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
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 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
The CFPB Orders the Supervision of Google, Paul Atkins Nominated for SEC Chair, the FSOC Meets One Last Time in 2024, and Treasury Gets Ready to Hold the 2024 Outbound Investment Security Conference
December 9 - 13, 2024
The Trump Transition keeps racing ahead as President-elect Trump made multiple nominations in the last week (by historical comparison, Trump is moving close to five times faster nominating his team than President Biden did in 2020, and four times faster than President Obama did in 2009). And the President-elect made his first major regulatory nomination by choosing Paul Atkins to serve as Chair of the Securities and Exchange Commission – a move cheered by the markets and a number of members of Congress from both sides of the aisle (full disclosure: Paul has been a friend for 30 years going back to when we served at the SEC together in the early 1990s).
Meanwhile, while most regulatory agencies are winding down their activities, the Consumer Financial Protection Bureau (CFPB) seems to be ramping up its work. On Friday, the CFPB placed Google Payment Corporation under its supervisory authority – a designation puts the tech company on the level of monitoring and oversight that banks do. Google is going to fight the designation – stand by because this is going to become a major battle in Washington in 2025.
Also this past week, the Financial Stability Oversight Council met (once again not giving any public notice in advance). The agenda, according to a readout press release, included:
“an update from Treasury and Federal Reserve Bank of New York staff on recent hedge fund market developments, including the recent growth of overall leverage across the industry. Staff also described regulators’ efforts to improve counterparty credit risk management practices at supervised institutions that provide financing to hedge funds, and presented on potential policy responses to mitigate identified risks.
The Council also received a presentation from staff of Treasury, the National Association of Insurance Commissioners, and the Board of Governors of the Federal Reserve System on developments in the life insurance sector, including affiliations with offshore reinsurers and private equity firms, and regulators’ ongoing efforts to enhance the sector’s resilience.
In addition, the Council received an update from member agency staff and a Ginnie Mae senior official on how vulnerabilities in the nonbank mortgage servicing sector have evolved since the Council issued its Report on Nonbank Mortgage Servicing in May 2024. Staff also described efforts by states and federal agencies to implement the recommendations in the Council’s report.”
Finally, we would note that this coming week the Treasury Department will be holding its 2024 Outbound Investment Security Conference. The event will allow Treasury officials along with State Department officials to discuss the newly created regulatory regime for outbound investment in critical industries.
Below are all the other events of note happing 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 11, 9:45 a.m. – The Senate Banking Committee will hold a hearing entitled “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work.” Consumer Financial Protection Bureau Director Rohit Chopra will testify.
- The Committee will also go into executive session and vote on the nominations of Caroline Crenshaw to be re-confirmed as an SEC Commissioner and Gordon Ito to be a member of the Financial Stability Oversight Council.
· Wednesday, December 11, 10:00 a.m. – The Senate Budget Committee will hold a hearing entitled “Sounding the Alarm: Pathways and Possible Solutions to the U.S. Fiscal Crisis."
House of Representatives
· There are no significant events scheduled at this time.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no Federal Reserve Board Governor speeches or events scheduled as the Fed goes into its “Quiet Period” in advance of the December 18-19 Federal Open Market Committee meeting.
U.S. Treasury Department
· Monday, December 9, 1:00 p.m. – The Treasury Department will hold the 2024 Outbound Investment Security Conference.
· Thursday, December 12, 9:00 a.m. – the Treasury Department’s Federal Advisory Committee on Insurance will meet virtually. The agenda includes Climate-related financial risk and the insurance sector, Cyber insurance developments and international insurance issues, Receiving status updates from each of its subcommittees and from FIO on its activities.
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
· Monday, December 9, 9:00 a.m. – SEC Commissioner Mark Uyeda will speak at the American Institute of Certified Public Accountants (AICPA) annual conference on current SEC and PCOAB Developments in Washington, D.C.
· Tuesday, December 10, 10:00 a.m. – SEC Investor Advisory Committee meets. You can see the full agenda HERE.
· Wednesday, December 11 – SEC Commissioner Hester Pierce will give a speech at the Competitive Enterprise Institute annual summit entitled “Woke Capital and ESG (Environmental, Social and Governance)”
· Thursday, December 12, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, December 9, 1:55 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Mark T. Uyeda will participate in the Financial Regulators Leading in the Digital Age fireside chat at Wharton’s Future of Finance Forum in Philadelphia, Pennsylvania.
· Tuesday, December 10, 9:30 a.m. – The CFTC Market Risk Advisory Committee will meet. You can see the full agenda HERE.
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.
· Thursday, December 12, 10:00 a.m. – the Board of the Farm Credit Administration meets. The scheduled agenda will cover the Quarterly Report on Economic Conditions and Farm Credit System Condition and Performance as well as the Semiannual Report on Office of Examination Operations.
Farm Credit Insurance Corporation
· Wednesday, December 11, 10:00 a.m. – the Board of Directors of the Farm Credit System Insurance Corporation will meet.
International Monetary Fund & World Bank
· Wednesday, November 11, 9:00 a.m. – International Monetary Fund Managing Director Kristalina Georgieva delivers keynote remarks at the Reuters Next Summit.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday, December 9, 9:00 a.m. – The American Institute of Certified Public Accountants (AICPA) holds its annual conference. SEC Commissioner Mark Uyeda will speak.
· Monday, December 9, 10:00 a.m. – The Institute of International Finance holds a joint international bank regulation colloquium with the Bank Policy Institute (BPI) in New York (by invitation only).
Think Tanks and Other Events
· Wednesday, December 11 – The Competitive Enterprise Institute holds its annual summit. SEC Commissioner Hester Pierce will deliver remarks entitled “Woke Capital and ESG (Environmental, Social and Governance)”
· Wednesday, December 11, 9:00 a.m. – The Peterson Institute for International Economics will hold a event entitled “Bpifrance's experience of promoting high-growth firms” (Bpifrance is a French government-owned promotional bank that was established in 2012 to support the development of high-growth French firms.)
· Wednesday, December 11, 1:00 p.m. – The Peterson Institute for International Economics holds a book launch event entitled “The Central Bank as Crisis Manager”
· Thursday, December 12, 9:00 a.m. – The Farm Foundation holds a virtual forum, beginning at 9 a.m., on "Tax Year 2025: Potential Impacts and Opportunities for Farmers and the Agriculture Sector."
