U.S. Financial Regulatory Week Ahead

The Fed Votes to Move Ease Rating Requirements for “Well Managed” Banks, Just as the Renovation and Bee Controversy Heats Up, Gould Gets Confirmed as Comptroller, and Two Major Crypto Bills Make Major Strides

July 14 - 18, 2025

It may be the middle of summer in Washington, but it remains a busy time here in the nation’s capital for Congress and regulators. 

On Tuesday, the House of Representatives is poised to pass two major pieces of legislation and send one of them to President Trump’s desk to be signed into law.  The first bill will regulate so-called Stable Coins. President Trump has indicated he will sign the legislation.  The second bill would create a crypto market structure bill and will be sent to the Senate. 

The House Financial Services Committee is holding more hearings this coming week, looking at the impact of Dodd-Frank, which was passed into law 15 years ago.  Talking to Congressional staff, it is all part of a prelude to likely new deregulatory legislation in the coming months. It also provides some cover to the SEC and CFTC to look at deregulatory moves, as well.

Meanwhile, the Senate confirmed Jonathan Gould as Comptroller of the Currency last week and is getting ready for a confirmation hearing for Travis Hill as the next Chair of the Federal Deposit Insurance Corporation (FDIC). 

As all this was happening, the Federal Reserve voted last week to move forward with a proposed regulation adjusting the supervisory rating framework, something that is likely to make it easier for banks to merge.  Currently, any bank that loses its “well-managed” status can be limited in its ability to undertake certain activities, such as mergers and acquisitions, as well as in investing in other companies involved in certain financial activities.

But that was the good news out of the Fed for the week.  Fed Chair Jay Powell continues to be under growing fire for an ongoing renovation of the Federal Reserve headquarters.  More Republican members of Congress and supporters of President Trump are beginning to argue the supposed mismanagement of the project, which reportedly includes lavish remodeling of the headquarters and the building of beehives on the Fed grounds, as a “cause” for which President Trump can fire Powell.  We are dubious it will get to that point and believe it is all part of a larger effort to pressure Powell to move on lowering interest rates at the next Federal Open Market Committee meeting. 

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, July 15, 3:00 p.m. – The Senate Agriculture Committee holds a hearing entitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.’

House of Representatives

·       Tuesday, July 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead”  You can read the Committee Staff Background Memo HERE.

·       Wednesday, July 16, 9:00 a.m. – The House Ways and Means Oversight Subcommittee holds a hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."

·       Wednesday, July 16, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions holds a hearing entitled “U.S. Policy on Investment Security.”

·       Wednesday, July 16, 2:00 p.m. – The House Agriculture General Farm Commodities. Risk Management, and Credit Subcommittee holds a hearing on "Financing Farm Operations: The Importance of Credit and Risk Management.

·       Wednesday, July 16, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "HOME 2.: Modern Solutions to the Housing Shortage."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, July 15 - The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.

·       Tuesday, July 15, 9:15 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).

·       Tuesday, July 15, 12:45 p.m. – Federal Reserve Board Governor Michael Barr will give a speech entitled “expanding financial inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.

·       Wednesday, July 16, 9:15 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.

·       Wednesday, July 16, 10:00 a.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.

·       Wednesday, July 16, 6:30 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.

·       Thursday, July 17, 10:00 a.m. – Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.

·       Thursday, July 17, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).

·       Thursday, July 17, 6;30 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.

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

·       Thursday, July 17, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, July 15, 10:00 a.m. – The FDIC Board will meet in open session. The agenda includes a proposed amendment to FDIC Guidelines for Appeals of Material Supervisory Determinations; Notice of Proposed Rulemaking regarding Adjusting and Indexing Part 363 and Certain Other FDIC Regulatory Thresholds; Request for Information regarding Industrial Banks and Industrial Loan Companies and Their Parent Companies.  Additionally, the Board will vote on a Notice of Proposed Rulemaking regarding Community Reinvestment Act Regulations, a Notice of Proposed Rulemaking regarding Establishment and Relocation of Branches and Offices, a Notice regarding Parent Companies of Industrial Banks and Industrial Loan Companies; Withdrawal of Proposed Rule, and a Notice regarding Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.

