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.
U.S. Financial Regulatory Week Ahead
Congress Certifies Election Results, Fed Vice Chair Barr Steps Down, The Federal Government Is Closed Thursday for the National Day of Mourning for former President Carter
January 6 - 10, 2025
We regret the late arrival of this week's Reg Week Ahead. Technical issues prevented us from publishing on our normal schedule. We have updated it to incorporate Fed Vice Chair Michael Barr's resignation announcement today.
Washington (kind of) roars back to life this week with the new Congress sworn in and President-elect Trump continuing his record pace of nominations. We said "kind of" because Washington got hit Monday with the biggest snowstorm we have seen in years, closing all schools and the federal government. Nonetheless, Congress is gathering to certify the presidential election results.
Also, the week will be truncated with the funeral of former President Jimmy Carter. He will lie in state in the Capitol Rotunda until his funeral at 10:00 a.m. at the Washington National Cathedral. All living presidents have been invited, and President Biden will give a eulogy.
Looking at the regulatory week ahead, the big news of the day is Federal Reserve Vice Chair Michael Barr's announcement this morning that he will step down from the Vice Chair role but stay on (for now) as a Fed Governor. Speculation has already begun regarding who will replace Barr, primarily focused on current Fed Vice Chair Michelle Bowman and former FDIC Chair Jelena McWilliams.
Also, this week, we have officially entered the retrospective phase of the Biden Administration's regulatory world, and the Brookings Institution seems to be the place to go to do that – particularly this Wednesday. At 11 a.m. CFTC Chair Rostin Behnam will deliver remarks and participate in a fireside chat, "Commodity derivatives regulation: Where do we go from here?". Then, at 2:00 p.m., FTC Chair Lina Kahn sits for a fireside chat on the future of the FTC (and perhaps her plans – is she staying or going?).
We also expect President-elect Trump to make several regulatory nominations this week. So far, he has only nominated Paul Atkins for SEC Chair. We are also expecting him to fill out the nominations for the top jobs at Treasury under Treasury Secretary-nominee Scott Bessent.
Below is a listing of other events we are monitoring this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
There are no hearings of significance scheduled this week.
House of Representatives
There are no hearings of significance scheduled this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Saturday, January 4, 5:30 p.m. – Federal Governor Adriana D. Kugler gives a speech on monetary policy at the 2025 Allied Social Science Associations Annual Meeting, San Francisco, California.
· Sunday, January 5, 1:15 p.m. – San Francisco Federal Reserve Bank President Mary Daly will give a speech and participate on a panel discussing the Ben Bernanke’s contributions to economics at the 2025 Allied Social Science Associations Annual Meeting in San Francisco, California.
· Monday, January 6, 9:15 a.m. – Federal Reserve Board Governor Lisa Cook gives a speech entitled “Economic Outlook and Financial Stability” at the Seventh Conference on Law and Macroeconomics being held in Ann Arbor, Michigan.
· Thursday, January 9 – The Federal Government (and Federal Reserve) will be closed due to the national day of mourning for the death of former President Jimmy Carter.
· Thursday, January 9 – Federal Reserve Board Governor Michelle Bowman will give a speech entitled “Reflections on 2024: Monetary Policy, Economic Performance, and Lessons for Banking Regulation” at te California Bankers Association 2025 Bank Presidents Seminar.
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.
Securities and Exchange Commission
· Wednesday, January 8, 3:00 p.m. – The SEC will hold a Closed Meeting.
· Friday, January 10, 10:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Wednesday, January 8, 11:00 a.m. – CFTC Chairman Rostin Behnam will deliver remarks and participate in a fireside chat, “Commodity derivatives regulation: Where do we go from here?” at the Brookings Institution.
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
· Wednesday, January 8, 2:00 p.m. – FTC Chair Lina Kahn will participate in a fireside chat at the Brookings Institution.
Farm Credit Administration Wagner Labor Initiative in New York.
· Wednesday, January 8, 10:00 a.m. – The Farm Credit Administration will hold a board meeting. The agenda includes an update on Farm Credit System Funding Conditions.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
Small Business 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
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Thursday, January 9, 9:00 a.m. – The Peterson Institute for International Economics will hold an event entitled “Should we care about who owns audit firms?”
· Thursday, January 9, 12:00 p.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The New 119th Congress Gets Sworn In, Big Banks and Trade Associations Sue The Fed Over Stress Tests As Fed Says It Will Overhaul Stress Test Regime
December 30, 2024 - January 3, 2025
We hope everyone had a wonderful Christmas! This will be a quick report. We are all looking forward to a great 2025 and savoring the coming week, which should be very quiet, especially on the regulatory front.
But at the end of the week, a new era begins with the new 119th Congress coming together to be sworn into office. We expect the current Speaker of the House of Representatives, Mike Johnson (R-LA), to be re-elected as Speaker of the House on Friday, but it will be closed. This is one of the closest majorities in history, with 219 House Republicans and 215 Democrats, with one vacancy.