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
Get Ready for the Fed Governor Speech-A-Palooza, SEC Chair Gensler Defends His Agenda on the Hill This Week, and the Fed Holds Its Annual U.S. Treasury Market Conference
September 23 - 27, 2024
What is Fed Governor Speech-A-Palooza, you ask? It is when Federal Reserve Board Governors give seven separate speeches in a single day – this coming Thursday. Considering there are only seven Fed Governors in total, that is a lot. The Governors collectively will cover a wide range of issues: financial inclusion, the state of the U.S. Treasury markets, Artificial Intelligence and the workforce, the economic outlook, and monetary policy. Only Fed Vice Chair Philip Jefferson and Governor Christopher Waller are not scheduled to give a public speech. For the whole week, they give a total of ten speeches or talks. Whew!
Of note, this coming week, the Fed is holding its annual U.S. Treasury Market Conference at the New York Federal Reserve. Treasury Secretary Janet Yellen and SEC Chair Gary Gensler will speak with Fed Chair Jay Powell and Fed Vice Chair Michael Barr.
Chair Gensler has a busy week ahead. He is also testifying before both the House Financial Services Committee and the Senate Banking Committee for the annual oversight hearings of the SEC. Watch for House and Senate Republicans to strongly challenge Gensler on his views of crypto regulation and hiring practices at the agency.
Looking at the past week, there are several items of note. Fed Chair Jay Powell spoke of the troubled regulatory effort to develop new capital standards. He promised that the regulator would "move as a group" to develop a new proposal—despite the draft not being completely finished, as the Fed, FDIC, and OCC are at significant odds on final details.
Also last week, the FDIC, the OCC, and the Justice Department finalized new rules that will give the agencies more power to scrutinize bank mergers – yet another chilling effect put into effect to bank mergers overall. The rules result from President Biden's executive order in 2021 calling for "revitalized merger oversight."
Finally, the Financial Stability Oversight Council (FSOC) held an unannounced meeting on Friday morning. The Council was given an update from Treasury staff on key themes in an upcoming staff progress report by the Inter-Agency Working Group on Treasury Market Surveillance. They also received an update from the Council's Climate-related Financial Risk Committee on progress over the last year on the development of risk indicators and narrative analyses to monitor climate-related financial risks. And they also voted to approve its fiscal year 2025 budget (a total of $14,783,781).
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, September 24, 10:00 a.m. – The Senate Agriculture Committee will hold a hearing on the nominations of Marcus D. Graham to be a member of the Farm Credit Administration Board, Farm Credit Administration; and Julie Brinn Siegel to be a commissioner of the Commodity Futures Trading Commission.
· Wednesday, September 25, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "Oversight of the U.S. Securities and Exchange Commission." SEC Chair Gary Gensler will testify.
· Wednesday, September 25, 10:00 a.m. – The Senate Budget Committee holds a hearing on "The Costs of Inaction: Economic Risks from Housing Unaffordability."
House of Representatives
· Tuesday, September 24, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Oversight of the Securities and Exchange Commission." SEC Chair Gary Gensler will testify.
· Wednesday, September 25, 10:00 a.m. – The House Financial Services Financial Institutions and Monetary Policy Subcommittee holds a hearing on "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."
· Thursday, September 26, 10:00 a.m. – The House Financial Services Housing and Insurance Subcommittee will hold a hearing entitled “Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, September 24, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman
Economic Outlook and Monetary Policy at the Kentucky Bankers Association Annual Convention.
· Wednesday, September 25, 4:00 a.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the Economic Outlook at the Harvard Kennedy School, Cambridge, Massachusetts.
· Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Adriana D. Kugler participates in a Fireside chat on Financial Inclusion with President Susan M. Collins, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual)
· Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a discussion on the “Economic Outlook and Monetary Policy” at the Mid-size Bank Coalition of America Board of Directors Workshop.
· Thursday, September 26 - The Federal Reserve Bank of New York holds its 2024 U.S. Treasury Market Conference. Scheduled speakers include Brian Smith, deputy assistant Treasury secretary for federal finance, Fed Chairman Jerome Powell, Fed Vice Chair for Supervision Michael Barr, Treasury Secretary Janet L. Yellen, and SEC Chair Gary Gensler.
· Thursday, September 26, 10:30 a.m. – Federal Reserve Board Governor Lisa Cook participates in a roundtable discussion entitled “Artificial Intelligence and Workforce Development” at the Roundtable Discussion with Community Stakeholders, hosted by the Federal Reserve Bank of Cleveland and Columbus State Community College, Columbus, Ohio.
· Thursday, September 26, 1:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr participates in a fireside chat on financial inclusion with Minneapolis President Neel Kashkari, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual).
· Thursday, September 26, 6:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech on Artificial Intelligence and the Labor Force at the Ohio State University President and Provost’s Diversity Lecture and Cultural Arts Series, Columbus, Ohio.
· Friday, September 27, 1:15 p.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a conversation at the Alabama Bankers Association Bank CEO Meeting, Birmingham, Alabama.
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
· Tuesday, September 24, 9:00 a.m. – The SEC holds its Securities Enforcement Forum Central 2024 in Chicago.
· Wednesday, September 26 – SEC Chair Gary Gensler will speak at the 10th Annual U.S. Treasury Market Conference in New York.
· Thursday, September 26, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, September 23, 2:40 p.m. – CFTC Commissioner Caroline D. Pham will be featured in a fireside chat, “Preparing for Digital Transformation: The Role of Regulation,” at the Global Blockchain Business Council’s (GBBC) 7th Annual Blockchain Central at the United Nations General Assembly (UNGA).
· Monday, September 23, 4:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at the API/ClearPath Carbon Innovation Forum in New York.
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
· 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
· Sunday – Wednesday, September 22 – 25 – The Investment Company Institute holds its 2024 Tax and Accounting Conference in Boca Raton, Florida.
· Thursday & Friday, September 26-27 – SIFMA Holds their “Future of Asset Management North America” Conference in New York.
