Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis, as well as book recommendations, travel observations, and cultural experiences - all of which we hope will be of interest to you.

Francis Kelly Francis Kelly

U.S. Financial Regulatory Week Ahead

June 3 - 7, 2024

It was 90 years ago this week that President Franklin Roosevelt established the Securities and Exchange Commission.  The SEC will celebrate the historic event on Wednesday with a gathering of former SEC Chairs in Washington.

We will also be watching this week as Treasury Secretary Janet Yellen and Acting Comptroller of the Currency Michael Hsu take part, on behalf of the Financial Stability Oversight Council FSOC) in a Brookings Institution conference entitled "Artificial Intelligence & Financial Stability.”   The development of AI is of growing concern to financial regulators on a number of fronts and this conference and the high-level engagement of the Treasury Secretary and Head of the OCC are good examples of how high-level that concern has gotten recently.

Looking back on the last week, the US Supreme Court handed down an important (and unanimous) decision that rejected a broad approach to exempting national banks from state regulations.  The decision requires courts to take a “nuanced” approach to federal laws when coming in conflict with state laws. 

Also last week, House Financial Services Committee Chair Patrick McHenry (R-NC) announced he will hold a hearing on the scandals at the FDIC.  He intends to call FDIC Chair Martin Gruenberg up to testify before the full committee where he will face renewed calls to step down immediately (Gruenberg has steadfastly said he is staying until a replacement is nominated and confirmed by the US Senate, which will likely take not happen until early 2025).

Below is a full listing of what is happening at the financial regulatory agencies this week and in Congress.  Please let us know if you have any questions.

U.S. Congressional Hearings

 

U.S. Senate

·       Wednesday, June 5, 10:00 a.m. – The Senate Budget Committee holds a hearing on "Riskier Business: How Climate is Already Challenging Insurance Markets."

 

House of Representatives

·       Tuesday, June 4, 11:00 a.m. – The House Ways and Means Social Security Subcommittee holds a hearing on "The Social Security Trust Funds in 2024 and Beyond."

 

·       Wednesday, June 5, 9:00 a.m. – The House Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee holds a hearing on "Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets."

 

Joint Committees

·       Tuesday, June 4, 2:30 p.m. – The Joint Economic Committee holds a hearing on "Artificial Intelligence and Its Potential to Fuel Economic Growth and Improve Governance."

 

US Regulatory Meetings & Events

 

Federal Reserve Board and Federal Reserve Banks

·       Thursday, June 6, 12:00 p.m. – Federal Reserve Board Governor Lisa D. Cook at the Girls Global Academy 2024 Commencement Ceremony, University of the District of Columbia, Washington, D.C.

 

U.S. Treasury Department

·       Tuesday, June 4, 1:00 p.m. – The Treasury Department holds a virtual meeting of the Federal Advisory Committee on Insurance to discuss climate-related financial risk and the insurance sector, discuss cyber insurance developments and international insurance issues and receive status updates from each of its subcommittees and from the Federal Insurance Office on its activities.

 

·       Thursday, June 6 & 7 – The Financial Stability Oversight Council  (FSOC) and the Brookings Institution hold a conference on "Artificial Intelligence & Financial Stability.”  Treasury Secretary Janet Yellen and Acting Comptroller of the Currency Michael Hsu will give keynote speeches.

 

Securities and Exchange Commission

·       Tuesday, June 5, 11:10 a.m. – SEC Chair Gary Gensler will speak at the ISDA/SIFMA Treasury Forum in New York.

 

·       Wednesday, June 6, 10:00 a.m. – The SEC holds a virtual meeting of the SEC Investor Advisory Committee for a panel discussion examining the new frontier for investment advice, a panel discussion regarding AI regulation: embracing the future, a discussion of a recommendation regarding the protection of self-directed investors when trading complex products and utilizing complex strategies, a discussion of a recommendation on financial literacy and investor education and subcommittee and working group reports.

 

·       Wednesday, June 6, 1:00 p.m. – The SEC hosts the 90th Anniversary of the Securities Exchange Act at the SEC.

 

Commodities Futures Trading Commission

·       Tuesday, June 4, 10:00 a.m. – The Commodity Futures Trading Commission holds a meeting of the Global Markets Advisory Committee to hear a presentation from the GMAC's Global Market Structure Subcommittee, Technical Issues Subcommittee, and Digital Asset Markets Subcommittee on various workstreams, and consider recommendations from the Subcommittees on such workstreams.

·       Wednesday, June 5, 12:30 p.m. – CFTC Chairman Rostin Behnam to keynote at the Piper Sandler Global Exchange & Trading Conference 2024 in New York.

  

FINRA

·       There are no significant events scheduled at this time.

 

Federal Deposit Insurance Corporation

·       Tuesday, June 4, 9:00 a.m. – The Federal Deposit Insurance Corporation holds a meeting of the FDIC Advisory Committee on Economic Inclusion for updates from committee members about key challenges facing their communities or organizations and panel discussions on the current environment for economic inclusion, including industry and market trends that affect consumer participation in the banking system.

 

Office of the Comptroller of the Currency

·       Wednesday, June 6, 9:40 a.m. Chicago Time – Acting Comptroller of the Currency Michael Hsu will discuss “The OCC’s Financial Health: Vital Signs Initiative” at the EMERGE Financial Health 2024 Conference in Chicago, Illinois.

 

The Consumer Financial Protection Bureau

·       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

·       Tuesday, June 4, 11:20 a.m. – FTC Chair Lina Kahn will participate in a fireside chat at the 2024 CNBC CEO Summit in Washington, D.C.

 

·       Friday, June 7, 10:30 a.m. – FTC Chair Lina Kahn delivers opening comments at the American Constitution Society Annual Conference in Atlanta, Georgia.

 

Farm Credit Administration

·       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, June 4 – The American Academy of Actuaries holds a symposium on "Looking Back, Moving Forward: The Employee Retirement Income Security Act at 50’ in Washington, D.C.

 

·       Tuesday, June 4, 8:00 a.m. – The U.S. Chamber of Commerce holds its 2024 Sustainability and Circular Economy Summit in Washington, D.C.