The Senate will be particularly interesting to watch in 2025: Incoming Senate Majority Leader John Thune (R-SD) has announced the Senate will work for ten straight weeks before taking a break (except for taking off February 17th for President’s Day). And they will work five days a week instead of the usual three.
Looking at last week, a group of large banks joined forces with the U.S. Chamber of Commerce, the Bank Policy Institute, the American Bankers Association, and several other trade groups sued the Federal Reserve, claiming the annual bank stress tests lacked transparency and failed to take “public input as required by law.”
The suit was filed despite the Federal Reserve saying this past Monday they intended to make changes to the stress tests and would be seeking public comment and input. However, the Fed did not detail what those changes would be. We believe this situation will add significant pressure from Congress and likely the incoming Trump Administration on Fed Vice Chair for Supervision Michael Barr to step aside. We will see.
Again, we hope you enjoy the quiet week ahead and have a wonderful New Year! As we said above, nothing is going on this coming week in the regulatory world – you don’t need to read anything beyond this sentence. But if you have any questions, please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
·Friday, 12:00 p.m., January 3, 2025 – The 119th United States Congress will be sworn into office. The Senate will then begin ten weeks of work (with a break on February 17th for President’s Day), being in session five days a week, which breaks from previous historic work schedules.
House of Representatives
Friday, 12:00 p.m., January 3, 2025 – The 119th United States Congress will be sworn into office. The House of Representatives. The House will also vote on who will serve as Speaker of the House, the 130th Speaker of the House of Representatives since the office was created in 1789. Current Speaker Michael Johnson (R-LA) is expected to be re-elected by a slim margin.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
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
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· 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.
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.
· 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
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Regulatory Week Ahead
The Wall Street Journal Calls for Fed Vice Chair Barr to be Removed, The FDIC Inspector General’s Scathing Report About Harassment Under Chair Gruenberg’s Watch, And Washington Goes Totally Quiet
December 23 - 27, 2024
There is nothing going on next week in Washington – Merry Christmas and Happy Hanukkah!
As we write this, Congress is finally passing a stop-gap spending package to keep the government running for another three months. And with that, the 118th Congress comes to an end.
Enjoy the peace – it’s going to get very busy in January as the Trump Presidency begins and a whole new team of regulators with a vastly different agenda than the current team.
Quickly looking at what happened this past week, there were a couple of important events. First, we would note the Wall Street Journal’s editorial calling for Federal Reserve Board Vice Chair for Supervision Michael Barr to be removed by President Trump “for cause” – the only way a Fed Chair or Fed Governor can be fired by a President. The editorial listed a litany of Barr’s “sorry record”, and suggested Trump could name Fed Governor Michelle Bowman as Barr’s replacement. The piece is hard-hitting, and we believe it suggests Barr – who was appointed by President Biden and has said publicly he intends to stay in the job – is going to face a particularly grueling future oversight by the Republican-led Senate Banking Committee and Republican-led House Financial Services Committee.
But Barr was not the only regulator to take a beating last week. Once again, the Federal Deposit Insurance Corporation (FDIC) leadership came under withering criticism with the release of a new report from the FDIC’s Inspector General showing that more than a third of employees surveyed reported experiencing or witnessing workplace harassment. "These conditions occurred because FDIC leadership does not consistently implement the agency's policies and stated core values, specifically, fairness, accountability, and integrity," the watchdog agency said in the report. FDIC Chair Marty Gruenberg had no comment on the report and continues to refuse to resign despite presiding over such a toxic workplace. Instead, he intends to leave on January 19, the day President Trump is inaugurated (and thereby avoid being fired by Trump).
And finally, Delaware’s banking regulator signed off on the $35 billion Capitol One acquisition of Discover. While the deal has to be approved by federal regulators, it was the first major positive sign the deal may ultimately be approved.
We hope you have a joyful Christmas and a Happy Hanukkah!
U.S. Congressional Hearings
U.S. Senate
· The Senate has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
House of Representatives
· The House has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
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
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· 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.
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
· 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
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
A New Chair of the House Financial Services Committee, The CFPB’s Says He’s Not Leaving, the Blockchain Association’s Powerhouse Policy Summit, And Are We Getting Ready to Spin Out the GSEs?
December 16 - 20, 2024
We are a little more than a week away from the two-week holiday break (the ultimate quiet time in Washington), but things remain busy as regulators and Congress prepare to hit the ground running in 2025.
Last week, we saw the final pieces of the Congressional puzzle fall into place with the election of Congressman French Hill (R-AK) as the new chair of the House Financial Services Committee. Hill, a former banker and the crypto expert, has said his first priority will be on the regulatory burden community banks and "the misdirected oversight and the regulatory priorities of the SEC," as well as finding a way to craft a market structure bill for digital assets.