· Thursday, September 26, 9:00 a.m. – The Institute for International Finance holds an online event entitled Policy Implications of the 2024 U.S. Elections: Financial Regulation.
· Thursday, September 26, 10:00 a.m. – The Futures Industry Association holds an online seminar entitled “The CFTC’s Evolving Disclosure Requirements.”
· Thursday, September 26 – SIFMA holds its Global Tax Reporting Symposium in New York.
Think Tanks and Other Events
· Monday, September 23, 2:30 p.m. – The Brookings Institution holds a discussion on "Making housing more affordable: Issues at stake in the 2024 election."
· Wednesday, September 25, 10:30 a.m. – The Brookings Institution’s Hamilton Project will hold a webinar entitled “Taking on Tax: Modernizing Partnership Taxation.”
· Thursday, September 26, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "The Economic Effects of Trump's Plans for tariffs, Deportations, and the Fed."
· Thursday, September 26 , 9:00 a.m. - The Atlantic Council GeoEconomics Center holds its Transatlantic Forum on GeoEconomics on "Next Frontiers in Finance, Technology, and Energy."
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
Bonus Week! You Get Your Five Minutes (or more like 4 ½ minutes) Back Again…
August 19 - 23, 2024
Last week we gave you back the five minutes you normally spend reading this report because nothing was going on. Looking at the financial regulatory week ahead, you get another (or most of) your five minutes back again! But there are three quick exceptions to this other quiet week we want to flag for you, which are:
1) the Democratic National Convention is being held this week in Chicago. While we do not expect any specific policy discussions on financial regulation (this is a political convention, after all), there will almost assuredly be shots taken at Wall Street and big banks, the need for caps on rental properties, etc.
2) The Federal Reserve is back from vacation. There are two Fed governors’ speeches this week – including one by Fed Vice Chair for Supervision Michael Barr on cybersecurity – and then the commencement of the annual Jackson Hole Economic Symposium later in the week (and Fed Chair Jay Powell is scheduled to give an economic outlook speech). The annual gathering of the world’s central bankers, situated in the midst of the gloriously beautiful Colorado Rockies, is almost always solely focused on monetary policy, but every now and then, financial regulatory issues pop up.
3) The Securities and Exchange Commission is holding an Open Meeting on August 20th to approve new rules adopted by the Public Company Accounting Oversight Board (PCAOB).
That’s it. The links to the Fed speeches and SEC Open meeting are below. Now go back to enjoying your summer vacation!
U.S. Congressional Hearings
U.S. Senate
The Senate is out of session for the month of August and returns to work on September 9.
House of Representatives
The House is out of session for the month of August and returns to work on September 9.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, August 19, 9:15 a.m. – Federal Reserve Board Governor Christopher J. Waller gives welcoming remarks at the 2024 Summer Workshop on Money, Banking, Payments, and Finance which is hosted by the Federal Reserve Board in Washington, D.C.
Tuesday, August 20, 2:45 p.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr participates in a discussion on cybersecurity a the Joint Financial and Banking Information Infrastructure Committee-Financial Services Sector Coordinating Council Meeting being held in Washington, D.C.
Thursday – Saturday, August 22 – 24: The Federal Reserve Bank of Kansas City hosts the Jackson Hole Policy Symposium in Jackson Hole, Wyoming. This year’s theme is “Reassessing the Effectiveness and Transmission of Monetary Policy.”
Friday, August 23, 10:00 a.m. EST – Federal Reserve Board Chair Jay Powell will give a speech on the Economic Outlook at the Federal Reserve Bank of Kansas City’s Jackson Hole Policy Symposium in Jackson Hole, Wyoming.
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
Tuesday, August 20, 10:00 a.m. – The SEC is holding an Open Meeting on August 20th to approve new rules adopted by the Public Company Accounting Oversight Board (PCAOB).
Thursday, August 22, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
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
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
August 12 - 16, 2024
Giving You Back Your Five Minutes…
We want to give you back the five minutes you would normally spend reading the U.S. Financial Regulatory Week Ahead by saying right up front: There is nothing going on, and thus, there is nothing to read in this week’s report. Washington regulators are all out on vacation.
We Hope you are enjoying this quiet time, too. But, just for the record, below is a listing of the one event we could find scheduled – an SEC Closed Meeting on Thursday – taking place this coming week in Washington:
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the month of August and returns to work on September 9.
House of Representatives
· The House is out of session for the month of August and returns to work on September 9.
US Regulatory 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.
Securities and Exchange Commission
· Thursday, August 15, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· 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
· 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.
The U.S. Financial Regulatory Week Ahead
June 17 - 21, 2024
This week, Washington is experiencing a notable lull, primarily due to the Juneteenth holiday falling in the middle of the week. The House of Representatives is on a break, and the Senate, although in session except on Wednesday, has a very light schedule. This quiet period provides an opportunity to reflect on the recent activities and events in the financial regulatory sector.
Most federal regulators have little to no public events or meetings scheduled for this week, either. CFTC Chair Rostin Behnam will be in Salzburg, Austria, to speak at the 2024 Salzburg Global Seminar Finance Forum. SEC Chair Gary Gensler will give a keynote speech virtually at the Accelerated Settlement in the UK Conference, which will be held in person in London.
Last week was very active, highlighted by the House Financial Services Committee and the Senate Banking Committee, each holding their semiannual Consumer Financial Protection Bureau (CFPB) review hearings. Republicans on both committees took hard swings at CFPB Director Rohit Chopra’s agenda. This came as Republicans introduced new legislation that would give Congress direct funding approval and oversight of the CFPB (currently, the agency draws its budget from the Federal Reserve).
Also last week, the House Financial Services Committee held a tough oversight hearing into the scandals tainting the Federal Deposit Insurance Corporation (FDIC) and its Chair, Marty Gruenberg. The two partners from the law firm Cleary Gottlieb, who conducted an independent investigation into the scandals, testified. Also testifying were Acting Comptroller of the Currency Michael Hsu and Johnathan McKernan, both directors of the FDIC. It was a tough hearing and showed the political split on the board. Hsu said it would be better for Gruenberg to stay until a replacement was named and confirmed by the Senate, and McKernan (a Republican) said Gruenberg should leave now.