 

·       Tuesday, June 4, 1:30 p.m. – The Institute of International Bankers holds their 2024 Foreign Bank Governance Seminar in New York.

  

Think Tanks and Other Events

Thursday, June 6 & 7  – The Urban Institute holds a summit on "Advancing Housing Justice.”

 

Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

U.S. Financial Regulatory Week Ahead

May 13 - 20, 2024

Last week was electrifying in the otherwise usually staid world of regulation. And the coming week might be just as action-packed. The fireworks were set off when, as we noted in our note last week, an independent investigatory report on the FDIC workplace and FDIC Chair Marty Gruenberg was released, and it was, in a word, damning. Conducted by the law firm Cleary Gottlieb Steen & Hamilton, the report charged, "For too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct."

The report went on to detail numerous incidents of Gruenberg verbally abusing employees and failing to respond to years of employee complaints over workplace culture. Gruenberg has issued a generic apology to staff but refused to step down despite a growing chorus of members of Congress demanding his resignation. As House Financial Services Committee Chair Patrick McHenry (R-NC) said, the report "details his inexcusable behavior and makes clear new leadership is needed at the FDIC."

In an attempt to defend Gruenberg, House Financial Services Committee Ranking Member Representative Maxine Waters (D-CA) issued not one but two strident press releases in response to the report defending Gruenberg. In the first release, Waters tried to divert the fault away from Gruenberg and onto two previous Republican chairs (despite Gruenberg having been Chair for the last three years. Gruenberg first joined the FDIC board in 2005 as Vice Chair, serving until he became Chair in 2011 and serving until 2018. Then he returned to serving as Vice Chair when Jelena McWilliams was named Chair. He then became Chair again in January 2023 after instigating a series of maneuvers to push McWilliams out so he could become Chair again).   

Then, later in the day, Waters issued an updated statement, again attempting to divert the issue away from Gruenberg and the institution as a whole – all the while ignoring the detailed evidence of Gruenberg's bullying and abusive behavior over the years.

The scandal will be brought into the public square on Wednesday and Thursday in Congressional hearings, starting at the House Financial Services Committee. The Committee had already scheduled an oversight hearing on banking regulation in general with Gruenberg, Federal Reserve Vice Chair Michael Barr, and Acting Comptroller of the Currency Michael Hsu testifying. But at this point, we expect the lion's share of the hearing will be spent either bashing or defending Gruenberg. The fireworks show will be replicated the next day when the trio of regulators testify before the Senate Banking Committee.

Last week, a federal appellate court also blocked the Consumer Financial Protection Bureau's regulation on capping credit card fees. We expect the CFPB to appeal the case, which is likely to end up before the Supreme Court.

This past Friday, the Commodity Futures Trading Commission (CFTC) approved a move to ban derivatives contracts tied to political elections, sporting events, and awards shows like the Oscars, in a blow to political analysts like me.  

Also, last week, the Financial Stability Oversight Council agreed unanimously to examine mortgage servicing companies (NMC) more closely. Secretary Janet Yellen separately called on Congress to establish a system for troubled NMCs.  

We will watch closely this coming week as the House Financial Services Committee is expected to markup legislation seeking to limit SEC regulations on consolidated audit trails and crypto regulations.

And circling back to the regulatory calendar this coming week, the big event will be the SEC Division of Investment Management's annual Conference on Emerging Trends in Asset Management. The conference will bring together a variety of asset management industry participants and academics. SEC Chair Gary Gensler will kick off the meeting with a keynote speech. 

Below is a listing of all the other significant regulatory-related events this coming week:

 

U.S. Congressional Hearings 

U.S. Senate

·       Thursday, May 16, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “Oversight of the U.S. Financial Regulators: Accountability and Financial Stability”.  Testifying will be Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.

 

House of Representatives

·       Wednesday, May 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Oversight of Prudential Regulators.” Testifying will be Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.

  

 

US Regulatory Meetings & Events

 

Federal Reserve Board and Federal Reserve Banks

·       Monday, May 13, 9:00 a.m. – Federal Reserve Board Vice Chair Philip N. Jefferson gives a speech entitled “Communicating About Monetary Policy” at the Cleveland Fed Conference on Central Bank Communications, Cleveland, Ohio.

 

·       Monday, May 13, 9:10 a.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech entitled “Growth and Change at Community Development Financial Institutions” at the Expanding Access to Capital for CDFIs, hosted by the Federal Reserve Bank of New York in New York.

 

·       Monday, May 13, 10:00 a.m. (Amsterdam) – Federal Reserve Board Chair Jerome H. Powell participates in a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at the Annual General Meeting, Foreign Bankers’ Association, Amsterdam.

 

·       Wednesday, May 15, 3:20 p.m. – Federal Reserve Board Governor Michelle W. Bowman gives a speech entitled “Innovation and the Evolving Financial Landscape” at the DC Blockchain Summit 2024 in Washington, D.C.

 

·       Thursday, May 16, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr will testify at a “Oversight of Financial Regulators” hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

 

·       Friday, May 17, 10:15 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech entitled “Payments Innovation, Technical Standards and the Federal Reserve’s Roles” at the International Organization for Standardization Technical Committee 68 Financial Services 44th Plenary Meeting in Minneapolis, Minnesota.

 

·       Saturday, May 18, 5:45 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives the Commencement Speech at the University of Virginia 2024 Commencement Ceremony – Frank Batten School of Leadership and Public Policy, Charlottesville, Virginia.

 

·       Sunday, May 19, 3:30 p.m. – Federal Reserve Board Chair Jerome H. Powell gives the Commencement Remarks at the Georgetown Law Commencement Ceremony in Washington, D.C.

 

U.S. Treasury Department

·       There are no significant events scheduled at this time.

 

Securities and Exchange Commission

·       Thursday, May 16, 9:00 a.m. – The SEC Division of Investment Management will host its annual Conference on Emerging Trends in Asset Management. The conference will bring together a variety of asset management industry participants and academics.  SEC Chair Gary Gensler will kick off the meeting with a keynote speech.