Hill, who is known to have an excellent relationship with incoming Senate Banking Committee Chair Tim Scott (R-SC), also spoke last week about the need to end the conservatorship of Freddie Mac and Fannie Mae, an issue which seems to be suddenly gaining steam (we would note the Congressional Budget Office (CBO) releasing a letter and report released a letter and report last week saying improved finances at the two mortgage giants have improved considerably, making them likely more attractive to investors and for the government to sell its stake in the companies. The incoming "Department of Government Efficiency" (DOGE), headed by Elon Musk and Vivek Ramaswamy, will likely consider spinning out Freddie and Fannie as among their recommendations to restructure the federal government.
Also last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said at a Senate Banking Committee hearing that he is not planning to step down when President Trump takes office in January. He acknowledged that the President can remove him, but for now, he will wait and see what happens. (Our view? Chopra will get fired on day one.)
Chopra also keeps churning out new regulations. Last week, the CFPB released a final rule restricting banks' overdraft fee charges for customers with insufficient funds. The rule caps overdrafts at $5. As you might imagine, banks are unhappy with the rule.
Looking forward to what is happening this week, the Blockchain Association is holding its annual policy summit in Washington. The list of speakers is, quite frankly, quite impressive by trade association standards and shows the rapidly increasing power of blockchain and crypto in Washington. Both the chair of the Senate Banking Committee and House Financial Services Committee are speaking along with eight additional senators and members of Congress, two SEC Commissioners, one CFTC commissioner, a number of senior Treasury and IRS officials, and the CEOs of virtually all the major blockchain companies.
Below are all the other noteworthy events in the financial regulatory world in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, December 18, 10:00 a.m. – The Senate Budget Committee holds a hearing on "Next to the Fall: The Climate-Driven Insurance Crisis is Here And Getting Worse.".
House of Representatives
· There are no significant events scheduled at this time.
Congressional Joint Committees
· Wednesday, December 18, 2:30 p.m. – The Joint Economic Committee holds a hearing entitled “Trade Wars & Higher Costs: The Case Against Trump’s Tariffs”
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
December 18-19 – The Federal Reserve Board’s Federal Open Market Committee meets to discuss the economy and interest rates. Federal Reserve Board Chair Jay Powell will hold a press conference on Thursday at 2:00 p.m.
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 17, 1:00 p.m. – SEC Commissioners Hester Peirce and Mark Uyeda will participate on a panel discussion entitled “View from the SEC” at the Blockchain Association Policy Summit in Washington, D.C.
Wednesday, December 18, 10:00 a.m. – The SEC will hold an Open Meeting. They will consider the 2025 Final Budget and Accounting Support Fee for the Public Company Accounting Oversight Board whether to approve the 2025 Final Budget and Accounting Support Fee for the Public Company Accounting Oversight Board.
Thursday, December 19, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
Tuesday, December 17, 1:35 p.m. – CFTC Commissioner Summer K. Mersinger will participate in the “View from the CFTC” fireside chat at the Blockchain Association Policy Summit.
Wednesday, December 18 9:30 a.m. – The CFTC will hold an Open Meeting. They will consider two items: 1) The Final Rule on Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements and 2) The Final Rule on Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants.
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
Tuesday, December 17, 10:00 a.m. – The NCUA Board will hold a board meeting. They will consider two items: 1) NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility Strategic Plan, and 2) the NCUA’s 2024 Annual Performance Plan.
Federal Trade Commission & Department of Justice Antitrust Division
Wednesday, December 18, 9:30 a.m. – The FTC will hold a virtual public workshop entitled “Competition Snuffed Out: How Predatory Pricing Harms Competition, Consumers, and Innovation.”
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.
Think Tanks and Other Events
Trade Associations
Monday – Tuesday, December 16-17, the Blockchain Association holds its annual policy summit. Speakers include incoming Senate Banking Committee Chair Senator Tim Scott (R-SC), incoming House Financial Services Committee Chair French Hill (R-AR), SEC Commissioners Hester Peirce and Mark Uyeda, CFTC Commissioner Summer Mersinger, and anumber of other members of Congress and the Biden Administration.
Think Tanks and Other Events
Wednesday, December 18, 9:00 a.m. – The Peterson Institute for International Economics holds an event entitled “BRICS cooperation: An alternative to the current global order?”
Thursday, December 19, 10:00 a.m. – The Brookings Institution will hold an event with National Economic Advisor Lael Brainard on how to strengthen America’s supply chains.
Please let us know if you have any questions or want to be added to our email distribution list.
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?"
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
SEC Chair Gensler Makes It Official He’s Leaving As Is SEC Commissioner Lizarraga, Washington’s Favorite Parlor Game of Who Gets What Goes Full-Throttle, and Congress Makes Final, Half-Hearted Efforts at Crypto and Cannabis Legislation
November 25 - 29, 2024
Well, we made it to Thanksgiving week and wish everyone a restful, happy week ahead. In Washington, it will be officially dead quiet but unofficially incredibly active as Nation’s Capitol’s favorite parlor game – Who is Getting Which Nomination? – is at full throttle. Individuals and innumerable interest groups are furiously lobbying the Trump transition team behind the scenes to get their favorite candidate named to key regulatory and administration posts.