However, these headlines were overtaken by the White House announcement of President Biden’s intention to nominate CFTC Commissioner Christy Goldsmith Romero to replace Gruenberg. But that will not quiet the calls for Gruenberg to leave now – mainly because the political odd makers do not see Romero getting confirmed anytime soon – if ever. Senator Elizabeth Warren (D-MA) cheered her nomination and called her “my kind of gal.” That is enough of a warning bell for Senate Republicans who were already aware that Romero had been strongly anti-bank during her tenure at the CFTC, usually siding with progressive groups on various policy issues. Considering it is an election year – meaning the Senate calendar is pretty short between now and November, and traditionally, little gets done anyway – we think it is a long shot for Romero to get confirmed this year.
Below is a complete listing of what is happening at the financial regulatory agencies this week and in Congress. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no financial/regulatory-related hearings scheduled at this time.
House of Representatives
· The House is not in session this week.
Joint Committees
· There are no hearings scheduled at this time.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
·Tuesday, June 18, 9:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin to participate in an MNI Webcast discussion.
Tuesday, June 18, 12:30 p.m. Central Time: St. Louis Federal Reserve Bank President Alberto Musalem will speak at the CFA Society St. Louis luncheon.
Tuesday, June 18, 12:00 p.m. Central Time: Dallas Federal Reserve Bank President Lorie Logan will participate in a moderated question-and-answer session before the Headliners Club Speaker Series in Austin, Texas.
Tuesday, June 18, 1:00 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on “The Economic Outlook and Monetary Policy” at the Peterson Institute for International Economics in Washington, D.C.
Thursday, June 20, 6;30 p.m. – Richmond Federal Reserve Bank President Thomas Barkin to speak before the Risk Management Association in Richmond, Virginia.
U.S. Treasury Department
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, June 20 – 9:30 a.m. – SEC Chair Gary Gensler will give a virtual keynote followed by Q&A at the Accelerated Settlement in the UK Conference, which is being held in London.
Commodities Futures Trading Commission
Tuesday, June 18, 9:00 a.m. (Austria) – CFTC Chairman Rostin Behnam will participate in a fireside chat at the 2024 Salzburg Global Seminar Finance Forum being held in Salzburg, Austria.
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Thursday, June 20, 12:30 p.m. – The Federal Trade Commission holds a Closed Meeting.
Farm Credit Administration
There are no significant events scheduled at this time.
The Federal Financial Institutions Examination Council
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
Thursday, June 20 – SIFMA co-hosts with E&A their annual Broker-Deal Symposium in New York.
Think Tanks and Other Events
Monday and Tuesday, June 17 & 18 – The American Enterprise Institute for Public Policy Research, and the University of Florida College of Law hold a discussion on "Complexities, Discontinuities, and Unintended Consequences of U.S. International Tax Rules: Options for Change.” On Tuesday, they will hold two panels of particular interest to market participants entitled “Foreign-Derived Intangible Income Benefit" followed by one entitled "Taxation of Income from Controlled Foreign Corporations Stock: Sections 1248 and 245A"
Tuesday, June 18, 9:00 a.m. – The Brookings Institution holds an event entitled “Outcomes-based financing: Possibility and promise in global health.” They will discuss the use of impact bonds and other forms of outcomes-based financing.
Tuesday, June 18, 12:00 p.m. – The Exchequer Club of Washington will host Jo Ann Barefoot, CEO and Co-Founder of the Alliance for Innovate Regulation.
Wednesday, June 19, 6:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a debate on "Is the Wealth Tax Constitutional?"
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
April 15 - 19, 2024
This week, Washington will be abuzz with the World Bank—International Monetary Fund Spring Meetings, which will bring together central bank chiefs, finance ministers, and financial regulators from around the world.
Several major think tank events will offer regulators and central bankers a platform to speak about financial regulatory matters. Most notably, the Peterson Institute for International Economics holds a panel discussion entitled “A Vision of the Future Financial System” that will feature speakers including Agustín Carstens, Head of the Bank for International Settlements), Joachim Nagel, President, Deutsche Bundesbank, Roberto Campos Neto, Head of the Banco Central do Brasil, and Changyong Rhee, Head of the Bank of Korea. We would also point to the multiple events the Institute for International Finance (IIF) will hold in conjunction with the IMF-World Bank meetings.
Congress will be busy this week with a number of hearings. The Senate Banking Committee will hold not one but two hearings, one looking at the housing market and the other focusing on the overall regulation of federal housing programs.
Meanwhile, in the House of Representatives, the House Financial Services Committee will examine the rise of ransomware and its threat to the financial system. They will also hold an oversight hearing on the Consumer Financial Protection Bureau’s financials—all part of a long-running (and growing) level of discord between House Republicans and the CFPB’s overall policy direction, particularly around the regulation of card fees.
The SEC will hold its 43rd annual Small Business Forum, while the CFTC will see a multitude of speeches by commissions, most notably Chair Rostin Benham speaking at ISDA’s 38th Annual Meeting in Tokyo.
Below is a listing of all the other major regulatory-related events this coming week:
U.S. Senate
Tuesday, April 16, 10:00 a.m.: The Senate Banking Committee’s Housing, Transportation, and Community Development Subcommittee will hold a hearing entitled “Challenges in Preserving the U.S. Housing Stock.”
Thursday, April 18, 10:00 a.m.: The Senate Banking Committee will hold an oversight hearing entitled “Oversight of Federal Housing Regulators.”
House of Representatives
Tuesday, April 16, 10:00 a.m. – The House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing entitled “Held for Ransom: How Ransomware Endangers Our Financial System.” You can read the Committee Briefing Memorandum HERE.
Tuesday, April 16, 10:15 a.m. – The House Committee on Education & The Workforce’s Subcommittee on Health, Employment, Labor, and Pensions hold a hearing entitled “ERISA’s 50th Anniversary: The Path to Higher Quality, Lower Cost Health Care.”
Tuesday, April 16, 2:00 p.m.: The House Financial Services Committee’s Financial Institutions and Monetary Policy Subcommittee will hold a hearing entitled “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday, April 16, 9:00 a.m. – Federal Reserve Vice Chair Philip N. Jefferson gives a speech entitled “Monetary Policy During Periods of Uncertainty” at the International Research Forum on Monetary Policy, Washington, D.C.