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 System 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.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Thursday, July 17 – The American Bankers Association holds its Women Lead Symposium (virtual).

Think Tanks and Other Events

·       Wednesday, July 16, Noon – The Exchequer Club of Washington, D.C. will host Senator Elizabeth Warren (D-MA) as their luncheon speaker.

·       Thursday, July 17, 11:30 a.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda” with House Financial Services Committee’s Ranking Democrat, Representative Maxine Waters (D-CA).

Recommended Reading

• AI’s role in credit is growing, are things moving too fast?     Federal Reserve Bank of Boston The Future of Finance Podcast

  People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried.  AI will lie unless you tell it not to. It will collude on pricing with other AI. Experts say those are a couple reasons why we need to proceed with caution and better understand potential hazards.   For additional background on this subject, read an outline of the keynote speech at the 68th Economic Conference by UC-Berkeley professor Adair Morse, “AI Innovation for Credit: Frontiers of Benefits & Red Flags.” Watch a recording of the speech.

• Reporting FinCEN’s Suspicious Activity, Again        Cato Institute

  The Financial Crimes Enforcement Network (FinCEN) has released its 2024 “Year in Review” report, and things are not looking good. Once again, the agency has highlighted lackluster statistics in an attempt to justify financial surveillance in the United States.  Let’s start at the top and work our way down. Under the Bank Secrecy Act, banks and other financial institutions are required by law to report customers under certain circumstances. According to FinCEN, more than 27.5 million reports were filed in 2024 (Table 1). That’s roughly 75 thousand reports a day.
  

• Banking Analytics: The Growing Connection between Bank and Nonbank Sectors    Federal Reserve Bank of St. Louis

  In the first quarter of 2025, U.S. banks held $1.14 trillion in loans outstanding to the nonbank financial sector. This sector consists of nondepository financial institutions (NDFIs), which engage in credit intermediation, asset management, market-making and other financial services in the economy. This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy. 

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. Financial Regulatory Week

May 20 - 24, 2024

This coming Monday is Memorial Day, the traditional beginning of Summer in Washington and the rest of the US. In advance of the three-day holiday, regulators are engaging in several meetings and speaking events. Of particular note, Federal Reserve Board Vice Chair for Supervision Michael Barr is giving two important speeches this week on regulation while the Atlanta Federal Reserve Bank is holding its 28th Annual Financial Markets Conference.  

Also this week, the Investment Company Institute is holding its annual meeting in Washington, and SEC Chair Gary Gensler will speak and participate in a fireside chat to discuss issues of concern to the mutual fund industry. 

Washington is still talking about the ongoing crisis at the FDIC in the wake of the independent report implicating FDIC Chair Marty Gruenberg for bullying and inappropriate behavior and tolerating bad behavior among senior managers. Gruenberg endured two grueling hearings before the House Financial Services Committee and Senate Banking Committee last week but seems to have survived as a number of Congressional Democrats came to his defense. Gruenberg continues to refuse to step down, but we believe the pressure will continue, and the situation will remain tense at the FDIC.

Also last week, the Consumer Financial Protection Bureau had a big week, triumphantly winning a Supreme Court case (7-2 vote) upholding the agency's legitimacy and ability to bring regulations against payday lenders. This ends years of uncertainty about the future of the CFPB and has boosted CFPB Director Rohit Chopra's agenda, which focuses on credit card fees. "The CFPB will be able to forge ahead with our law enforcement work," Chopra told reporters after the decision was handed down.

