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

Washington Slowly Creeps Back to Work

August 26 - 30, 2024

For much of the US, schools are back in session, and most folks have wrapped up their summer holidays.  But in Washington, next week is the last week of summer holidays. Which means it will still be mostly quiet around town and at the regulatory agencies.  The only regulatory activity we can find is the Securities and Exchange Commission (SEC) holding an open meeting and the Federal Trade Commission (FTC) holding an administrative court hearing about horse racing.  But as the last week showed, Washington is slowly getting back to work and getting revved up for a busy fall.

Perhaps the significant event last week was not in Washington but in Texas, where a federal judge blocked the FTC’s sweeping ban on noncompete agreements.  The ruling slammed the FTC, saying, “In sum, the Rule is based on inconsistent and flawed empirical evidence, fails to consider the positive benefits of non-compete agreements, and disregards the substantial body of evidence supporting these agreements.”   The FTC is likely to appeal the ruling, but it does not look good that the FTC will ultimately succeed – as most observers predicted when the FTC first launched into this effort.

Meanwhile, the FDIC announced the hiring of a former federal prosecutor to oversee the agency’s efforts to root out the toxic workplace culture exposed in an independent report earlier this year.  Carrie Cohen, who currently is the co-chair of the investigations and white-collar practice at the law firm of Morrison Foerster and is a former Assistant District Attorney in the Southern District of New York, was hired by the board.  Her hiring triggered a new round of Congressional Republicans to demand the immediate resignation of current FDIC Chair Marty Gruenberg (who continues to refuse to resign until a replacement is confirmed by the Senate – which probably won’t happen until 2025).

Finally, we saw Federal Reserve Board Vice Chair for Supervision Michael Barr speak about the constant battle banks and regulators are waging against cyberattacks and technology failures.  Barr said such attacks are increasingly growing as threats: “There is a lot of work to do.  It is a constant process, a constant battle as the technology changes.”

We expect the week of September 1st (Labor Day) we will see a significant pick up of events.  Until then, enjoy the relative quiet!  Below is the listing of events among regulators in the coming week:

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 and Administrative Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Wednesday, August 28, 1:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller gives a speech on payments at the Global Fintech Festival 2024, Mumbai, India.

• Thursday, August 29, 2:30 p.m. CT – Atlanta Federal Reserve Bank President Raphael Bostic to give an "Introduction to the Federal Reserve and an Economic Outlook" presentation before a Georgia Tech Scheller College of Business Management of Financial Institutions class.

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

• Wednesday, August 28, 10:00 a.m. – The SEC will hold an Open Meeting.  They will consider adopting amendments to reporting requirements on Forms N-PORT and N-CEN.

• Thursday, August 29, 2:00 p.m. – the SEC will hold 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

• Thursday, August 29, 9:30 a.m. – The Federal Trade Commission holds an evidentiary hearing before an Administrative Law Judge on Horseracing Integrity and Safety Authority.

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

• Monday, August 26, 2:00 p.m. – The Urban Institute holds a virtual discussion, beginning at 2 p.m., on "Identifying Solutions to Address Wealth Inequities: A Conversation with Government, Business, and Nonprofit Leaders.

• Tuesday, August 27, 2:00 p.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Reforming the HCV (Housing Choice Voucher) Program Through Direct Rental Assistance."

• Wednesday, August 28, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "The Bank-Sovereign Nexus in Developing and Emerging Economies."

• Thursday, August 29, 12:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12:30 p.m., on "Understanding the Regulatory Landscape for Private Fund Advisers."

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.

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 29 - May 4, 2024

The regulatory week ahead is poised to bring two pivotal events that will directly influence the pending CapitalOne – Discover merger.

The first event, a hearing by the House Financial Services Committee on Wednesday, is aptly titled “Merger Policies of the Federal Banking Agencies.” This hearing holds significant implications for the future of financial mergers. 

 Amidst the buzz among financial lobbyists and regulatory circles, the stance of key figures like Vice Chair for Supervision Michael Barr, FDIC Chair Marty Gruenberg, CFPB Direct Rohit Chopra, Acting Comptroller of the Currency Michael Hsu, and the new entrant Jonathan Kanter, Assistant Attorney General for Antitrust, is being closely watched. Their potential opposition to significant-sized financial mergers, including the CapitalOne-Discover merger, makes the upcoming hearing even more intriguing.