Tuesday, April 16, 1:15 p.m. – Federal Reserve Board Chair Jerome H. Powell participates in a moderated with Tiff Macklem, Governor of the Bank of Canada at the Washington Forum on the Canadian Economy, Washington, D.C.
Wednesday, April 17, 7:15 p.m. – Federal Reserve Governor Michelle W. Bowman participates in a Fireside Chat at the Institute for International Finance (IIF) Global Outlook Forum, Washington, D.C.
Thursday, April 18, 9:05 p.m. – Federal Reserve Board Governor Michelle Bowman gives opening remarks at the 2024 New York Fed Regional and Community Banking Conference (Virtual)
U.S. Treasury Department
There are no significant events scheduled at this time (most of Treasury’s senior team will be fully engaged at the IMF-World Bank meetings all week).
Securities and Exchange Commission
Tuesday, April 16, 1:00 p.m. – The SEC’s 43rd Annual Small Business Forum will be held at the SEC Headquarters in Washington, D.C.
Thursday, April 18, 10:55 a.m.: SEC Commissioner Hester Peirce will attend the Florida Securities Dealers and Advisors 2024 Industry Outreach Program in Tampa, Florida.
Commodities Futures Trading Commission
Monday, April 15, 3:50 p.m. Tokyo Time – CFTC Chairman Rostin Behnam will discuss global regulatory priorities at ISDA’s 38th Annual General Meeting in Tokyo, Japan. A Q&A will follow his remarks.
Wednesday, April 17, 11:05 a.m. Tokyo Time – CFTC Chairman Rostin Behnam will participate in an interview at ISDA’s 38th Annual General Meeting in Tokyo, Japan.
Wednesday, April 17, 3:00 p.m. – CFTC Commissioner Caroline D. Pham will participate in a fireside chat on recent CFTC developments and policy agenda hosted by the D.C. Bar and Steptoe LLP in Washington, D.C.
Thursday, April 18, 2:00 p.m. – CFTC Commissioner Kristin N. Johnson will participate as a lead discussant at the Institute of International Finance’s AI & Data Roundtable. The Roundtable will feature AI leaders, policymakers, and financial service executives for a dialogue about new developments in artificial intelligence, links with data policy, and implications for growth and opportunity.
Thursday, April 18, 2:30 p.m. – CFTC Commissioner Caroline D. Pham will participate in a panel discussion titled Enabling the Next Generation of Financial Markets and Innovation” at the Harvard Law School—Program on International Financial Systems (HLS-PIFS) Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States.
Thursday, April 18, 3:35 p.m. – CFTC Chairman Rostin Behnam will deliver a keynote address at the 2024 Europe-US Symposium in Washington, D.C.
Friday, April 19, 9:00 a.m. – CFTC Commissioner Caroline D. Pham will participate in a Digital Currency Roundtable hosted by the Institute of International Finance in Washington, D.C.
The Federal Accounting Standards Advisory Board (FASB)
Tuesday & Wednesday, April 16 – 17 – FASB holds meeting. The agenda includes Accounting and reporting of government land; Climate-related financial reporting; Commitments; Intangible assets; Leases; Omnibus amendments; Public-private partnerships; Reexamination of existing standards; Omnibus concepts amendments; Management's discussion and analysis; Software technology; Seized and forfeited digital assets; and Appointments panel.
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
Tuesday, April 16, 8:30 a.m. – The OCC holds its Minority Depository Institutions Advisory Committee Meeting in Washington, D.C.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
Thursday, April 18, 10:00 a.m. – The National Credit Union Administration holds a board meeting.
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
Monday – Saturday, April 15 – 20 – The 2024 Spring Meetings of the IMF and World Bank will be held in Washington, D.C.
Trade Associations & Think Tank Events
Trade Associations
Monday – Wednesday, April 15 – 17 – The American Bankers Association and the North Carolina Bankers Association host the American Mortgage Conference in Savannah, Georgia.
Tuesday – Thursday, April 16-18 – ISDA holds its 38th Annual General Meeting in Tokyo, Japan.
Tuesday, April 16, 2:00 p.m. – The Institute for International Finance holds their 13th IIF Cybersecurity Roundtable in Washington, D.C.
Tuesday, April 16, 4:30 p.m. – The U.S. Chamber of Commerce holds a discussion on "Investing in Latin America and Brazil," focusing on "Brazil's tax reform and investment opportunities on ecological transition in Brazil and across Latin America." Brazil’s Finance Minister, Fernando Haddad, and the President of the Inter-American Development Bank, Ilan Goldfajn, will speak.
Thursday, April 18, 9:00 a.m. – The Institute for International Finance holds an event entitled The Shifting Financial Landscape Roundtable in Washington, D.C.
Thursday, April 18, 9:15 a.m. – SIFMA holds the SIFMA Basel III Endgame Roundtable. Featured speakers include Federal Reserve Board Governor Michelle Bowman, former Federal Reserve Vice Chair for Supervision Randy Quarles, and former FDIC Chair Jelena McWilliams.
Thursday, April 18, 1:30 p.m. – The Institute for International Finance holds the 2024 IIF Sustainable Finance Roundtable in Washington, D.C.
Think Tanks and Other Events
Monday, April 15, 12:30 p.m. – The Henry L. Stimson Center holds a virtual discussion, beginning at 12:30 p.m., on "International Financial Architecture Innovation and the Summit of the Future."
Tuesday, April 16, 4:00 p.m. – The Brookings Institution holds an event entitled “Navigating the ‘Mid-Transition’ Period of the Low-Carbon Shift: The Critical Role of Finance Ministries” in Washington, D.C.
Thursday, April 18, 8:30 a.m. – The American Consumer & Investor Institute hosts an event on regulating AI in financial services in Washington, D.C. Speakers include Senator Mike Rounds (R-SD), Representative Warren Davidson (R-OH), former SEC Commissioner Paul Atkins, ACII Executive Director Barbara Comstock and Dalia Blass, former head of the SEC’s investment management division.
Friday, April 19, 9:00 a.m. – The Brookings Institution holds an event entitled “Toward Reimagined Global Financial Architecture: Progress and Challenges”.