Reviewing Congress last week, the House Financial Services Committee moved several pieces of legislation for the full House of Representatives to vote on in the coming weeks. One is legislation making fewer banks subject to key regulations such as the Volcker Rule while scrutinizing the Federal Reserve's bank merger, stress testing, and discount processes. Another bill they passed would direct the SEC to conduct cost-benefit analyses of its rules and review them every five years.

Both bills have little chance of advancing once they pass the House and are sent to the Senate Banking Committee.

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

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, May 21, 10:00 a.m. – The Senate Finance Committee holds a hearing entitled “Child Savings Accounts and Other Tax-Advantaged Accounts Benefitting American Children.”

·       Wednesday, May 22, 2:30 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee holds a hearing on "Protecting Consumers' Pocketbooks: Lowering Food Prices and Combatting Corporate Price Gouging and Consolidation."

House of Representatives

·       Wednesday, May 22, 10:00 a.m. – The House Financial Services Housing and Insurance Subcommittee holds a hearing on "PHA (Public Housing Agencies) Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers."

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Sunday – Wednesday, May 19 – 22 – The Atlanta Federal Reserve holds its 28th Annual Financial Markets Conference.  A number of central bankers, market participants, and other experts will be speaking.

·       Monday, May 20, 7:45 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic to give welcome remarks before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta.  Later that day, at 6:00 p.m., he will moderate a session at the Conference’s dinner.

·       Monday, May 20, 9:00 a.m. – The Peterson Institute for International Economics hosts a virtual discussion entitled "The U.S. economy and monetary policy” with Federal Reserve Board Governor Christopher Waller.  

·       Monday, May 20, 10:30 a.m. – Federal Reserve Vice Chair Philip N. Jefferson gives a speech entitled “U.S. Economic Outlook and Housing Price Dynamics” at the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference, New York, N.Y.

·       Tuesday, May 21, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin to give opening remarks before the"2024 Investing in Rural America Conference: Building and Maintaining Momentum" hosted by the Federal Reserve Bank of Richmond.

·       Tuesday, May 21, 8:10 a.m.: Atlanta Federal Reserve Bank President Raphael Bostic will give "welcome back" remarks before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta.

·       Tuesday, May 21, 8:45 a.m.: New York Federal Reserve Bank President John Williams will give the opening remarks at the 2024 Governance and Culture Reform Conference.

·       Tuesday, May 21, 9:00 a.m. – Federal Reserve Board Governor Christopher J. Waller gives welcoming remarks at the Third Conference on the International Roles of the U.S. Dollar, Washington, D.C.

·       Tuesday, May 21, 6:00 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic to moderate the "Central Banking in the Post-Pandemic Financial System" panel before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta.

·       Monday, May 20, 9:00 a.m. – Federal Vice Chair for Supervision Michael S. Barr entitled “Monetary Policy and Bank Regulation” at the 2024 Financial Markets Conference, Fernandina Beach, Florida.

·       Thursday, May 23, 2:00 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic to participate in a virtual question-and-answer session with students in MBA macroeconomic class at the Stanford Graduate School of Business.

·       Friday, May 24, 9:35 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech at the Reykjavik Economic Conference, Reykjavik, Iceland.

U.S. Treasury Department

·       There are no significant events scheduled at this time. 

Securities and Exchange Commission

·       Wednesday, May 23, 8:30 a.m. – SEC Chair Gary Gensler will participate in a fireside chat at the Investment Company Institute’s 2024 Leadership Summit in Washington, DC.

·       Thursday, May 24, 11:00 a.m. – Thursday at 11:00 a.m., SEC Enforcement Director Gurbir Grewal and other division officials will speak at the Securities Enforcement Forum West 2024 conference.

Commodities Futures Trading Commission

·       Monday, May 20, 11:00 a.m. London Time – CFTC Commissioner Christy Goldsmith Romero will speak on a panel discussing international financial regulation at City Week 2024.