The biggest prize for the moment is who will be named Chair of the Securities and Exchange Commission. This past week, Chair Gary Gensler made it official by announcing he would step down on January 19, the day before the presidential inauguration. There will also be another opening at the SEC, as Commissioner Jamie Lizarraga surprised observers by announcing he would step down on January 17.
A number of outstanding candidates are being mentioned as the likely SEC Chair nominee, most notably former SEC Commissioner Paul Atkins (full disclosure: Paul is a friend and former colleague—we served together at the SEC under then-SEC Chair Richard Breeden). Other names mentioned are other SEC alumni, such as Brad Bondi and Norm Champ.
Over at the besieged Federal Deposit Insurance Corporation, embattled Chair Marty Gruenberg announced he, too, will step down on January 19. But unlike Gensler, his announcement was blasted by incoming Senate Banking Committee Chair, Senator Tim Scott (R-SC), who – like most Republicans on Capitol Hill – wants him to step down now for his role in the scandals at the agency outlined by the various reports. Scott said: “I’ve called on Martin Gruenberg to resign from the agency for almost a year – yet he’s continued to play politics at the expense of the FDIC’s employees. This announcement is long overdue, but Chairman Gruenberg’s decision to remain in office until the last minute demonstrates his failure to accept accountability for his actions.”
No word yet on the thinking of the heads of the Consumer Financial Protection Bureau, Rohit Chopra, or Commodities Futures Trading Commission Chair Rostin Behnam. Federal Reserve Vice Chair for Supervision Michael Barr has said he intends to stay.
There were four policy-related events of note this past week: First, Senate Agriculture Committee Chair Debbie Stabenow (D-MI) let it be known she is working to finalize a last-minute deal on cryptocurrency legislation. Our view: This is a waste of time and effort, as there is no time or appetite among Republicans to try to rush a bill through before the end of the year.
Second, Senate Majority Leader Chuck Schumer (D-NY) wants to push a cannabis banking reform measure in one of the year-end budget extension bills. Again, like the Stabenow crypto effort, it has virtually zero chance of success.
Third, in testimony before the House Financial Services Committee, Fed Vice Chair for Supervision Michael Barr said efforts to finalize any major bank rules before President-elect Trump takes office will not be finalized – including a much-battled over bank capital rule.
Fourth, a federal court struck down the SEC’s regulatory overhaul of the U.S. Treasury deal rules—a major blow to SEC Chair Gensler’s long-time efforts to redesign the Treasury marketplace. This is the third federal court decision this year striking down Gensler-led rulemakings.
As we pointed out above, it will be a very quiet week in Washington this week – just a few interesting think tank and trade association events – you skip to the bottom to read all about them.
Happy Thanksgiving, everyone! Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session this week for the Thanksgiving holiday.
House of Representatives
· The House is out of session this week for the Thanksgiving holiday.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
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
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· 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.
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
· Sunday, November 24, 2:00 p.m. – The National Turkey Federation holds a news conference to welcome two Minnesota turkeys to the nation's capital, a day ahead of the "National Thanksgiving Turkey Presentation" for the annual "pardon" of the birds at the White House - a Thanksgiving tradition dating back to 1947 with President Truman.
Wednesday, November 27, 8:00 a.m. – The Institute for International Finance holds an online “Talking Policy” event with Peter Routledge, Superintendent of the Office of the Office of the Superintendent of Financial Institutions.
Think Tanks and Other Events
· Monday, November 25, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Lessons from the Basel Committee's Assessments of Individual Jurisdictions." Speakers include Stefan Ingves, Chair of the Toronto Centre and Patrick Honohan, Nonresident Senior Fellow at the Peterson Institute.
· Tuesday, November 26, 11:00 a.m. – The Brookings Institution holds a virtual discussion on "China's Slowing Economy: What China is Doing About It, and What It Means for the Rest of the World."
Please let us know if you have any questions or would like to be added to our email distribution list.
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.
Please let us know if you have any questions or would like to be added to our email distribution list.
The U.S. Financial Regulatory Week Ahead
It’s World Bank/IMF Week in Washington, There Are Not One But Two Big Fintech Conferences This Week, And Pressure on FDIC Chair Gruenberg To Explain Himself Grows
October 21 - 25, 2024
Washington will be a very busy place this week as finance ministers and central bank chiefs from around the world converge for the annual World Bank/IMF meetings. While burgeoning global debt will be a major focus of the meetings, issues surrounding the stability of the financial markets will be a central theme (We would note it will also be a significant theme of the BRICS Leaders’ Summit in Russia this week, as Russian President Vladimir Putin and other BRICS leaders seek to build an alternative financial system).
Also, this week, not one but two big Fintech Conferences will be held, one in Washington and one in Philadelphia. The one in Washington – the Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference – will see speeches by a number of regulators, including Acting Comptroller of the Currency Michael Hsu, CFTC Chairman Rostin Behnam, and CFPB Director Rohit Chopra.