Friday, April 19, 9:30 a.m. – The Center for Strategic and International Studies holds a discussion on "The Role of Fast Payment Systems in Addressing Financial Inclusion."
Friday, April 19, 3:00 p.m. – The Peterson Institute for International Economics holds a panel discussion entitled “A Vision of the Future Financial System.” The speakers include Agustín Carstens (Bank for International Settlements), Joachim Nagel (President, Deutsche Bundesbank), Roberto Campos Neto (Banco Central do Brasil), Nandan M. Nilekani (Infosys; UIDAI (Aadhaar)) and Changyong Rhee (Bank of Korea)
U.S. Financial Regulatory Week Ahead
April 8 - 12, 2024
Congress—and much of the rest of Washington—returns to work this week after recess and spring break holidays. And it is going to be a busy week. For the broader market, we recommend paying attention to the Federal Trade Commission and Department of Justice Antitrust Division co-hosting the 3rd Annual Enforcers Summit.
To further define and advance the Biden Administration's policy approach to competition policy across the board – antitrust to securities enforcement – FTC Chair Lina Kahn and Justice Department Assistant Attorney General for Antitrust Jonathan Kanter will speak to their efforts to unify efforts with other major regulators of every sector. To best illustrate this effort, SEC Chair Gary Gensler will join them in discussing this coordinated effort. The implications for bank mergers and other financial services deals are enormous as the FTC and DoJ are now taking highly active roles in reviewing deals.
Meanwhile, we will watch two events closely as they are aimed at the Federal Reserve Board's recent capital increase proposal: The Federalist Society will hold a panel discussion entitled "Navigating the Capital Adequacy Rule: Legal and Policy Perspectives" in Washington, D.C. The panelists will include former Federal Reserve Vice Chair for Supervision Randy Quarles, former Secretary of Labor and Gibson Dunn Partner Eugene Scalia, Peter Conti-Brown, Professor of Financial Regulation, Wharton School at the University of Pennsylvania, and Trent McCotter, Partner, Boyden Gray PLLC. Meanwhile, Federal Reserve Board Governor Michelle Bowman will speak on the Basel capital requirements in the face of stiff resistance to the Fed's recent capital requirement proposal (which she, too, opposes).
Also this week, FDIC Chair Marty Gruenberg will present a comprehensive update on how the FDIC has prepared for the orderly resolution of a GSIB under Title II of the Dodd-Frank Act at the Peterson Institute. With the one-year anniversary last month of the collapse of Silicon Valley Bank and ongoing concerns about the effectiveness of the liquidation process of both domestic and international banks, it is going to be a timely speech.
Below is a listing of all the other major regulatory related events this coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, April 9, 10:00 a.m. – The Senate Banking Committee holds a hearing to receive an update from the Treasury Department on Countering Illicit Finance, Terrorism, and Sanctions Evasion. Deputy Secretary of Treasury Adewale Adeyemo will testify.
Tuesday, April 9, 10:00 a.m. – The Senate Budget Committee will hold a hearing entitled “Sunny Places for Shady People: Offshore Tax Evasion by the Wealthy and Corporations."
Wednesday, April 10, 2:30 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee will hold a hearing entitled “MOHELA’s Performance as a Student Loan Servicer.”
House of Representatives
Wednesday, April 10, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Beyond Scope: How the SEC’s Climate Rule Threatens American Markets.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Wednesday, April 10, 8:45 a.m. – Federal Reserve Board Governor Michelle W. Bowman will participate in a virtual discussion entitled “Basel Capital Requirements” at the European Bank Executive Forum.
Thursday, April 11: The Urban Financial Services Coalition holds its 50th anniversary in Kansas City and hosted by the Reserve Bank of Kansas City. Atlanta Federal Reserve Bank President Raphael Bostic will participate in a moderated panel entitled “Leadership in Financial Services.”
U.S. Treasury Department
Monday, April 8, 12:00 a.m. Beijing time – U.S. Treasury Secretary Janet L. Yellen will hold a news conference on the U.S. and China bilateral economic relationship.
Thursday, April 11, 1:00 p.m. – U.S. Undersecretary of Treasury for International Affairs Jay Shambaugh will speak at the Peterson Institute on “The US Vision for Global Debt and Development Finance.”
Thursday, April 11, 1:30 p.m. – The Treasury Department’s Community Development Financial Institutions Fund holds a meeting of the Community Development Advisory Board to provide advice to the director of the Community Development Financial Institutions fund on the policies regarding the activities of the CDFI fund.
Securities and Exchange Commission
Monday, April 8, 9:45 a.m. – SEC Chair Gary Gensler will participate in the “Whole of Government Approach to Competition Policy” panel as part of the third annual Enforcers Summit hosted by the Federal Trade Commission and the Justice Department’s Antitrust Division. A webcast of the panel will be available. You can find HERE.
Thursday, April 11, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
Tuesday, April 9, 2:30 p.m. Hong Kong - Commissioner Caroline D. Pham will speak on a panel titled “The New World of Digital Assets” at HSBC’s Global Investment Summit, the Conrad Hotel Hong Kong.
Wednesday, April 10, 12:00 p.m. CDT – The CFTC’s Energy and Environmental Markets Advisory Committee will meet in Kansas City at the University of Missouri – Kansas City. The EEMAC will continue its discussion on the federal prudential financial regulators’ proposed rules implementing Basel III and the implications for and impact on the derivatives market. There will also be presentations and discussions on the state of crude oil markets and the future of power markets. Finally, the two EEMAC subcommittees will offer updates on their continued work related to traditional energy infrastructure and metals markets.
Wednesday, April 10, 9:00 a.m. ET – CFTC Commissioner Kristin N. Johnson will deliver the opening keynote at AI Civil Rights and Human Rights: Visioning the Future of Rights in AI Governance, an AI Civil and Human Rights Policy Roundtable and Book Workshop, in dialogue with Professor Catherine Powell, Senior Advisor at the White House Gender Policy Council. The discussion will be moderated by Charlton McIlwain, NYU Vice Provost for Faculty Development, Pathways & Public Interest Technology. The event is hosted by NYU’s Center for Critical Race & Digital Studies, the NYU Alliance for Public Interest Technology, New America’s Public Interest Technology University Network, and the Digital Democracy Lab at William & Mary Law School.