·       Tuesday, May 21, 11:00 a.m. London Time – CFTC Commissioner Caroline D. Pham will speak at a featured fireside chat on the CFTC’s role in regulating digital assets at City Week 2024.

·       Wednesday, May 22, 9:10 a.m. London Time – CFTC Commissioner Christy Goldsmith Romero will participate in a keynote interview at the Financial Times’ Moral Money Summit.

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

·       Wednesday, May 22, 10:00 a.m. – the NCUA Board holds an open meeting.  You can find the agenda HERE.

Federal Trade Commission & Department of Justice Antitrust Division

·       Monday, May 20, 1:00 p.m. – The FTC holds a closed meeting.

·       Wednesday, May 23, 1:00 p.m. – The FTC holds an Open Meeting.

·       Wednesday, May 23, 2:00 p.m. – The FTC holds an event entitled “Supporting Older Adults to Fight Against Fraud”

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  – Wednesday, May 21 – 23 – The Investment Company Institute holds the 2024 Leadership Summit in Washington, D.C.  House Financial Services Committee Chair Patrick McHenry (R-NC) and SEC Chair Gary Gensler will speak.

Think Tanks and Other Events

·       Tuesday, May 21, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "The U.S. economy and monetary policy” with Federal Reserve Board Governor Christopher Waller.  

·       Tuesday, May 21, 10:00 a.m. – The Brookings Institution holds a discussion entitled “Powering US prosperity and competitiveness through place-based investment”.  Alejandra Castillo, the Assistant Secretary of Commerce for Economic Development, will speak.

·       Tuesday, May 21, 12:30 p.m. – SIFMA holds a Department of Labor Fiduciary Rule Implementation Workshop.

·       Tuesday, May 21, 2:30 p.m. – The R Street Institute holds a discussion entitled “Insurance Fraud: the 300 Billion Dollar Crime.”

·       Tuesday, May 21, 3:00 p.m. – The Cato Institute holds a virtual discussion entitled “Would Proposed Antitrust Changes Help or Harm Startups and Small Business?”

·       Tuesday, May 22, 11:00 a.m. – SIFMA holds their latest webinar on U.S. – China relations entitled “U.S. – China Relations: Technology National Security, and Financial Services.”

·       Wednesday, May 22, 8:00 a.m. – The Institute for International Finance holds an online discussion entitled “IIF Datatalk: Bigtech, Platforms, and Financial Services.”

·       Wednesday, May 22, 1:00 p.m. – The American Enterprise Institute holds an in-person/virtual event entitled “The Federal Reserve and Financial Stability Risk.”  

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

August 14 - 18, 2023

First, a quick note on a slight change to our Regulatory Week Ahead.  Starting with this issue, we will include coverage of the two U.S. antitrust enforcers – the Federal Trade Commission and the Department of Justice Antitrust Division.  With DoJ’s Assistant Attorney General for Antitrust Jonathan Kanter’s recent speech at the Brookings Institution on “Promoting Competition in Banking,”  it is clear two new regulators have moved into the financial regulatory space. 

Now back to our usual previewing of the coming week:  It may still be the dog days of summer in Washington, but there is one big event next week.  FDIC Chair Marty Gruenberg will give a speech at the Brookings Institution on “lessons learned” from the resolution of regional banks – a direct reference to the recent collapse of Silicon Valley Bank and the closing of Commonwealth Bank in New York.  Banks will watch his speech closely for greater insight into FDIC policy – and perhaps comments about the banking regulators’ newly proposed capital requirements.  You can watch it online (link below).

Otherwise, there are no public speeches by senior regulators and no open meetings or rule proposals.  It is all quiet.  But if you have any questions, please let us know.  We hope you are enjoying your August!

U.S. Congressional Hearings 

• Congress is out of session for the month of August.  The Senate returns on September 5th, and the House of Representatives on September 11th.