 

·       Thursday, May 16, 2:00 a.m. – The SEC will hold a Closed Meeting.

  

Commodities Futures Trading Commission

·       Monday, May 13, 11:15 a.m. – CFTC Commissioner Christy Goldsmith Romero will participate on an AI panel at the Asian Pacific American Institute for Congressional Studies (APAICS) at the 2024 Legislative Leadership Summit in Washington, D.C.  The panel is titled How AI is Changing the World.

 

·       Thursday, May 16, 1:15 p.m. – CFTC Commissioner Christy Goldsmith Romero will speak at the National Futures Association’s (NFA) Board of Directors Spring meeting in Washington, D.C.

 

FINRA

·       Tuesday, May 14, 10:00 a.m. – FINRA holds its 2024 FINRA Annual Conference in Washington, D.C.

 

Federal Deposit Insurance Corporation

·       Wednesday & Thursday, May 15 & 16 – FDIC Chair Martin Gruenberg will testify before the House Financial Services Committee and then the Senate Banking Committee.

 

Office of the Comptroller of the Currency

·       Wednesday & Thursday, May 15 & 16 – Acting Comptroller of the Currency Michael Hsu will testify before the House Financial Services Committee and then the Senate Banking Committee.

 

The Consumer Financial Protection Bureau

·       Wednesday, May 15, 10:30 a.m. – The Consumer Financial Protection Bureau holds a virtual meeting of the Consumer Advisory Board to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority.

 

National Credit Union Administration

·       There are no significant events scheduled at this time.

 

Federal Trade Commission & Department of Justice Antitrust Division

·       Tuesday, May 14, 11:00 a.m. – The FTC will hold a Compliance Webinar on the Final Noncompete Rule.

 

·       Thursday, May 16, 10:00 a.m. – The FTC has a scheduling conference before the Administrative Law Judge re: the Tapestry, Inc and Capri Holding Limited deal.

 

Farm Credit Administration

·       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, May 14, 11:30 a.m. (London) – the Institute for International Finance hosts the IIF-Fitch Ratings Global Debt Roundtable in London.

 

·       Wednesday, May 15, 9:30 a.m. – The Institute for International Finance holds the 2024 IIF/Deloitte Insurance Colloquium in Arlington, Virginia.

 

·       Tuesday, May 14, 4:30 p.m. (Austin, Texas) – The Investment Company Institute and the Association of Securities and Exchange Commission Alumni (ASECA) holds an event entitled “ICI & ASECA: Celebrating 100 Years of the Mutual Fund”

 

·       Wednesday, May 15, 11:00 a.m. – SIFMA holds the third of a four-part webinar series on China.  This event is entitled “ U.S. Policy On China: What Might Congress and the White House Do in 2024 and Beyond.”

 

·       Wednesday, May 15, 1:00 p.m. – The National Association for Business Economics holds a virtual discussion on "Climate Change, Risk, and Insurance: How the Landscape for Risk Is Evolving and Implications for Commercial Real Estate Investors/Owners."

 

Think Tanks and Other Events

·       Tuesday, May 14, 9:00 a.m. – The Peterson Institute for International Economics holds an event entitled “Can auditors better serve investors’ needs?”

 

·       Thursday, May 16, 2:00 p.m. – The Brookings Institution holds an event entitled “How can markets better value nature and price the benefits of conservation?”

 

Please let us know if you have any questions or would like to be added to our email distribution list.

 

 

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Francis Kelly Francis Kelly

U.S. Regulatory Week Ahead

April 22 - 26, 2024

The regulatory world in Washington will be pretty quiet this week with the Passover holiday this week, and the U.S. Congress is out of session (although the Senate is expected to stay in town to vote on Tuesday on the $95 billion Ukraine/Israel/Taiwan aid package as well as a ban on TikTok).

This week, our focus will be on three potentially pivotal events at the Federal Trade Commission. The Open Meeting scheduled for Tuesday is particularly important. The FTC will deliberate on a rule to ban noncompete clauses in business contracts.    We anticipate the rule will be passed. This decision could significantly impact the financial services industry in the future. Stay informed and prepared for this potential game-changer. 

On Wednesday, the FTC is hosting an informal hearing on a proposed trade regulation rule concerning unfair and deceptive fees. This is part of a broader, coordinated effort strongly supported by President Biden and Consumer Financial Protection Bureau Director Rohit Chopra. The focus is on credit card and bank fees, and this rule could significantly alter the regulatory landscape in this sector. Stay tuned for updates on this important development.  

However, the biggest headline-grabbing event at the FTC this week may be what is discussed at an FTC closed meeting on Monday. There is speculation the Commission will be discussing a major pending merger – perhaps the Exxon/Pioneer Energy deal – and whether to block the deal. Of course, Open Meetings are confidential and none of us actually know what the agenda item, but we do know markets will be watching this one closely.  

Below is a listing of all the other major regulatory-related events this coming week:

U.S. Congressional Hearings 

U.S. Senate

  • The Senate is in recess this week for the Passover holiday (except they are expected to return on Tuesday to vote on the Ukraine aid package and TikTok ban legislation).

 

House of Representatives

  • The House of Representatives is in recess this week for the Passover holiday.

 

 

US Regulatory Meetings & Events

 

Federal Reserve Board and Federal Reserve Banks

  • There are no significant events or speeches scheduled at this time as the Fed is in its usual “Blackout Period” in advance of the Federal Open Market meetings, which are being held on May 1 – 2, 2024.

 

U.S. Treasury Department

  • There are no significant events scheduled at this time.

 

Securities and Exchange Commission

  • Thursday, 2:00 p.m. – The SEC holds a closed meeting.

 

Commodities Futures Trading Commission

  • Wednesday, April 24, 2:45 p.m. – CFTC Commissioner Christy Goldsmith Romero will participate on a panel at FIA’s Law & Compliance Conference titled AI and Machine Learning: The Unknown Future Rolls Towards Us at the Gaylord Hotel at National Harbor, Maryland.