Wednesday, April 10, 4:30 p.m. ET – CFTC Commissioner Christy Goldsmith Romero will speak at the Institute for Business in Global Society on Tackling the Challenges of Responsible AI at Harvard Business School in Boston, Massachusetts.
Wednesday, April 10, 5:00 p.m. CT/6:00 p.m. ET – CFTC Chair Rostin Behnam will participate in a lecture at the University of Chicago Law School in Chicago, Illinois.
Thursday, April 11, 9:30 a.m. CDT – The CFTC’s Agricultural Advisory Committee will meet in Overland Park, Kansas.
Thursday & Friday, April 11-12 – The CFTC and the Center for Risk Management Education and Research at Kansas State University will host the 3rd Agricultural Commodity Futures Conference (AgCon2024). The Conference will be held at the Sheraton Overland Park Hotel in Overland, Kansas.
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
Wednesday, April 10, 10:00 a.m. – FDIC Chair Marty Gruenberg will present a comprehensive update of how the FDIC has prepared for the orderly resolution of a GSIB under Title II of the Dodd-Frank Act.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Monday, April 8, 9:15 a.m. – 12:15 p.m. ET – The Federal Trade Commission and the Justice Department’s Antitrust Division will cohost a Spring Enforcers Summit for international and state competition enforcement officials in Washington, D.C. The event will begin with Assistant Attorney General for Antitrust Jonathan Kanter and FTC Chair Lina Kahn speaking about the 2021 Whole of Government Executive Order. They will then turn to two panels focusing on Whole of government Approach to Competition Policy and “From Farmer to Grocer: Concerns in the Food Supply Chain.”
Farm Credit Administration
Thursday, April 11, 10:00 a.m. – The FCA Board of Directors will meet in both open and closed session. In closed session, the board will receive the Quarterly Report on Economic Conditions and Farm Credit System Conditions and Performance.
International Monetary Fund & World Bank
Thursday, April 11, 9:00 a.m. – IMF Managing Director Kristalina Georgieva will give an address on the state of the global economy at the Atlantic Council in Washington, D.C.
Trade Associations & Think Tank Events
Trade Associations
Tuesday, April 9, 8:00 a.m. - The Bitcoin Policy Summit will be held at the National Press Club in Washington, D.C.
Tuesday, April 9, 10:00 a.m. – The Institute for International Finance will hold (in Spanish) an online briefing entitled “U.S. Election Implications for Latin America.”
Tuesday, April 9, 1:30 p.m. – The Institute for International Finance launches Chapter 3 of the International Monetary Fund’s April 2024 Global Financial Stability Report. The event will be online and in person in Washington, D.C.
Wednesday, April 10 – The Security Traders Association holds its 2024 Washington Spring Conference. A number of members of Congress as well as senior SEC Staff will speak.
Thursday, April 11, 8:00 a.m. ET – The Institute for International Finance hosts virtually “Talking Policy with Giuseppe Siani, Director General, Financial Supervision and Regulation, Banca D’Italia.”
Think Tanks
Monday, April 8, 12:30 p.m. ET – The Brookings Institute holds a roundtable entitled “Wall Street Comes to Washington Health Care” at their Washington, D.C. headquarters.
Tuesday, April 9 – 10 – The Aspen Institute holds its Employee Ownership Ideas Forum in Washington, D.C. Sen. Chris Van Hollen, (D-Md.), participates in a discussion on "Hometown Ownership: The Impact of Employee Ownership in Rural Communities" and later Health, Education, Labor and Pensions Chairman Bernie Sanders, (I-Vt.); and Alex Jacquez, special assistant to the president for economic development and industrial strategy at the National Economic Council, participate in a discussion on "Federal Agencies Supporting Employee Ownership."
Wednesday, April 10, 10:00 a.m. – FDIC Chair Marty Gruenberg will present a comprehensive update of how the FDIC has prepared for the orderly resolution of a GSIB under Title II of the Dodd-Frank Act at the Peterson Institute for International Economics.
Wednesday, April 10, 12: p.m. – The Federalist Society holds a panel discussion entitled “Navigating the Capital Adequacy Rule: Legal and Policy Perspectives” in Washington, D.C. The panelists will include former Federal Reserve Vice Chair for Supervision Randy Quarles, former Secretary of Labor and Gibson Dunn Partner Eugene Scalia, Peter Conti-Brown, Professor of Financial Regulation, Wharton School at the University of Pennsylvania, and Trent McCotter, Partner, Boyden Gray PLLC.
Thursday, April 11, 9:00 a.m. – IMF Managing Director Kristalina Georgieva will give an address on the state of the global economy at the Atlantic Council in Washington, D.C.
Thursday, April 11, 9:00 a.m. – the Peterson Institute for International Economics will hold a discussion entitled “The Rise and Decline of Venture Capital in China.”
Thursday, April 11, 12:00 p.m. – U.S. News & World Report will hold a webinar entitled “Making Sense of the 2024 Housing Market During Spring Homebuying Season.”
Thursday, April 11, 1:00 p.m. – U.S. Undersecretary of Treasury for International Affairs Jay Shambaugh will speak at the Peterson Institute on “The US Vision for Global Debt and Development Finance.”
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
March 11 - 15, 2024
Last week was quite an epic week in the financial regulatory world, and from where we sit, it seems the regulators got the worst of it.
As noted in last week's report, the SEC finally released Chair Gary Gensler's long-awaited Climate Disclosure regulatory proposal. And it landed with a thud, seemingly making no one happy. Progressive Democrats are angry Chair Gensler weakened the original draft to exclude supply chain climate impact while Corporate America and a number of states hated the whole thing – so much so that the state attorney generals of Louisiana, Mississippi, and Texas immediately filed a joint lawsuit in the 5th Circuit Court of Appeals – joining ten other Republican-led states led by West Virginia – asking the proposed 900 page-plus rules be struck down for overstepping the SEC's powers.
In addition to these suites, two energy companies have also filed suits, and we almost assuredly will see even more suits coming from business groups in the coming weeks. It will be a long, hard slog ahead for the SEC's rule proposal to survive.