Also this week, Bloomberg is holding its Global Regulatory Forum in New York, where SEC Chair Gary Gensler will speak. He will also speak at SIFMA’s Annual Meeting in New York.
Quickly looking at what happened last week, we would note that while Congress remains out of session until after the November elections, there still was some notable action. House Financial Services Chair Patrick McHenry on Wednesday slammed FDIC Chair Martin Gruenberg for “continued obstruction” of the panel’s investigation into the agency's workplace culture, calling on the bank regulator to schedule a transcribed interview by the end of the day. Gruenberg continues to refuse to cooperate or explain himself.
McHenry – who is retiring from Congress at the end of this session – also sent a letter to the General Accountability Office (GAO) asking for an investigation into the Treasury Department's management of small business ownership data, which it collects under a law intended to fight money laundering.
Also of note, Treasury Secretary Janet Yellen said she believes a bipartisan stablecoin bill currently being negotiated in the House “comes close” to the administration’s goals for regulating digital assets. While we believe there is virtually no chance of the bill being passed by the end of this year, we believe it will be revived early in the new Congress next year.
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 a 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
· Tuesday & Wednesday, October 22 – 23 – The Federal Reserve Bank of Philadelphia will hold its 8th Annual Fintech Conference in Philadelphia. Among the speakers will be Federal Reserve Board Governor Michelle Bowman, Philadelphia Federal Reserve Bank President Patrick Harker, and a large number of industry leaders.
· Wednesday, October 23, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman gives opening remarks at the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania.
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.
Securities and Exchange Commission
· Monday, October 21, 10:25 a.m. – SEC Chair Gary Gensler will deliver remarks and participate in a one-on-one conversation with SIFMA President and CEO Kenneth Bentsen at the SIFMA Annual Meeting in New York.
· Tuesday, October 22, 11:00 a.m. – SEC Chair Gary Gensler will speak at the Bloomberg Global Regulatory Forum in New York. A livestream of his remarks will be available. See the conference agenda here.
· Thursday, October 24, 1:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, October 21, 2:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at SIFMA’s Annual Meeting in New York.
· Tuesday, October 22, 2:05 p.m. – CFTC Chairman Rostin Behnam will give a keynote address at the Bloomberg Global Regulatory Forum in New York.
· Wednesday, October 23, 9:05 a.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat with Congressman Ro Khanna at DC FinTech Week in Washington, D.C.
FINRA
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, October 22 – Federal Deposit Insurance Corporation Vice Chair Travis Hill will speak at the DC Fintech Week Conference in Washington, D.C.
Office of the Comptroller of the Currency
· Tuesday, October 22, 9:00 a.m. – Acting Comptroller of the Currency Michael J. Hsu will discuss the future of banking with Hyun Song Shin, Economic Adviser and Head of Research at the Bank for International Settlements, during DC Fintech Week in Washington, D.C.
The Consumer Financial Protection Bureau
· Wednesday, October 23 -- Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks at the DC Fintech Week Conference in Washington, D.C.
National Credit Union Administration
· Thursday, October 24, 10:00 a.m. – The NCUA holds a Board Meeting. The agenda will cover an update on cybersecurity and a briefing on New Charter and Field of Memberships.
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.
International Monetary Fund & World Bank
· Friday, October 21 - 26 – The International Monetary Fund and the World Bank Group officially kick off their 2024 Fall Meeting.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday, October 21 – SIFMA holds its annual meeting in New York.
· Monday – Friday, October 22 – 25 – The Institute for International Finance Annual Membership meeting takes place in Washington, D.C.
· Tuesday, October 22 – The Institute for International Bankers holds its annual 2024 Anti-Money Laundering Conference in New York.
· Thursday, October 24, 10:00 a.m. – The Bipartisan Policy Center holds a discussion on "Scaling Local Innovations for Achieving Housing Affordability."
Think Tanks and Other Events
· Monday, October 21, 9:00 a.m. – 4:30 p.m. – The Peterson Institute for International Economics holds a conference on "Geopolitics and International Trade and Finance: Knowns and Unknowns."
· Monday, October 21 - The Urban-Brookings Tax Policy Center holds a virtual forum, beginning at 1 p.m., on "Tax Policy, the 2024 Election, and a Look Ahead to 2025."
· Tuesday, October 22 – Day One of The Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference begins. Among the speakers today will be Acting Comptroller of the Currency Michael Hsu, Representative French Hill, (R-Ark.), National Security Council Special Adviser for Cybersecurity and Critical Infrastructure Policy Carole House participates in a discussion on "The Geopolitics of Artificial Intelligence," and Federal Deposit Insurance Corporation Vice Chair Travis Hill.
· Tuesday, October 22, 4:00 p.m. – The Brookings Institution will hold an event entitled “Climate, development, and international financial institutions: Perspectives from the Global South.”
· Wednesday, October 23 – Day Two of The Georgetown University Law Center's Institute of International Economic Law Fintech Week Conference. Rep. Ro Khanna, (D-Calif.) and Commodity Futures Trading Commission Chairman Rostin Behnam deliver remarks. Also, New York Department of Financial Services Superintendent Adrienne Harris and Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks.