The second (albeit lesser) event will be Tuesday at the Independent Community Bank Association annual conference, Capital Summit 2024. FDIC Chair Gruenberg and CFPB Director Chopra will jointly participate in a Fireside Chat to discuss the state of banking.

This comes on the heels of regulators announcing they were extending the public comment period for the CapitalOne-Discover deal another month (from April 26 to May 31). Progressive Democrats on Capitol Hill, along with many community organizations, are ramping up their opposition to the deal, and being given an extra month to make their case is not good news for either company.

Last week, there were three particularly big actions in the regulatory world worth noting: one that successfully made it through (although we think that is going to be temporary) and the other that failed. 

First, a divided Federal Trade Commission (FTC) voted to ban noncompete agreements. That action – long expected – ignited several almost immediate federal lawsuits seeking to block the FTC action (making the point that the FTC lacks the statutory authority to make and enforce such a regulation. Our money is on the lawsuits winning this one and quickly).

The second event was the Department of Labor finalizing the rule on retirement savings protections. This proposal has had a long tenure, first emerging during the Obama Administration. After being struck down by federal courts, the SEC passed Regulation Best Interest (Reg BI) in 2019. However, the Labor Department and advocates argued that Reg BI left too many gaps and pushed through the current iteration. Expect several federal lawsuits soon challenging this new rule.

The third event was a rather odd, almost last-minute move by FDIC Chair Gruenberg aimed at large asset managers. At the last possible legal moment, Gruenberg called a board meeting last Monday for a board meeting on Thursday to take up possible measures to deal with the size and scope of asset managers who have large stakes in large banks. FDIC Board member and CFPB Director Chopra had offered a rule that would have given the FDIC broad authority to investigate asset management firms’ investments in big banks. Countering his proposal was FDIC Director Jonathan McKernan’s proposal to do some “basic” monitoring of a few large index funds that have large stakes in big banks. The Investment Company Institute and several large mutual funds lobbied furiously against the Chopra measure and, to the surprise of many, FDIC Director and Acting Comptroller Michael Hsu opposed the Chopra measure.

McKernan then took down his proposal and, to make a long dramatic event short, nothing happened.  

But that does not mean regulators are done looking at the largest mutual funds and their holdings in big banks.  We recommend watching this space closely and reading Capital Account, edited by our friend Rob Schmidt, for the most detailed and best reporting on this (and every financial regulatory event going on).  It is well worth the subscription.

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

U.S. Congressional Hearings

U.S. Senate

• Thursday, May 2, 10:00 a.m.: the Senate Banking Committee holds a hearing entitled “Higher Prices; How Shrinkflation and Technology Impact Consumers’ Finances.”

House of Representatives

• Tuesday, April 30, 2:00 p.m.: The House Oversight and Accountability Health Care and Financial Services Subcommittee holds a hearing on "Health of the Commercial Real Estate Markets and Removing Regulatory Hurdles to Ensure Continued Strength."

• Wednesday, May 1, 10:00 a.m.: The House Financial Services Committee holds a hearing entitled “Merger Policies of the Federal Banking Agencies.”

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday & Wednesday, April 30 – May 1: The Federal Reserve Board’s Open Market Committee meets to discuss interest rates and the economy.  Fed Chair Jay Powell holds a press conference on May 1 at 2:00 p.m.

• ·Saturday, May 4, 9:20 a.m. and 2:20 p.m.:  Federal Reserve Board Governor Lisa Cook gives two commencement speeches at Georgia College and State University (GCSU) in Milledgeville, Georgia.  

U.S. Treasury Department

• April 30, 9:00 a.m.: The Treasury Department’s Borrowing Advisory Committee holds a meeting to discuss the economy, financial markets, Treasury financing, and debt management and for a written report from the committee of its recommendations.

Securities and Exchange Commission

• Thursday, May 2, 1:30 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

• Monday, April 29, 9:00 a.m. – 12:00 p.m. (UK time): CFTC Commissioner Christy Goldsmith Romero will participate virtually in an MSCI Sustainability Institute roundtable event on derivatives and climate in London.

• Thursday, May 2, 1:00 p.m. – 4:00 p.m.: Commissioner Christy Goldsmith Romero, sponsor of the Commodity Futures Trading Commission’s Technology Advisory Committee (TAC), will host an “AI Day during a TAC meeting. The public is invited to come in person or watch the meeting via live webcast at CFTC.gov.  The scheduled speakers include Dr. Nicol Turner Lee, Director of the Center for Technology Innovation at the Brookings Institution; Todd Smith, Director of Centralized Data Science and Analytics at the National Futures Association; Francesca Rossi, AI Ethics Global Leader, IBM; Todd Conklin, Chief AI Officer and Deputy Assistant Secretary of Cyber at the U.S. Treasury Department, Sunayna Tuteja, Chief Innovation Officer of the Federal Reserve Board, and Kirsten Wegner, Chief Executive Officer of Modern Markets Initiative.