  • Thursday, April 25, 11:15 a.m. – CFTC Commissioner Kristin N. Johnson will participate in a panel on innovation in futures and derivatives markets at FIA’s Law & Compliance Division Conference. The panel will be moderated by Yvette Valdez at Latham & Watkins.  The event is at the Gaylord Hotel at National Harbor, Maryland.

  • Friday, April 26, 5:00 p.m. – CFTC Chair Chairman Rostin Behnam will participate in a fireside chat at Syracuse University & Alumni Night in D.C. at the law firm of Morgan Lewis in Washington, D.C.

 

FINRA

  • There are no significant events scheduled at this time.

 

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.

 

National Credit Union Administration

  • There are no significant events scheduled at this time.

 

Federal Trade Commission & Department of Justice Antitrust Division

  • Monday, April 22, 11:00 a.m. – The Federal Trade Commission holds a Closed Commission meeting.

 

Farm Credit Administration

  • There are no significant events scheduled at this time.

International Monetary Fund & World Bank

  • There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

  • Monday, April 22, 12:30 p.m.: The Institute for International Finance will hold a roundtable discussion with Dominique Laboureix, Chair of the EU’s Single Resolution Board, in Washington, D.C.

 

 

Think Tanks and Other Events

 

Please let us know if you have any questions or would like to be added to our email distribution list. 

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Francis Kelly Francis Kelly

U.S. Financial Regulatory Week Ahead

March 11 - 15, 2024

Last week was quite an epic week in the financial regulatory world, and from where we sit, it seems the regulators got the worst of it.

As noted in last week's report, the SEC finally released Chair Gary Gensler's long-awaited Climate Disclosure regulatory proposal.  And it landed with a thud, seemingly making no one happy.   Progressive Democrats are angry Chair Gensler weakened the original draft to exclude supply chain climate impact while Corporate America and a number of states hated the whole thing – so much so that the state attorney generals of Louisiana, Mississippi, and Texas immediately filed a joint lawsuit in the 5th Circuit Court of Appeals – joining ten other Republican-led states led by West Virginia – asking the proposed 900 page-plus rules be struck down for overstepping the SEC's powers. 

In addition to these suites, two energy companies have also filed suits, and we almost assuredly will see even more suits coming from business groups in the coming weeks.  It will be a long, hard slog ahead for the SEC's rule proposal to survive.

Also, this past week, the U.S. Chamber of Commerce, the American Bankers Association, and the Consumer Banking Association filed a joint federal lawsuit seeking to bar the Consumer Financial Protection Bureau (CFPPB) from implementing its new cap on crediPlus, there is a growing chorus of members of Congress quite unhappy with the price cap proposal, and you can see the CFPB proposal in the mounting pile of Biden Administration regulatory proposals facing serious litigation risk of being struck down.

Meanwhile, the House of Representatives passed a large package (22 combined bills) seeking to scale back securities regulation impacting access to private capital.  The SEC regulations – also facing separate litigation in federal courts – stirred up a hornet's nest on Capitol Hill when passed.  The Bide White House has indicated they intend to veto the legislation if it ever lands on the President's desk – but let's see first if it has a chance of passage in the Senate as a stand-alone bill (which we think it does not).

Also, this past week, Federal Reserve Board Chair Jay Powell, during his separate House and Senate Semi-Annual Monetary Reports to Congress, heard repeated push-back on the Fed-led effort to increase large bank capital standards.  From what we heard from Powell's answers, it sounds like the capital proposal will likely face significant revisions – something Acting Comptroller of the Currency Michael Hsu suggested in a speech this past week, too.

Notably, Powell also made clear that the Fed is nowhere near close to issuing a central bank digital currency (CBDC)  or any other crypto-related currency—something conservative Congressional members are strongly opposed to.

This coming week, we will be watching the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion hold a tough oversight hearing on the CFPB's activities – surely focusing heavily on how the Agency came up with the $8 cap on credit card fees. 

Also this week, the Futures Industry Association and the Institute for International Bankers are holding their respective annual member meetings, and a fairly wide assortment of regulators are speaking.

Below are all the major regulatory events we are watching this coming week:

 

U.S. Congressional Hearings 

U.S. Senate

 

House of Representatives

 

 

Joint Committees

 

US Regulatory Meetings & Events

White House

 

Federal Reserve Board and Federal Reserve Banks

  • The Federal Reserve is in its “Blackout Period” in advance of the Federal Open Market Committee meeting on March 20 & 21.

 

U.S. Treasury Department

  • There are no significant events scheduled at this time.

 

Securities and Exchange Commission

  • Thursday, March 14, 2:00 p.m. – The SEC holds a Closed Meeting.

 

Commodities Futures Trading Commission

 

 

 

FINRA

  • There are no significant events scheduled at this time.

 

Federal Deposit Insurance Corporation

 

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.

 

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

  • Thursday, March 14, 10:00 a.m. – The Farm Credit Administration will hold a closed meeting in McLean, Virginia, to approve the minutes for February 8, 2024 (Open), and the Office of Secondary Market Oversight periodic report.

 

Farm Credit System Insurance Corporation

  • There are no significant events scheduled at this time.

 

Import/Export Bank

  • There are no significant events scheduled at this time.

 

World Bank

  • There are no significant events scheduled at this time.

 

 

Trade Associations & Think Tank Events

Trade Association Events/Public Events

 

Think Tank Events

Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

U.S. Regulatory Week Ahead

October 23 - 27, 2023

It is going to be a busy week for U.S. financial services regulators.  The Federal Reserve Board meets twice this week to consider two rulemakings: one to consider changes to the Community Reinvestment Act and the second to consider changes to the debt interchange fee.  The biggest news to emerge from the Federal Reserve (and Federal Deposit Insurance Corporation) came late last week when they announced they are extending the comment period on the large bank capital proposal to January 2024.  The proposal has run into a growing storm of opposition from banks and several Fed Governors in an unusual twist.

Also, this week, several Congressional hearings in the House and Senate will focus on terrorism financing and how to better choke off funding to Hamas and other terror organizations.

