In January, the Swiss Federal Administrative Court (FAC) ruling blocking last August's US-Swiss treaty set Washington abuzz with new talk of off-shore accounts, tax evasion, and reworking the August agreement with UBS. The story was carried in the major US newspapers and, for a moment or two at least, caught Washington’s attention – even those outside the IRS and Justice Department.

Since then, however, the news outside the financial papers has been largely silent on the court decision, its ramifications, and discussions about the future prospects for Swiss-US business relations. 

Legislative priorities are clearly elsewhere, with much of the national attention being paid to healthcare reform and jobs. 

The strains in the relationship between Switzerland and the U.S. are not on the radar of most Americans, especially those outside the financial centers. Recent polls commissioned by the Swiss government in the U.S. indicate that the "brand" Switzerland is still very much intact: a symbol of quality and excellence.

And so for legislators, whose constituents are deeply concerned about unemployment, still hovering around 10%, and the future of healthcare, the Swiss banking controversy is not a priority. Midterm elections are not far away.  If legislators want to keep their seats, or if candidates want to win those seats, they will have to pay attention to what the people in their districts want.  People want to keep their jobs.  People want to be able to take their children to the doctor.   

Does that mean that Washington has forgotten about UBS and the FAC?  In the case of the IRS and the Justice Department, surely not. As for the Congress, legislative and election year priorities are giving everyone some pause to re-think and figure out the road ahead.