• Friday, May 3, 10:45 a.m.: CFTC Commissioner Kristin N. Johnson will give remarks and participate in a fireside chat at the 2024 Fintech and Blockchain Symposium, Co-Hosted by Rutgers Law School’s Center for Blockchain and Fintech and Sidley Austin LLP in New York.

FINRA

• There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

• April 29, Monday, 3:25 p.m.: FDIC Chair Marty Gruenberg and CFPB Director Rohit Chopra will participate in a Fireside Chat with Independent Community Bankers Association President Rebecca Romero Rainey at the ICBA’s Capital Summit 2024 in Washington, DC.

• May 2, 9:00 a.m.: The FDIC Advisory Committee on Community Banking to provide advice and recommendations on a broad range of policy issues that have particular impact on small community banks throughout the United States and the local communities they serve.

Office of the Comptroller of the Currency

• There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

• April 29, Monday, 3:25 p.m.: FDIC Chair Marty Gruenberg and CFPB Director Rohit Chopra will participate in a Fireside Chat with Independent Community Bankers Association President Rebecca Romero Rainey at the ICBA’s Capital Summit 2024 in Washington, DC.

• April 30, 1:00 p.m.: The CFPB holds a meeting by teleconference of the Community Bank Advisory Council to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority.

National Credit Union Administration

• There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

• 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.

Trade Associations & Think Tank Events

Trade Associations

• April 28 – May 1, Sunday—Wednesday: The Independent Community Bankers of America will hold their Capital Summit 2024 in Washington, D.C.  Several members of Congress and regulators, including FDIC Chair Marty Gruenberg and CFPB Director Rohit Chopra, as well as all the Federal Home Loan Bank Board presidents, will speak.

• May 1, Thursday, 8:30 – 10:00 a.m.: The Institute for International Finance, in conjunction with PWC, will hold a hybrid Roundtable entitled “Liquidity Lessons Learned from the 2023 Banking Turmoil”  in New York and online.

• May 1, Thursday, 11:00 a.m.: SIFMA holds an event entitled “U.S.-China Relations: Outlook for Financial Services.” This is the first of a four-part series and will be conducted under Chatham House Rules.

Think Tanks and Other Events

• April 30,  Tuesday, 9:00 a.m.: The Peterson Institute for International Economics holds an event entitled “The International Sustainability Standards Board’s First Two Years.”  Sue Lloyd 
  Vice-Chair, International Sustainability Standards Board and Sylvie Goulard 
  Professor of Practice in Global Affairs and Geopolitics, SDA Bocconi School of Management, will speak.

• April 30, Tuesday, 4:00 p.m.: The Cato Institute holds a book discussion on "Build, Baby, Build: The Science and Ethics of Housing Regulation."

• May 1, Thursday, 2:30 p.m.:  The Brookings Institution holds an event entitled “Putting public assets to work through innovative finance.”  They will discuss how the U.S. Department of Transportation (USDOT) Build America Bureau recently announced an unprecedented grant opportunity: the Innovative Finance and Asset Concession Program. The program makes available $100 million in grants over five years to public entities doing pre-development work to structure public-private partnerships and other innovative finance and delivery mechanisms for transportation and transit-oriented development projects. The grant provides up to $1 million in funding with no local match requirement and an additional $1 million in funding with a match. Eligible applicants are public entities that own, control, or maintain assets that could be enhanced through projects eligible for Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance.

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

March 11 - 15, 2024

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

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

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

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

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

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

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

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

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

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

U.S. Congressional Hearings 

U.S. Senate

• 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.”

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 4 - 8, 2024

This coming week will be momentous in the Washington regulatory world as the SEC finally unveils its long-awaited climate disclosure rules on Wednesday.  The new rules are designed to require corporations to disclose their carbon footprint in SEC filings.  Climate activists and the Biden Administration view these rules as the cornerstone of their climate strategy, while corporations dread the likely enormous scope of the reporting requirements and accompanying liabilities.