These hearings occur as U.S. Treasury Undersecretary for Terrorism Finance and Financial Intelligence Brian Nelson travels to Riyadh, Saudi Arabia, and Doha, Qatar, for meetings to further cut off financial assistance to Hamas.  While in Saudi Arabia, Nelson will co-chair a meeting of the Executive Committee of the Terrorist Financing Targeting Center (TFTC), a multilateral body created to strengthen cooperation among seven countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, and the United States - to disrupt terrorist financing networks.

We are also looking to a Wednesday morning event hosted by Capitol Account  (which we think is hands-down the best publication covering financial services policy) and the Bank Policy Institute discussing the “Basel endgame” and the growing battle over capital requirements.  Speakers include Acting Speaker of the House and House Financial Services Chairman Patrick McHenry (which we are sure will mean we will hear as much about the state of chaos in the House of Representatives as capital requirement policy debates) and Gibson, Dunn & Crutcher Partner (and former Labor Secretary) Eugene Scalia.  This should be an exciting event.

Below is the full regulatory calendar as we see it for the coming week.  Please let us know if you have any questions.

U.S. Congressional Hearings

House of Representatives

  • October 24, 10:00 a.m. – the House Financial Services Subcommittee on Capital Markets holds a hearing entitled, "Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors."

  • October 24, 10:00 a.m.– the House Financial Services Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled, "The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation"

  • October 24, 10:00 a.m. – the House Financial Services Subcommittee on Housing and Insurance holds a hearing entitled, "The Factors Influencing the High Cost of Insurance for Consumers."

  • October 25, 8:30 a.m. – Capitol Account  (which we think is the best publication out there covering financial services policy) and the Bank Policy Institute hold an event on the regulator’s Basel endgame proposal. Speakers include Acting Speaker of the House and House Financial Services Chairman Patrick McHenry, and Gibson, Dunn & Crutcher Partner Eugene Scalia.

  • October 25, 10:00 a.m. – The House Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee holds a hearing on "Modernizing Financial Services Through Innovation and Competition."

  • October 25, 2:00 p.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "How America and Its Allies Can Stop Hamas, Hezbollah, and Iran from Evading Sanctions and Financing Terror."

  • October 26, 9:30 a.m. – The House Financial Services Subcommittee on Oversight and Investigations holds a hearing entitled “Moving the Money: Understanding the Iranian Regime’s Access to Money Around the World and How They Use it to Support Terrorism.”

 

U.S. Senate

  • October 24, 3:00 p.m. – The Senate Judiciary Competition Policy, Antitrust, and Consumer Rights Subcommittee holds a hearing on "Examining Competition and Consumer Rights in Housing Markets."

  • October 26, 10:00 a.m. – The Senate Banking Committee will hold a hearing on “Combating the Networks of Illicit Finance and Terrorism.”

 

 

US Regulatory Meetings & Events

 

Federal Reserve Board

 

U.S. Treasury Department

  • October 23 – 26:  U.S. Treasury Undersecretary for Terrorism Finance and Financial Intelligence Brian Nelson will travel to Riyadh, Saudi Arabia, and Doha, Qatar, for meetings seeking to further cut off financial assistance to Hamas.  While in n Saudi Arabia, Under Secretary Nelson will co-chair a meeting of the Executive Committee of the Terrorist Financing Targeting Center (TFTC), a multilateral body created to strengthen cooperation among seven countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, and the United States - to disrupt terrorist financing networks.

 

Securities and Exchange Commission

 

Commodities Futures Trading Commission

  • October 23, 6:00 p.m. – CFTC Commissioner Kristin N. Johnson will join Kevin Werbach, Chairperson and Professor of Legal Studies & Business Ethics at Wharton Business School, for a discussion on regulating digital assets and decentralized finance celebrating the 100-year anniversary of the Academy of Legal Studies in Business.

  • October 24, 9:45 a.m. – CFTC Commissioner Christy Goldsmith Romero will participate on a government panel, "AI Opportunities and Implications for Economic Institutions," at the AWS Gov2Gov Summit on Responsible AI Innovation for the Public Sector being held at the Planet Word Museum in Washington, D.C.

  • October 25, 2:00 p.m. – CFTC Commissioner Caroline D. Pham will speak on a panel at the Center for Strategic and International Studies (CSIS) event, Analyzing the Role of Blockchain Technology in Strengthening Democratic Institutions in Washington, D.C.

  • October 26, 9:00 a.m. – 6:00 p.m. (Madrid, Spain) – CFTC Chairman Rostin Behnam will participate in the Financial Stability Engagement Group discussion at the IOSCO board meeting in Madrid, Spain.

 

Federal Deposit Insurance Corporation

 

Office of the Comptroller of the Currency

  • October 23, 2:30 p.m. PT – OCC Acting Comptroller Michael Hsu will participate in a discussion on banking, cryptocurrency, and financial inclusion with Tracy Alloway, host of the Odd Lots podcast, at Money 20/20 in Las Vegas.

 

Consumer Financial Protection Bureau

  • No events are scheduled for next week.

 

National Credit Union Administration

  • No events are scheduled for next week.

 

Federal Trade Commission & Department of Justice Antitrust Division

  • October 24, 1:00 p.m. – FTC Chair Lina Kahn will give opening remarks at the American Veterinary Medical Association Virtual Veterinary Business and Economic Forum.

 

Farm Credit Administration

  • No events are scheduled for next week.

 

 

Trade Associations & Think Tank Events

Think Tanks

 

Trade Associations

 

Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

U.S. Regulatory Week Ahead

October 9 - 13, 2023

Washington will be relatively quiet this coming week. Monday is a federal holiday (Columbus Day) while Congress is either not in session all week for the holiday (the Senate) or busy trying to figure out who the next Speaker of the House will be (House Republicans and then a full vote by the full House – as early as Wednesday provided Republicans can coalesce around a candidate). No committee hearings are scheduled.

There are only a few notable regulatory meetings or speeches this week – the notable exception being Federal Reserve Vice Chair Michael Barr speaking at the American Bankers Association Annual Convention in Nashville. Barr will talk with ABA CEO Rob Nichols about where bank regulation is going.

Atlanta Federal Reserve Bank President Raphael Bostic will also be speaking at the ABA Convention and will address both the economic outlook as well as bank regulation.

