approved a $38.1 billion spending plan for FY2016 by a unanimous vote of 158-0. Over roughly 28 hours of sessions, the House dispensed with over 1,000 amendments to pass a final budget that spends $10 million less than Governor Baker’s spending plan, but closely resembles it in many regards.

Governor Charlie Baker and Lieutenant Governor Karyn Polito announced on Tuesday a series of proposals aimed at closing the Commonwealth’s substantial budget gap for Fiscal Year 2015. According to the current administration, even after Governor Patrick’s attempts to close the fiscal gap, a $768 million budget shortfall persists.

Last week, the 2013-2014 Massachusetts legislative session came to a close amid a flurry of activity on Beacon Hill. Lawmakers rushed to finalize and pass priority bills, working past their deadline on Thursday, sending a number of proposals to the Governor’s desk after midnight.

On Friday, Governor Deval Patrick signed into law a $36.5 billion state budget for FY2015, which is nearly $10 billion larger than the budget he proposed back in January 2014.

ML Strategies has posted its weekly Health Care Update.  This publication provides timely information on implementation of the Affordable Care Act, Congressional initiatives affecting the health care industry, and federal and state health regulatory developments.

On June 30th, the eve of the Commonwealth’s new fiscal year, the House and Senate both approved the joint conference committee report on the FY2015 spending plan.