U.S. Financial Regulatory Week Ahead
Washington Regulators Get Very Quiet A Week Before the Elections and the Next FMOC Meetings; SEC Chair Gensler Heads to Vegas to Talk About the Global Money Ecosystem
October 28 - November 1, 2024
It will be a mostly quiet week in Washington’s regulatory world. Elections have that effect on Washington as members of Congress are all off either campaigning for re-election or campaigning for colleagues. Congressional staff are mostly working from home or on shortened schedules.
The biggest election from the financial regulatory perspective is Senate Banking Committee Chairman Sherrod Brown's (D-OH) tense reelection battle against Republican Bernie Moreno. The latest polls suggest the race is a statistical tie, as Moreno has gained significant ground on Brown in the last two weeks.
The regulatory agencies are, of course, at work but not much is scheduled publicly. Aside from a fireside chat SEC Chair Gary Gensler will participate in at the Money 20/20 Conference on tech, finance, and the global money ecosystem and a CFTC Open meeting, there is not much going on.
Perhaps the biggest event of the week will be the American Bankers Association’s (ABA) Annual Convention being held in New York. Treasury Secretary Janet Yellen is the keynote speaker, and she is expected to offer her thoughts on the state of the US economy and the current state of play of bank regulation.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· The Senate is in Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled. They will return to work on November 12.
House of Representatives
· The House is out of session until after the November elections. No business or hearings are scheduled. They will return to work on November 12.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· The Federal Reserve Board member have no public speaking events scheduled as they are in the “Quiet Period” in advance of the November 7 Federal Open Markets Committee Meeting.
U.S. Treasury Department
· Monday, October 28, 11:15 a.m. – Treasury Secretary Janet L. Yellen drops by a meeting of the U.S. China Financial Working Group and the Economic Working Group.
· Tuesday, October 29, 9:00 a.m. – The Treasury Department holds a meeting of the Debt Management Advisory Committee. The agenda includes: Discussion on the economy; Discussion on financial markets; Discussion on treasury financing; Discussion on debt management; and Written report of its recommendations.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, October 28, 2:40 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the Money 20/20 Conference in Las Vegas, Nevada.
· Tuesday, October 29, 2:30 p.m. – SEC Chair Gary Gensler will participate in a fireside chat with Erica Williams, Chair of the Public Company Accounting Oversight Board (PCAOB), as part of the PCAOB’s International Institute on Audit Regulation. A livestream of the chat will be available.
· Thursday, October 31, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, October 29, 10:00 am. – 4:30 p.m. – The CFTC will hold an Open Meeting. The Commission will consider: Final Rule – Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants, a Final Rule regarding Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations, a Final Rule on Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning, the Commission Fall 2024 Unified Agenda Submission, and the CFTC Executive and Supervisor Compensation Structures.
· Thursday, October 30, 9:20 p.m. – CFTC Commissioner Summer K. Mersinger will deliver a keynote address at the ISDA Annual Legal Forum in New York.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· October 30 – 31 – FINRA hosts the Diversity Leadership Summit (virtually).
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Tuesday, October 28 - 29 – The American Bankers Association holds its 2024 Annual Convention. Treasury Secretary Janet Yellen will give a keynote speech.
· Tuesday & Wednesday, October 29 -30 – SIFMA holds its National Conference on the Securities Industry in New York.
· Wednesday, October 30 – ISDA holds its Annual Legal Forum in New York.
Think Tanks and Other Events
· Friday, October 31, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Basel III implementation status and prospects," referring to a framework that sets international standards for bank capital adequacy, stress testing and liquidity requirements.
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