But in recent weeks, SEC Chair Gary Gensler appears to have scaled back the draft requirements, worrying climate activists he may have watered them down too much.  Whatever emerges Wednesday, business organizations are almost certain to file federal lawsuits challenging the proposals.  And considering the SEC’s track record in federal court under Chair Gensler, the betting line is not in the SEC’s favor (we are still trying to figure out when Congress gave the SEC authority to regulate carbon emissions – isn’t that the Environmental Protection Agency’s job?  Just asking…).

Also, this week, Federal Reserve Board Chair Jay Powell will give his semi-annual Monetary Policy Report before the House Financial Services Committee (on Wednesday) and the Senate Banking Committee (on Thursday).  Powell will undoubtedly be asked tough questions about the Fed’s proposed bank capital rules, which seem increasingly imperiled by opposition from a growing variety of critics – including two Fed Governors (Christopher Waller and Michelle Bowman), who have been quite outspoken in their criticism of the proposal.

Also this week, we will be listening closely as Federal Reserve Board Vice Chair for Supervision Michael Barr, Acting Comptroller of the Currency Michael J. Hsu, and FDIC Chairman Martin J. Gruenberg The 2024 National Interagency Community Reinvestment Conference where they will be defending the new Community Reinvestment regulations – which are also the target of a major lawsuit from banking and industry advocacy groups.  

Finally, it will be worth paying close attention to the Federal Trade Commission’s workshop entitled “Private Capital, Public Impact: An FTC Workshop on Private Equity in Health Care.” Department of Justice Assistant Attorney General for Antitrust Jonathan Kanter will also participate likely signals antitrust action by both regulators against the PE world, a longtime target of Progressive Democratic Senators led by Senator Elizabeth Warren (D-MA).

Below are all the significant public events we are looking at in the coming week:

Below are all the significant public events we are looking at in the coming week:

U.S. Congressional Hearings 

U.S. Senate

• Thursday, March 7, 10:00 a.m. – Federal Reserve Board Chair Jay Powell gives his

• Semiannual Monetary Policy Report to Congress before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

• House of Representatives

• Wednesday, March 6, 10:00 a.m. – Federal Reserve Board Chair Jay Powell gives his Semiannual Monetary Policy Report to Congress to the House Financial Services Committee.

• Thursday, March 7, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development.”

• Thursday, March 7, 2:00 p.m. – The House Ways and Means Committee’s Tax Subcommittee holds a hearing entitled “OECD Pillar 1: Ensuring the Biden Administration Puts Americans First.”

US Regulatory Meetings & Events

Interagency Meetings/Events

• Monday – Thursday, March 4 – 8: The 2024 National Interagency Community Reinvestment Conference will be held in Portland, Oregon.  Acting Comptroller of the Currency Michael J. Hsu, Federal Reserve Vice Chair for Supervision Michael J. Barr, and FDIC Chairman Martin J. Gruenberg will all speak, all of which will be livestreamed.  Federal Bank of San Francisco Mary Daly will also speak.

• Wednesday & Thursday, March 6 & 7: Federal Reserve Board Chair Jay Powell delivers the Semiannual Monetary Policy Report to Congress before the House Financial Services Committee (Wednesday) and Senate Banking Committee (Thursday) - see above for each testimony video link.

Federal Reserve Board and Federal Reserve Banks

• Monday, March 5, 12:00 p.m. EST/9:00 a.m. PST – Federal Reserve Vice Chair for Supervision Michael S. Barr will give a speech entitled “Community Reinvestment Act Modernization: An Interagency Leadership Conversation” at the 2024 National Interagency Community Reinvestment Conference (virtual).

U.S. Treasury Department

• No significant events are scheduled at this time.

Securities and Exchange Commission

• Wednesday, March 6, 9:45 a.m. – the SEC holds an Open Meeting to consider new regulations dealing with disclosure of order execution infrastructure for National Market Systems Stocks.  This is the long-awaited climate disclosure rules and regulations championed by Chair Gary Gensler.

• Thursday, March 7, 10:00 a.m. – The SEC’s Investor Advisory Committee meets.  They will discuss the SEC’s proposals to improve equity market structure, the use of materiality as a disclosure standard, and recommendations regarding digital engagement practices.

• Thursday, March 7, 2:00 p.m. – The SEC holds a Closed Meeting.

• Friday, March 8 –SEC Chair Gary Gensler will speak the Investor Advisor Compliance Conference is held in Washington, D.C.  