Meanwhile, the world’s central bankers and finance ministers will gather in Morocco for the annual World Bank/International Monetary Fund meetings. Federal Reserve Board Chair Jay Powell and Treasury Secretary Janet Yellen will attend.

Below is the full regulatory calendar as we see it for the coming week. Please let us know if you have any questions.

U.S. Congressional Hearings

House of Representatives

  • Congress is in session this coming week, but no hearings are scheduled as House Republicans seek to figure out who the next Speaker of the House will be. House Republicans will be holding a “candidate forum” Tuesday to possibly vote on Speaker Kevin McCarthy’s replacement on Wednesday.

U.S. Senate

  • The Senate is out of session this coming week for the Columbus Day holiday. No committee hearings are scheduled.


US Regulatory Meetings & Events

Federal Reserve Board

  • October 10 – 14: Federal Reserve Board Chair Jay Powell will be in Marrakesh, Morocco, for the World Bank/International Monetary Fund meetings.

  • October 9, Monday, 11:00 a.m. EST: Federal Reserve Vice Chair for Supervision Michael S. Barr will participate in a talk with ABA President Rob Nichols at the American Bankers Association Annual Convention in Nashville, Tennessee.

  • October 9, Monday, 1:30 p.m.: Vice Chair Philip N. Jefferson gives a speech entitled “U.S. Economic Outlook and Monetary Policy Transmission” at the 65th National Association for Business Economics (NABE) Annual Meeting, Dallas, Texas.

  • October 10, Tuesday, 9:00 a.m. EST: Atlanta Federal Reserve Bank Raphael Bostic will participate in a discussion on the outlook for the U.S. economy and interest rates, the state of the banking industry, and opportunities to enhance financial inclusion at the American Bankers Association Annual Convention in Nashville, Tennessee.

  • October 10, Tuesday, 1:30 p.m.: Federal Reserve Governor Christopher J. Waller gives a speech entitled “The Evolution of Monetary Policy” at the Mercatus Center at George Mason University Conference: The Legacy of Bennett McCallum and Lessons for Monetary Policy Today, Washington, D.C.

  • October 11, Wednesday, 4:15 a.m. EST: Federal Reserve Governor Michelle W. Bowman gives a speech entitled “Financial Stability in Uncertain Times” at the Reinventing Bretton Woods Committee and Policy Center for the New South Marrakesh Economic Festival, Marrakech, Morocco.

  • October 11, Wednesday, 10:15 a.m. EST: Federal Reserve Governor Governor Christopher J. Waller participates in a fireside chat at the E2 Summit, Park City, Utah.

  • October 12, Thursday, 3:00 p.m. EST: The Federal Reserve holds its latest “U.S. Currency Education Program: Professional Cash Handler Webinar Series: Cashiers.”

U.S. Treasury Department

  • October 10 – 14: Treasury Secretary Janet Yellen will be participating in the World Bank/International Monetary Fund meetings in Marrakech, Morocco.

Securities and Exchange Commission

  • October 10, 12:30 p.m.: SEC Commissioner Caroline Crenshaw will deliver a keynote address at the Center for American Progress’ discussion entitled “Accessing Public Capital Without Public Disclosure” in Washington, D.C.

Federal Deposit Insurance Corporation

  • Nothing significant to report.

Commodities Futures Trading Commission

  • October 10, Tuesday, 11:15 a.m.: Commissioner Summer Mersinger will participate in a virtual fireside chat at Paul Hastings’ Crypto Derivative Event.

  • October 12, Thursday, 4:30 – 6:00 p.m. EST: Commissioner Kristin Johnson will deliver the Manuel Cohen Memorial Lecture on “Artificial Intelligence and the Future of Finance” at the George Washington University Law School in Washington, D.C.

Office of the Comptroller of the Currency

  • Nothing significant to report.

National Credit Union Administration

  • Nothing significant to report.

Federal Trade Commission & Department of Justice Antitrust Division

  • October 11, 1:30 p.m.: Federal Trade Commission Chair Lina Kahn gives remarks at the 2023 American College of Emergency Physicians Scientific Assembly in Philadelphia, Pennsylvania. Her speech is entitled “Beyond the Rhetoric – Conversations About Private Equity, Non-Competes & the Future of EM.”

Farm Credit Administration

  • October 12, Thursday, 10:00 a.m.: The FCA Board meets at their headquarters in McLean, Virginia. The agenda includes voting on the “Young, Beginning, and Small Farmers and Ranchers Final Rule.”


Trade Associations & Think Tank Events

Think Tanks

  • October 10, Tuesday, 12:30 p.m. EST: The Center for American Progress is holding a discussion on "Accessing Public Capital Without Public Disclosure." SEC Commissioner Caroline Crenshaw delivers keynote remarks.

  • October 12, Thursday, 9:00 a.m.: The Peterson Institute for International Economics holds a discussion entitled “Which markets should be centrally cleared?”

  • October 13, Friday, 10:00 a.m.: The Atlantic Council hosts a discussion with European Commissioner for Financial Stability Mairead McGuinness, as part of the 2023 annual meetings of the World Bank and International Monetary Fund.

Trade Associations

  • October 8 – 10: The American Bankers Association holds its Annual Convention in Nashville, Tennessee. Michael S. Barr, Vice Chair for Supervision, at the Federal Reserve, will give participate in a talk with ABA President Rob Nichols on October 9 at 11:00 a.m. EST. On October 10 at 9:00 a.m.EST, Atlanta Federal Reserve Bank President Raphael Bostic will participate in a discussion on the outlook for the U.S. economy and interest rates, the state of the banking industry, and opportunities to enhance financial inclusion.

  • October 10, Tuesday, 3:00 p.m. EST: The Investment Company Institute holds a virtual panel discussion entitled “Financial Innovation Series: Blockchains: A Discussion on Types, Use Cases, and Other Considerations.”

  • October 10, Tuesday, 5:00 p.m. ET: The Investment Company Institute holds a Networking Reception in Cincinnati, Ohio. ICI President and CEO Eric Pan will participate in a fireside chat to give his perspectives on the current landscape of the funds industry.

