U.S. Financial Regulatory Week Ahead
Washington’s Regulatory World Continues to Get Quieter and Quieter; Elon Musk Wants to “Delete” The CFPB
December 2 - 6, 2024
There really is not much going on in the regulatory world this coming week. Some Fed Governor speeches, a couple of fireside chats with SEC Chair Gary Gensler, and a House Financial Services Committee hearing on the future of technology and the future of finance sum it all up.
Last week (on Friday, when we were all recovering from our Thanksgiving feasts), there was an unannounced Financial Stability Oversight Council (FSOC) meeting at the Treasury Department. Why they held it on an otherwise sleepy Thanksgiving Friday is anyone’s guess. According to the post-meeting press release, “the preliminary agenda for the executive session includes an update on the Council’s Hedge Fund Working Group; a presentation on the life insurance sector; and an update on the Council’s Nonbank Mortgage Servicing Task Force. The preliminary agenda for the open session includes the Council’s 2024 annual report.”
Elsewhere, President-elect Trump’s friend and confidant, Elon Musk – who is co-chairing the President’s so-called “Department of Government Efficiency” (DOGE) tweeted out, “Delete the CFPB [Consumer Finance Protection Bureau] There are too many duplicative regulatory agencies.” We will see how that turns out when Musk and his co-chair, Vivek Ramaswamy, get rolling on DOGE. And we are sure Congress (starting with Senator Elizabeth Warren (D-MA), who almost single-handedly created the agency) will have much to say – pro and con – if the duo includes eliminating the CFPB.
Finally, we would note—as we noted last week—that the Great Washington Parlor Game of Who Gets What Presidential Nomination continues apace. Just before Thanksgiving, there were numerous reports that President-elect Trump was on the verge of nominating former Securities and Exchange Commissioner Paul Atkins as the next Chair of the SEC. We expect a number of financial regulatory nominations will be made in the coming week.
Below is all we see happening in the coming week. Please let us know if you have any questions.
see happening in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, December 4, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Innovation Revolution: How Technology is Shaping the Future of Finance.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, December 2, 3:15 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the American Institute for Economic Research (AIER) Monetary Conference, Washington, D.C.
· Tuesday, December 3, 12:35 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the labor market and monetary policy at a Detroit Economic Club Event with Governor Adriana Kugler, Detroit, Michigan.
· Wednesday, December 4, 1:45 p.m. – Federal Reserve Board Chair Jerome H. Powell participated in a moderated discussion at the New York Times DealBook Summit, New York, N.Y.
· Friday, December 6, 9:15 a.m. – Federal Reserve Board Governor Michelle Bowman delivers remarks at the Missouri Bankers Association Executive Management Conference (virtual).
U.S. Treasury Department
· There are no significant events scheduled at this time.
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.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Tuesday, December 3, 3:00 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the 2024 Healthy Markets Association Conference in Washington, D.C.
· Thursday, December 5, 10:00 a.m. – SEC Chair Gary Gensler will give remarks followed by a brief moderated Q&A session at the American Bar Association’s Federal Regulation of Securities Winter Meeting in Washington D.C.
· Thursday, December 5, 2:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, December 3, 4:00 a.m. EST – CFTC Commissioner Kristin N. Johnson will participate in a fire-side chat “U.S. Regulatory Outlook for Digital Assets: Navigating Post Policy Elections” at the 2024 DigiAssets Connect in Geneva, Switzerland.
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
· There are no significant events scheduled at this time.
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 Wagner Labor Initiative in New York.
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
· December 5 – 6 – The American Bar Association holds its Federal Regulation of Securities Winter Meeting in Washington, D.C.
Think Tanks and Other Events
· Wednesday, December 4, 10:00 a.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Farming and the Federal Budget: Will Farmers Face a New Age of Austerity?"
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