US Regulatory Meetings & Events

• Monday, August 14, 2023 – 2:00 – 3:00 p.m.: FDIC Chair Martin Gruenberg speaks at the Brookings Institution on “The resolution of large regional banks and lessons learned.”  You can watch the speech online by clicking HERE.

• Thursday, August 17, 2023 – 2:30 p.m.: The U.S. Securities and Exchange Commission will hold a closed meeting.

• Friday, August 18, 2023 – 9:00 a.m. – 4:00 p.m.: The FDIC and Georgia Coalition of Black Chambers Host the Georgia Access to Capital Summit: Building an Inclusive Business Landscape for Under-Resourced Small Businesses at the Bibb County Professional Learning Center, Macon, Georgia

Think Tank Events 

• Nothing of note is scheduled at this point for next week.

Please let us know if you have any questions.

Fulcrum Macro’s Global & U.S. Summer Overview

We are happy to share our latest macro overview of key geopolitical issues along with an update on the Washington agenda and upcoming U.S. Elections. Please let us know if you have any questions - always happy to help!

Committee Chairs for the 118th US House of Representatives

We thought we would quickly share who will chair the new committee chairs for the new US House of Representatives. There are not a lot of surprises here, as most observers expected these choices. But what will be interesting to watch is how effective each committee chair will be — especially Appropriations, Budget, Armed Services, and Rule. At this point, Speaker Kevin McCarthy (R-CA) has not fully revealed what concessions he made to the dissident Republican members who fought his election as Speaker last week. There is, according to McCarthy, no actual written document of the concessions but, instead, “a handshake agreement.” Therefore, it is unclear at this point how those “handshake agreements” may impact the agendas of the various committees.

Agriculture: Rep. Glenn Thompson (R-PA)

- Ranking member: Rep. David Scott (D-GA)

Appropriations: Rep. Kay Granger (R-TX)

- Ranking member: Rep. Rosa DeLauro (D-CT)

Armed Services: Rep. Mike Rogers (R-AL)

- Ranking member: Rep. Adam Smith (D-WA)

Budget: Rep. Jodey Arrington (R-TX)

- Ranking member: Rep. Brendan Boyle (D-PA)

Education and the Workforce: Rep. Virginia Foxx (R-NC)

- Ranking member: Rep. Bobby Scott (D-VA)

Energy and Commerce: Rep. Cathy McMorris Rodgers (R-WA)

- Ranking member: Rep. Frank Pallone (D-NJ)

Financial Services: Rep. Patrick McHenry (R-NC)

- Ranking member: Rep. Maxine Waters (D-CA)

Foreign Affairs: Rep. Michael McCaul (R-TX)

- Ranking member: Rep. Gregory Meeks (D-NY)

Homeland Security: Rep. Mark Green (R-TN)

- Ranking member: Rep. Bennie Thompson (D-MS)

Judiciary: Rep. Jim Jordan (R-OH)

- Ranking member: Rep. Jerrold Nadler (D-NY)

Natural Resources: Rep. Bruce Westerman (R-AR)

- Ranking member: Rep. Raul Grijalva (D-AZ)

Oversight and Accountability: Rep. James Comer (R-KY)

- Ranking member: Jamie Raskin (D-MD)

Rules: Rep. Tom Cole (R-OK)

- Ranking member: Jim McGovern (D-MA)

Science, Space, and Technology: Rep. Frank Lucas (R-OK)

- Ranking member: Rep. Zoe Lofgren (D-CA)

Small Business: Rep. Roger Williams (R-TX)

- Ranking member: Rep. Nydia Velasquez (D-NY)

Transportation and Infrastructure: Rep. Sam Graves (R-MO)

- Ranking member: Rep. Rick Larsen (D-WA)

Veterans Affairs: Rep. Mike Bost (R-IL)

- Ranking member: Rep. Mark Takano (D-CA)

Ways and Means: Rep. Jason Smith (R-MO)

- Ranking member: Rep. Richard Neal (D-MA)