· Wednesday, October 23 – The Association of Certified Sanctions Specialists holds its sixth annual conference on "Global Sanctions and Export Controls” in Washington, D.C. Among the speakers will be Matthew Axelrod, assistant secretary for export enforcement at the Commerce Department's Bureau of Industry and Security, Scott Anderson, national coordinator for the Commerce Department Bureau of Industry and Security's Disruptive Technology Strike Force, and Molly Braese, chief of staff to the assistant Commerce secretary for export enforcement at the Bureau of Industry and Security.
· Wednesday, October 23, 9:00 a.m. – The Center for Global Development holds a discussion on "Bretton Woods at 80: Priorities for the Next Decade."
· Wednesday, October 24, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "Geneva Report Launch: Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil."
· Wednesday, October 24, 11:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 11 a.m., on "Monetary Policy Transmission Across the Euro Area."
· Wednesday, October 24, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion on "Monetary Policy During Periods of Economic Volatility." Adrian Orr, Governor of the Bank of New Zealand, will speak,.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Washington Gets Ready for IMF/World Bank Week, The FDIC’s Look at the Resolution of Systemically Important Banks, and HUD Looks at the Mortgage Market and Access to Capital
October 14 - 18, 2024
It is going to be another relatively quiet week in Washington across the board – Congress remains out of session until after the elections, and regulators are quietly preparing for the annual International Monetary Fund/World Bank weeklong meetings that begin on October 21st. With finance ministers, central bankers, and other major regulatory officials converging on Washington for back-to-back meetings, speeches, and events, there will likely be a lot to watch and report (which we will detail in next week’s report).
We would note that that The Federal Deposit Insurance Corporation holds a meeting of the FDIC Systemic Resolution Advisory Committee to discuss the resolution of systemically important financial companies. This continues to be a moving target for bank regulators as banks and Congressional Republicans push back on expanding the definitions for “systemically important.”
Also, this coming week, the Department of Housing and Urban Development is partnering with Ginnie Mae to host a conference looking at the mortgage market and access to capital. With the housing market nationally struggling with still too-high interest rates and a shortage of housing inventory – an issue that has become a hot-button issue on the presidential and congressional campaign trails – this will be a particularly interesting event. In addition to this, House Financial Services Committee Ranking Democrat Representative Maxine Waters (D-CA) said in an interview last week that if Democrats win control of the House in November and she becomes Committee chair again, her number one priority issue will be housing.
Last week, regulators, lobbyists, and everyone else who follows the banking sector were jarred to see TD Bank hit with a $3 billion fine and agreed to asset caps after submitting a guilty plea for money laundering by drug traffickers. As the 10th largest bank in the U.S., the size and impact of the penalties are pretty significant.
Also last week, the digital asset exchange Crypto.com sued the Securities and Exchange Commission after learning they are the target of potential charges by the agency. Crypto argued in their lawsuit that the SEC has no authority over their business or the crypto business overall, saying the agency is acting under “an unlawful de factor rule.” This will be a very interesting case, especially in light of the Supreme Court’s Chevron decision earlier this year clipping the wings of aggressive regulatory actions.
Finally, and perhaps most impactful to markets, the Federal Trade Commission and the Department of Justice’s Antitrust Division jointly released their final version of Hart-Scott-Rodino rules (e.g., new rules dealing with mergers and acquisitions). One aspect of the rules that private equity and other acquisition firms took note of is how the regulators want to look at how Big Tech firms and private equity are acquiring large amounts of smaller companies in a bid to snuff out oncoming competition potentially.
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
· Tuesday, October 15, 1:00 p.m. – Federal Reserve Board Governor Adriana Kugler gives remarks virtually entitled “Career Opportunities and Diversity in Economics” at the Exploring Careers in Economics event hosted by the Federal Reserve.
· Friday, October 18, 12:10 p.m. (Vienna, Austria) – Federal Reserve Board Governor Christopher J. Waller gives remarks entitled “Decentralized Finance” at the Nineteenth Annual Vienna Macroeconomics Workshop in Vienna, Austria.
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
· Tuesday, October 15, 8:30 a.m. – HUD and Ginnie Mae will host a strategic summit on "Mortgage Market Resilience and Access to Credit." Participants include am Valverde, acting president of Ginnie Mae; Daniel Hornung, special assistant to the president for economic policy at the National Economic Council; Julia Gordon, assistant HUD secretary for housing and Federal Housing Administration commissioner; Bob Broeksmit, president/CEO of the Mortgage Bankers Association; David Dworkin, president/CEO of the National Housing Conference; Ted Tozer, fellow in the Housing Finance Policy Center at the Urban Institute and former Ginnie Mae President.
Securities and Exchange Commission
· Tuesday, October 15, 2:00 p.m. – 6:00 p.m. – SIFMA will hold its annual Private Credit Forum. SEC Commissioner Hester Pierce will deliver remarks.