Commodities Futures Trading Commission

• Wednesday, March 6, 10:00 a.m. – CFTC Chair Rostin Behnam will testify before the House Agriculture Committee.

• Wednesday, March 6, 10:00 a.m. – The CFTC Global Markets Advisory Committee will meet.  They will discuss increased liquidity in U.S. Treasury markets and the upcoming transition to T+1 securities settlement. Additionally, Financial Stability Board Secretary General John Schindler will address the Committee to discuss Basel III.

• Thursday, March 7, 10:50 a.m. EST/3:50 p.m. GMT – CFTC Commissioner Caroline D. Pham will deliver a keynote at the FIX Trading Community’s EMEA Trading Conference in London.

FINRA

• No significant events are scheduled at this time.

Federal Deposit Insurance Corporation

• Monday – Thursday, March 4 – 8: The 2024 National Interagency Community Reinvestment Conference will be held in Portland, Oregon.  Acting Comptroller of the Currency Michael J. Hsu, Federal Reserve Vice Chair for Supervision Michael J. Barr, and FDIC Chairman Martin J. Gruenberg will all speak, all of which will be livestreamed.

Office of the Comptroller of the Currency

• Monday – Thursday, March 4 – 8: The 2024 National Interagency Community Reinvestment Conference will be held in Portland, Oregon.  Acting Comptroller of the Currency Michael J. Hsu, Federal Reserve Vice Chair for Supervision Michael J. Barr, and FDIC Chairman Martin J. Gruenberg will all speak, all of which will be livestreamed.

The Consumer Financial Protection Bureau

• Friday, March 8, 1:00 p.m. – The CFTC’s Spring 2024 Credit Union Advisory Council meets virtually. 

National Credit Union Administration

·       No significant events are scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

• Tuesday, March 5, 12:30 p.m. – The FTC hosts a public workshop entitled “Private Capital, Public Impact: An FTC Workshop on Private Equity in Health Care.”   FTC Chair Lina Kahn and Department of Justice Assistant Attorney General for Antitrust Jonathan Kanter will both speak.

• Wednesday, March 6, 9:00 a.m. – 5:00 p.m. – The FTC hosts its 8th Annual PrivacyCon 2024.  The conference brings together a diverse group of stakeholders, including researchers, academics, industry representatives, consumer advocates, and government regulators, to discuss the latest research and trends related to consumer privacy and data security. 

Farm Credit Administration

• No significant events are scheduled at this time.

Farm Credit System Insurance Corporation

• No significant events are scheduled at this time.

Import/Export Bank

• No significant events are scheduled at this time.

World Bank

• No significant events are scheduled at this time.

Trade Associations & Think Tank Events

Trade Association Events/Public Events

• Sunday – Friday, March 3 – 8: The Securities Industry institute holds SII 2024 at the Wharton School at the University of Pennsylvania.

• Wednesday and Thursday, March 6-8 – The Investor Advisor Compliance Conference is held in Washington, D.C.   SEC Chair Gary Gensler will speak, as will SEC Division of Investment Management William Birdthistle.

Think Tank Events

• Tuesday, March 5, 9:15 a.m. – the Brookings Institution holds a conference entitled, “One year later: Lessons learned from the March 2023 bank failures.” Speakers include House Financial Services Committee Chairman Patrick McHenry and PNC Financial Services Group CEO William Demchak.

• Wednesday, March 6, 12:30 p.m. – The Brookings Institution holds a launch event for their 3rd flagship report, “USMCA Forward 2024: Assessing the state of USMCA and North American economic relations.”  

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

February 26 - March 1, 2024

This coming week, Securities and Exchange Commission Chair Gary Gensler may unveil is long-awaited and highly controversial proposed disclosure requirements for greenhouse gas emissions by corporations.  The draft has been circulated to the other SEC Commissioners.  It was reported this past week some of the more ambitious elements of the proposal have been pulled but industry is still bracing for a tough set of proposals, which is likely to face an immediate federal court challenge.   Among the reported changes, Gensler has dropped a requirement for U.S.-listed companies to disclose Scope 3 emissions which are emissions emitted by a company’s supply chain and the consumption of its products by customers.

Also this week, the New York Fed, in collaboration with the Bank of International Settlements (BIS) and the Federal Reserve Board, are hosting a two-day conference on counterparty risk.  The event will be yet another effort by Federal Reserve Board Vice Chair Michael Barr to defend the Fed’s new bank capital rule.  Banking supervisors from Europe as well as a number of senior industry executives are going to participate.