Also, this past week, the U.S. Chamber of Commerce, the American Bankers Association, and the Consumer Banking Association filed a joint federal lawsuit seeking to bar the Consumer Financial Protection Bureau (CFPPB) from implementing its new cap on crediPlus, there is a growing chorus of members of Congress quite unhappy with the price cap proposal, and you can see the CFPB proposal in the mounting pile of Biden Administration regulatory proposals facing serious litigation risk of being struck down.
Meanwhile, the House of Representatives passed a large package (22 combined bills) seeking to scale back securities regulation impacting access to private capital. The SEC regulations – also facing separate litigation in federal courts – stirred up a hornet's nest on Capitol Hill when passed. The Bide White House has indicated they intend to veto the legislation if it ever lands on the President's desk – but let's see first if it has a chance of passage in the Senate as a stand-alone bill (which we think it does not).
Also, this past week, Federal Reserve Board Chair Jay Powell, during his separate House and Senate Semi-Annual Monetary Reports to Congress, heard repeated push-back on the Fed-led effort to increase large bank capital standards. From what we heard from Powell's answers, it sounds like the capital proposal will likely face significant revisions – something Acting Comptroller of the Currency Michael Hsu suggested in a speech this past week, too.
This coming week, we will be watching the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion hold a tough oversight hearing on the CFPB's activities – surely focusing heavily on how the Agency came up with the $8 cap on credit card fees.
Also this week, the Futures Industry Association and the Institute for International Bankers are holding their respective annual member meetings, and a fairly wide assortment of regulators are speaking.
Below are all the major regulatory events we are watching this coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, March 12, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “Examining Proposals to Address Housing Affordability, Availability, and Other Community Needs.”
Tuesday, March 12, 10:00 a.m.: The Senate Finance Committee will hold a hearing on "American Made: Growing U.S. Manufacturing Through the Tax Code."
House of Representatives
Tuesday, March 12, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization” You can read the Committee Background Memorandum HERE.
Wednesday, March 13, 9:00 a.m. – The House Financial Services Committee’s Financial Services, Digital Assets, Financial Technology and Inclusion Subcommittee holds a hearing entitled “Bureaucratic Overreach or Consumer Protection? Examining the CFPB's (Consumer Financial Protection Bureau) Latest Action to Restrict Competition in Payments”
Joint Committees
Tuesday, March 12, 2:30 p.m.: The Joint Economic Committee will hold a hearing entitled “The Fiscal Situation of the United States.”
US Regulatory Meetings & Events
White House
Tuesday, March 12, 1:00 p.m. —White House National Economic Advisor Lael Brainard will speak at The Urban Institute on “The Biden-Harris Administration’s Housing Policy Agenda: A Conversation with Lael Brainard, National Economic Advisor” in Washington, D.C.
Federal Reserve Board and Federal Reserve Banks
The Federal Reserve is in its “Blackout Period” in advance of the Federal Open Market Committee meeting on March 20 & 21.
U.S. Treasury Department
There are no significant events scheduled at this time.
Securities and Exchange Commission
Thursday, March 14, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
Monday, March 11, 10:15 a.m. – CFTC Commissioner Christy Goldsmith Romero will give a fireside chat at the Institute of International Bankers Annual Washington Conference in Washington, D.C.
Tuesday, March 12, 9:05 a.m. – CFTC Chair Rostin Behnam will deliver a keynote address and participate in a fireside chat at FIA’s Annual International Futures Industry Conference (FIA Boca 2024) in Boca Raton, Florida.
Friday, March 15, 9:30 a.m. – 12: 30 p.m. – The CFTC’s Market Risk Advisory Committee’s Future of Finance Subcommittee and the Climate-Related Market Risk Subcommittees will meet in Washington, D.C. Both subcommittees will each examine the potential risks that emerge in connection with increasing adoption of artificial intelligence in global financial markets and the risks that arise in connection with carbon derivatives markets with a particular focus on fraud and greenwashing, market integrity, product design, and disclosure.
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
Friday, March 15, 8:00 – 4:35 p.m. – The FDIC’s 2024 Consumer Research Symposium will be held at the FDIC’s Arlington, Virginia offices.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, March 14, 10:00 a.m. – The Farm Credit Administration will hold a closed meeting in McLean, Virginia, to approve the minutes for February 8, 2024 (Open), and the Office of Secondary Market Oversight periodic report.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
Import/Export Bank
There are no significant events scheduled at this time.
World Bank
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Association Events/Public Events
Sunday – Tuesday, March 10 – 12: The Institute for International Bankers hold their 2024 Annual Washington Conference in Washington, D.C. Speakers include Acting Comptroller of the Currency Michael Hsu and Federal Reserve Board General Counsel Mark Van Der Weide.
Sunday – Wednesday, March 10 – 13: The Futures Industry Association holds its annual meeting in Boca Raton, Florida.
Think Tank Events
March 11, 11:00 a.m.: The Atlantic Council will hold a virtual conference entitled “Guarantees for Climate Finance in the World Bank-IMF Agenda.”
Tuesday, March 12, 9:00 a.m. – The Peterson Institute for International Economics hosts an event entitled “Prospects for Reform of Emergency Liquidity Assistance to Banks in the US.” Andrew Metrick, the Janet L. Yellen Professor of Finance and Management, Yale School of Management, and Cornelia Holthausen, the Director General of Macroprudential Policy and Financial Stability, European Central Bank, will speak.
Tuesday, March 12, 9:00 a.m. – The Institute for International Finance holds an online event entitled “IIF Talking Policy with Gerry Cross, Director of Financial Regulation – Policy and Risk Central Bank of Ireland.”
Tuesday, March 12, 1:00 p.m. – The Urban Institute holds an event entitled “The Biden-Harris Administration’s Housing Policy Agenda: A Conversation with Lael Brainard, National Economic Advisor” in Washington, D.C.
Wednesday, March 13, 2:00 p.m. – The National Institute on Retirement Security will hold a virtual discussion on "2024 Global Economic and Market Outlook," beginning at 2 p.m.
Thursday, March 14, 12:00 p.m. – The Institute for International Finance and McKinsey present a new report via an online event entitled “Futureproofing Cybersecurity and Emerging Technology.”
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