· Thursday, October 17, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, October 15, 6:00 p.m. – CFTC Commissioner Christy Goldsmith Romero will receive the Pioneer Award from the Asian Pacific American Bar Association (APABA) of Washington, D.C. at the Annual Gala.
· Wednesday, October 16, 9:00 a.m. – 1:00 p.m. – The CFTC’s The Commodity Futures Trading Commission’s Division of Clearing and Risk will hold a public roundtable Oct. 16 from 9:00 a.m. to 1:00 p.m., to discuss existing, new, and emerging issues in clearing. The roundtable will be held in the Conference Center at CFTC's headquarters at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C.
· Wednesday, October 16, 11:00 a.m. – CFTC Commissioner Caroline D. Pham will speak on a keynote fireside chat at FIX Trading Community’s Americas Trading Conference 2024 in New York.
Federal Deposit Insurance Corporation
· Tuesday, October 15, 9:00 a.m. – The Federal Deposit Insurance Corporation holds a meeting of the FDIC Systemic Resolution Advisory Committee to discuss the resolution of systemically important financial companies.
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
· Friday, October 18, 8:00 a.m. – 6:00 p.m. – The FTC hosts the Second Federal Trade Commission Conference on Marketing and Public Policy in Washington, D.C.
Farm Credit Administration
· Thursday, October 10, 10:00 a.m. – The Farm Credit Administration holds a board meeting. They are scheduled to vote on a proposed rule dealing with Annual Independent Audits and Internal Controls over Financial Reporting Requirements
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 15, 9:00 a.m. – The Institute for International Finance holds a hybrid forum on the IMF’s Global Financial Stability Report.
· Tuesday, October 15, 2:00 p.m. – 6:00 p.m. – SIFMA will hold its annual Private Credit Forum. SEC Commissioner Hester Pierce will deliver remarks.
· Thursday, October 17, 8:00 a.m. – The Brookings Institution holds an event entitled “Meeting the global climate finance challenge: A conversation with UN Climate Change Executive Secretary Simon Stiell” in Washington, D.C.
Think Tanks and Other Events
· Sunday and Monday, October 13 – 14 - Stanford University's Hoover Institution holds a conference, beginning at 11:05 a.m., on "A 50-Year Retrospective on The Shadow Open Market Committee and Its Role in Monetary Policy” in Stanford, California. Federal Reserve Board Governor Christopher Waller will deliver remarks.
· Friday, October 17, 12:00 p.m. – The Urban Institute holds a discussion on "Sustainable Homeownership and Wealth Preservation for Communities of Color."
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The Fed Backs Down on Bigger Bank Capital Standards Setting Up A Possible FDIC Vote This Week; Election Betting Gets Held Up Again, and FDIC Chair Gruenberg Refuses to Testify Before Congress
September 16 - 20, 2024
The coming week will be filled with lots of regulatory speeches, congressional hearings, and a good number of trade association conferences. However, the biggest event is likely to be the FDIC's Open Meeting, where they may vote on the much-criticized and now scaled-back bank capital requirements. In a major concession to lobbying by big banks and many members of Congress, Federal Reserve Vice Chair Michael Barr announced last week that the Fed, OCC, and FDIC had negotiated a re-write, but it is unclear if all the details have been finalized among the three regulators.
The FDIC action comes as embattled FDIC Chair Marty Gruenberg shockingly refused a request to testify before the House Financial Services Committee. Gruenberg, who has announced he will at some point step down from his role, allowing a toxic work environment and widespread sexual harassment as well as his own personal unprofessional behavior, was supposed to testify on September 19, but his staff informed the Committee he would not show up. As we have noted in previous updates, Gruenberg refuses to step down until a replacement is confirmed by the US Senate, which most seasoned observers believe will not happen until next year due to the elections and the Senate schedule – something Gruenberg clearly understands as he desperately clings to power.
Regarding Gruenberg's replacement, Senate Banking Committee Chair Sherrod Brown (D-OH) is apparently looking to hold a committee confirmation vote for current CFTC Commissioner Christy Goldsmith Romero this week. But we know two senators are out of action this week for health reasons and believe the committee vote probably will not happen.
Also, election betting on financial exchanges was expected to begin this coming week. However, a federal appellate court halted the financial exchange Kalshi on Friday to review the situation more closely. The CFTCC had ruled against allowing such betting through derivative markets. However, a federal judge overturned the CFTC block Thursday, and Kalshi began to trade election betting contracts quickly, but they are now in limbo as the appellate court looks deeper into the matter. How long until they rule is anyone's guess. But it could come as early as this week.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, September 17, 2:30 p.m. – The Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection holds a hearing entitled “Back to School: Shedding Light on Risks and Harm in the Private Student Lending and Servicing Market”
· Wednesday, September 18, 2:00 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee will hold a hearing on the macroeconomic impacts of potential tax reform in 2025.