  • October 12 – 14: The Institute for International Finance holds its Annual Membership Meeting in Marrakech, Morocco, in conjunction with the World Bank/IMF Annual Meetings.

    Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

U.S. Regulatory Week Ahead

September 18 - 22, 2023

It will be a busy week for regulators and Congress this coming week.   The Senate Banking Committee will tackle the issue of AI in financial services, coming off last week’s closed-door Senate meetings with tech CEOs to better understand the potential impact AI will have on all of us.  The House Financial Services Committee’s Subcommittee on Capital Markets will hold an oversight hearing of the SEC’s Division of Investment Management – the day before the SEC votes on stricter regulations on using ESG labels on funds.  Expect a lot of hard questions for William Birdthistle, Director of the SEC’s Investment Management Division, about ESG and other major mutual fund issues.

Also, this week, the Nation Credit Union Administration holds a board meeting on new regulations.  CFTC Chair Benham and other CFTC Commissioners are making important speeches on climate-related regulatory issues and crypto regulations.

Also of note to markets, Federal Trade Commission Chair Lina Kahn will speak in New York on international antitrust issues, a hot topic these days with so many international mergers and acquisitions in motion, which the FTC is reviewing. 

Here is the full regulatory calendar as we see it for the coming week.  Please let us know if you have any questions.

 

U.S. Congressional Hearings

  • Wednesday, September 20 – 10:00 a.m.: The Senate Banking Committee will hold a hearing on “Artificial Intelligence in Financial Services.”  Testifying will be Melissa Koide, Director and CEO, FinRegLab; and Daniel Gorfine, Founder & CEO, Gattaca Horizons, LLC, Adjunct Professor of Law, at Georgetown University, and former Chief Innovation Officer, of the Commodity Futures Trading Commission. Additional witnesses may be added at a later date.

 

  • The House Financial Services Committee will hold several hearings this week, including:

    • Tuesday, September 19, 10:00 a.m.: The Subcommittee on Capital Markets will hold a hearing on “Oversight of the SEC’s Division of Investment Management”.   The witness testifying will be William Birdthistle, Director of the Division of Investment Management, Securities and Exchange Commission.

    • Tuesday, September 19, 2:00 p.m.: The Subcommittee on Financial Institutions and Monetary Policy will hold a hearing on “A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences.”  Witnesses testifying will include Hal Scott, Nomura Professor of International Financial Systems, Emeritus, Harvard Law School, Karen Petrou, Managing Partner, Federal Financial Analytics Inc., and Mayra Rodríguez Valladares, Managing Principal, MRV Associates.

 

US Regulatory Meetings & Events

 

Federal Reserve Board

  • Tuesday and Wednesday, September 19 & 20: The Federal Open Markets Committee meeting and press conference.

  • Friday, September 22, 8:50 a.m.: Governor Lisa Cook gives a keynote address at the National Bureau of Economic Research Economics of Artificial Intelligence Conference Fall 2023 in Toronto, Canada.

 

Securities and Exchange Commission

  • Tuesday, September 19, 10:00 a.m. – 3:00 p.m.: The SEC’s Small Business Advisory Committee will meet to discuss funding for early-stage companies and alternative funding for small businesses.  The complete agenda can be found HERE.

  • Tuesday, September 19, 8:30 a.m. – 5:30 p.m.: SEC Regional Directors from Chicago, Fort Worth, and Denver) will speak at the Securities Enforcement Forum Central 2023 in Chicago.   Also scheduled to speak is the head of the SEC’s Crypto Asset and Cyber Unit.

  • Wednesday, September 20, 10:00 a.m.: The SEC will hold an Open Meeting to consider whether “to adopt amendments to the rule under the Investment Company Act of 1940 that addresses investment company names that are likely to mislead investors about an investment company’s investments and risks. The amendments the Commission will consider also include enhanced prospectus disclosure requirements for terminology used in investment company names, as well as public reporting regarding compliance with new names-related requirements” – in short, whether to finalize tougher rules for mutual funds that use ESG labels.

  • Thursday, September 21, 10:00 a.m.:  The SEC will convene its Investor Advisory Committee.  A complete agenda and list of panelists can be found HERE.

 

Federal Deposit Insurance Corporation

  • Nothing significant to report.

 

Commodities Futures Trading Commission 

  • Tuesday, September 19, 10:00 a.m.: CFTC Chair Rostin Behnam will speak at the IETA North America Climate Summit – NACS 2023 in New York.   Later that afternoon (2:30 p.m.),  Chair Behnam will speak at the Flowcarbon’s Carbon Smart Summit, also in New York.

  •  

  • Wednesday, September 20, 1:00 p.m. EST: CFTC Commissioner Summer Mersinger will participate in a fireside chat at the World Federation of Exchanges General Assembly & Annual Meeting in Bermuda.

  •  

  • Thursday, September 21, 9:30 a.m. EST: CFTC Commissioner Kristin Johnson will deliver a keynote address and participate in the “Optimal Market Design for Digital Assets” session at the World Federation of Exchanges Annual Meeting in Bermuda.

 

 

National Credit Union Administration

  • Thursday, September 21, 10:00 a.m.:  The National Credit Union Administration holds a Board Meeting in Alexandria, Virginia.  The Board will be briefed on the Share Insurance Fund Quarterly Report and vote on a final rule regarding Parts 701 and 714 dealing with loan participation, eligible obligations, and notes of liquidating Credit Unions.

 

 

Federal Trade Commission & Department of Justice Antitrust Division

 

Farm Credit Administration

  •   Nothing significant to report.

 

Trade Associations & Think Tank Events

  

  

Please let us know if you have any questions or would like to be added to our email distribution list.

 

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Francis Kelly Francis Kelly

U.S. Regulatory Week Ahead

September 11 - 16, 2023

Washington is fully back to work this coming week as the House of Representatives returns Tuesday from their August recess.  The big event of the week in Congress will be Tuesday’s testimony by SEC Chair Gary Gensler before the Senate Banking Committee.  We expect Republican senators to go hard at Gensler over a range of regulatory issues he has been pursuing, ranging from ESG regulations to regulation of private capital. 

 Chair Gensler will also participate in a conference reflecting on the 15th anniversary of the Lehman Brothers collapse (was it that long ago?). 

Meanwhile, the  House Financial Services Committee is holding three hearings this week on Basel III implementation, oversight of foreign acquisitions of U.S. assets in the U.S., and the implications of the Federal Reserve developing a digital currency.

Also in the House of Representatives this week, the House Select Committee on Competition with China will hold a field hearing in New York on the potential risk China poses to the U.S. financial sector.  Former SEC Chair Jay Clayton is scheduled to be among those testifying.

Looking at events from last week, the Federal Reserve will now field a full complement of Governors as the U.S. Senate confirmed Phillip Jefferson as Vice Chair and Adriana Kugler to a Fed Governorship, making her the first Latino to serve on the Board.

Finally, the Treasury Department will hold the Committee on Foreign Investment in the United States (CFIUS) Conference 2023.  Treasury Secretary Janet Yellen will make a keynote speech, and markets will listen closely for comments she may make about new regulations being developed on outbound U.S. investments to China.

Below is our listing of major regulatory events this week in Washington and elsewhere in the U.S. and Canada.  Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

 

U.S. House of Representatives

  • September 12 – 8:30 a.m.  at the Council on Foreign Relations in New York: The House Select Strategic Competition Between the United States and the Chinese Communist Party Committee holds a field hearing on "Systemic Risk: The Chinese Communist Party's Threat to U.S. Financial Stability."  Witnesses will include Jay Clayton, Former chairman of the Securities and Exchange Commission, Jim Chanos, President and founder of Kynikos Associates, and Anne Stevenson-Yang, Founder of J Capital Research.

  • September 13 – 10:00 a.m.: The House Financial Services Committee holds an oversight hearing  entitled “ Foreign Investment in the U.S. (CFIUS) and Other Efforts to Strengthen National Security in the U.S.”

  •  

  • September 14 – 10:00 a.m.: The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled “Implementing Basel III: What’s the Fed’s Endgame?”

  •  

  • September 14 – 2:00 p.m.: The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion holds a hearing entitled “Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives.”

 

 

US Federal & State Regulatory Meetings & Events

U.S. Treasury Department

  • September 14 – 8:00 a.m. – 5:00 p.m.: The U.S. Treasury will host the Committee on Foreign Investment in the United States (CFIUS) Conference 2023.  Treasury Secretary Janet Yellen will deliver a keynote address, and Homeland Security Secretary Alejandro Majorkas will deliver the closing keynote address.

U.S. Federal Reserve Board

  • Nothing significant to report; The Fed Board is in its quiet period in advance of the FMOC meeting on September 20.

 

Office of the Comptroller of the Currency

  • Nothing of significance is scheduled for this coming week.

 

Federal Deposit Insurance Corporation

  • Nothing of significance is scheduled for this coming week.

  

Securities and Exchange Commission

  • September 13 – 12:30 p.m.:  Chair Gary Gensler will participate in a virtual fireside chat at the 15th Anniversary Lehman Collapse Conference hosted by Better Markets.  The title of the chat is “A Market Regulator’s View of Too-Big-To-Fail.”

    • NOTE: SEC Chair Gary Gensler is scheduled to testify before the House Financial Services Committee on Sept. 27th.

  

Commodities Futures Trading Commission

  • September 11 – 10:00 a.m. – 10:15 a.m. PST: Commissioner Christy Goldsmith Romero will give opening remarks on “Modernizing Investor Protection for the Digital Age” at the North American Securities Administrators Association 2023 Fall Annual Meeting.  The meeting will be held at the InterContinental San Diego Hotel in San Diego.

  • September 12 – 9:20 a.m. – 9:50 a.m. (Tokyo): Commissioner Caroline Pham will deliver a keynote speech titled “Digital Assets, Retail, Social Media & AI: What’s Next?” at the 13th Nasdaq Surveillance Conference in Tokyo, Japan.

 

Federal Trade Commission

  • September 14 – 11:00 a.m.: The Federal Trade Commission will hold an open meeting virtually.  The agenda includes:

    • Improper Listing of Patents in the Orange Book: The Commission will consider whether to issue a policy statement concerning the improper listing of patents in the Food and Drug Administration’s publication of Approved Drug Products With Therapeutic Equivalence Evaluations, commonly known as the “Orange Book.” The policy statement will discuss whether improper listing of patents in the Orange Book may increase the cost of and reduce access to essential prescription drugs, imposing costs on individuals and society alike. The policy statement also assesses whether the listing of patents in the Orange Book that do not comport with listing requirements may constitute an unfair method of competition.

    • Protecting Kids from Stealth Advertising in Digital Media: The Commission will vote on whether to release a staff perspective and recommendations on the blurring of advertising and content on digital media and how it affects kids, including teens. This staff perspective builds on an October 19, 2022 event that staff hosted to survey existing research, understand the potential harms to kids from blurred advertising, and discuss possible solutions.

Consumer Financial Protection Bureau

  • September 13 – 2:30 – 3:30 p.m.:  CFPB Director Rohit Chopra will give a keynote speech entitled “Too-Big-To-Fail from a Financial Consumer’s Point of View” at the 15th Anniversary Lehman Collapse Conference hosted by Better Markets in Washington, D.C.

 

Farm Credit Administration

  • September 14 – 10:00 a.m.: The FCA Board holds its monthly board meeting in McLean, Virginia.

 

The North American Securities Administrators Association (NASAA)

 

 

Trade Associations & Think Tank Events

 

 

Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

Election 2024: Opening Salvos

Neuberger Berman’s Private Bank’s Aspire Magazine

It was a great pleasure to be interviewed for the latest edition of Aspire, published by Neuberger Berman’s Private Bank, talking about the early outlook for the 2024 elections. You can read the full interview here or download it here.

There are certainly going to be lots of twists and turns ahead in this presidential election cycle, which is likely to be unlike just about any other presidential election we have seen in a hundred years or more.

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