· Sometime During the Week of September 16 – TBD – Senate Banking Committee Chair Sherrod Brown (D-OH) may attempt to bring up for a committee vote the nomination of FDIC Chair-designate Christy Goldsmith Romero – along with several other nominations (an SEC Commissioner nomination, an insurance expert for the Financial Stability Oversight Council, and a nominee for Assistant Secretary of Treasury).
House of Representatives
· Wednesday, September 18, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”
· Wednesday, September 18, 10:00 a.m. – The House Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee holds a hearing on "Oversight Hearing: Inspectors General of the Department of Housing and Urban Development, Department of Transportation, and the National Railroad Passenger Corporation."
· Wednesday, September 18, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing entitled “Protecting Americans Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday and Wednesday, September 17 & 18 – The Federal Reserve Board’s Open Market Committee meets to discuss the economy and interest rates. Federal Reserve Board Chair Jay Powell will give a press release on the 18th at 2:00 p.m.
U.S. Treasury Department
· Monday, September 16, 1:30 p.m. – The Treasury Department holds a meeting of the Federal Advisory Committee on Insurance to discuss topics related to climate-related financial risk and the insurance sector, cyber insurance developments, and international insurance issues and to receive status updates from each of its subcommittees and from FIO on its activities and consider any new business.
· Tuesday, September 17, 3:45 p.m. – Treasury Undersecretary for Domestic Finance Nellie Liang will speak at the Georgetown Univeristy Psaros Center for Financial Markets and Policy in Washington, D.C..
· Thursday, September 19, 9:30 a.m. – The Treasury Department’s Community Development Financial Institutions Fund holds a meeting of the Community Development Advisory Board for a report from the CDFI Fund Director on the activities of the CDFI Fund and panel discussions related to the advisory board's subcommittees.
Department of Commerce
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Wednesday, September 18, 10:00 a.m. – The SEC will hold an Open Meeting. The agenda is whether to amend Regulation NMS to “allow the minimum pricing increments for quoting of certain NMS stocks, reduce the access fee caps, and enhance the transparency of better priced order.”
· Thursday, September 19, 10:00 a.m. – the SEC’s Investor Advisory Committee meets at the SEC Headquarters. The committee will host two panels. The first is entitled “Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest” and the second “Key Topics from Securities Litigation: Shareholder Proposals and “Tracing” in Section 11 Litigation.” The full agenda can be found HERE. And a full listing of the Advisory Committee members can be found HERE.
Commodities Futures Trading Commission
· Tuesday, September 17, 10:30 a.m. – CFTC Chair Rostin Behnam to speak at Georgetown University’s Psaros Center for Financial Markets and Policy Financial Markets Quality 2024.
· Wednesday, September 18, 11:00 a.m. (CDT) – CFTC Commissioner Summer K. Mersinger will participate in the 2025 Outlook Panel at the Futures Industry Association’s Forum: Commodities 2024 in Houston, Texas.
· Friday, September 20, 10:00 a.m. – The CFTC will hold an Open Meeting to consider Final Guidance regarding the Listing of Voluntary Carbon Credit Derivative Contracts.
FINRA
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, September 17, 10:00 a.m. – The FDIC Board will hold an Open Meeting. The agenda includes a proposed rulemaking on Custodial Deposit Accounts as well as the FDIC’s final statement of Policy on Bank Merger Transactions.
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
· Thursday, September 19, 10:00 a.m. – The NCUA holds a board meeting.
Federal Trade Commission & Department of Justice Antitrust Division
· Thursday, September 19, 11:00 a.m. – The FTC will hold an Open Commission Meeting. The Commission will hear a staff presentation on the Social Media and Video Streaming Services 6(b) Orders and a staff presentation on the Rule on the Use of Consumer Reviews and Testimonials.
· Thursday, September 19, 1:00 p.m. – The FTC will hold an informal hearing on the Proposed Amendments to the Energy Labeling Rule.
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
· September 15 – 18, 2024 – SIFMA is holding its Ops2024 Conference in San Diego, California.
· September 18, 10:00 a.m. – The International Institute for Finance holds an online conference entitled “Energy Supply Ratio: Examining a New Climate Disclosure Metric.”
Think Tanks and Other Events
· Monday, September 16, 11:00 a.m. – The Wilson Center's Global Europe Program holds a discussion on "Cyprus Banks on the Frontline of Sanctions Compliance."
· September 17, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion entitled “The Economic Danger of Revoking China’s Permanent Normal Trade Status.”
· Wednesday, September 18, 2:00 p.m. – The Brookings Institution is holding an event entitled “Mobilizing the Market: The Barriers to Financing a More Scalable Climate Response” Ethan Zindler, the Climate Counselor at the US Treasury Department, will give the keynote remarks.
· Thursday, September 19, 5:00 p.m. – The American Enterprise Institute will hold an event entitled “The Forgotten Solution to the Housing Crunch: A Premier of the AEI Housing Center’s Documentary on Light-Touch Density.”
Please let us know if you have any questions or would like to be added to our email distribution list.
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