Looking back at last week, it was a fairly quiet week as it was shortened in Washington by the President’s Day holiday.  But one major event of note was the Financial Stability Oversight Board (FSOC) meeting on Friday.  The readout from the meeting showed FSOC members were briefed on and had considerable discussions about the commercial real estate market and bank exposure.  Clearly, this is growing concern for regulators.

Additionally, SEC Chair Gary Gensler briefed the Council Chair on the SEC’s regulatory initiatives, including on the securities settlement cycle, central clearing and dealer registration, short-term funding markets, and private fund reporting.  

Below are all the significant public events we are looking at in the coming week:

U.S. Congressional Hearings 

U.S. Senate

• There are no significant hearings or events scheduled at this time.

House of Representatives

• There are no significant hearings or events scheduled at this time.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• February 27 -28 – The Federal Reserve Bank of New York, in collaboration with the Board of Governors of the Federal Reserve System and the Basel Committee on Banking Supervision at the Bank for International Settlement, will host a conference on counterparty credit risk management at the New York Fed.

• February 27, 9:05 a.m. – Federal Reserve Vice Chair for Supervision Michael Barr gives a virtual speech on “Counterparty Credit Risk” at the Conference on Counterparty Risk Management.

• March 1, 10:15 a.m. – Federal Reserve Board Governor Christopher Waller responds to a paper entitled “Quantitative Tightening Around the Globe: What Have We Learned?” at the 2024 U.S. Monetary Policy Forum in New York.

• ·March 1, 3:30 p.m. PST - Federal Reserve Board Governor Adriana D. Kugler gives a speech entitled “Pursuing the Dual Mandate”  at the 2024 Stanford Institute for Economic Policy Research Economic Summit, Stanford, California.

U.S. Treasury Department

• February 27 – March 2 – Treasury Secretary Janet Yellen will travel to São Paulo, Brazil, to participate in the G20 Finance Ministers and Central Bank Governors meetings and events on the sidelines and then will continue to Santiago, Chile, for bilateral engagements.  

Securities and Exchange Commission

• February 27, 10:00 a.m. – The SEC hosts the Small Business Capital Formation Advisory Committee meeting.  The agenda can be found HERE.

• February 29, 10:00 a.m. – The SEC holds a Closed Meeting.

• March 1, 11:00 a.m. – The SEC holds its 2024 Investor Advocacy Clinic Summit in Washington, D.C. The agenda can be found HERE.

Commodities Futures Trading Commission

• February 28, 11:30 a.m. – The CFTC holds a closed meeting.

• February 29, 1:00 p.m. – CFTC Commissioner Kristin N. Johnson will participate in a fireside chat at FINRA’s DC office as a part of their Black History Month programming.

FINRA

• February 29, 1:00 p.m. – FINRA hosts CFTC Commissioner Kristin N. Johnson will participate in a fireside chat at FINRA’s DC office as a part of their Black History Month programming.

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.

Farm Credit System Insurance Corporation

• There are no significant events scheduled at this time.

Export/Import Bank

• February 28, 3:00 p.m. – The ExIm Bank holds a virtual meeting to discuss EXIM policies and programs to provide competitive financing to expand United States exports and comments for inclusion in EXIM's Report to the U.S. Congress on Global Export Credit Competition.

World Bank/IMF

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events 

Trade Association Events/Public Events

• February 27, 8:00 a.m. – The Institute for International Finance hosts an online event entitled “IIF Datatalk: Data Quality and Data Availability.”

• February 29, 8:00 a.m. – SIFMA hosts an event entitled “SIMFA and Deloitte Forum:  Digital Asset Reporting” in New York.

Think Tank Events

• February 27, 8:00 a.m. – The Economic Club of Washington, D.C., holds a discussion with Marc Rowan, co-founder and CEO of Apollo Global Management Inc.

• February 27, 1:00 p.m. – The Brookings Institution holds an event entitled “Meeting climate goals through tax reform.”  Senate Budget Committee Chairman Sheldon Whitehouse (D-R.I.) and Richard Rubin of the Wall Street Journal will have a fireside chat among other speakers.

• February 27, 1:00 p.m. – The Brookings Institute holds a workshop entitled “Financial Markets Data and Research from the Commodity Futures Trading Commission.”   A number of senior CFTC economists will participate.

• February 27, 1:00 p.m. – The Peterson Institute for International Economics holds a webcast entitled “World Bank Global Economic Prospects Report: The magic of investment accelerations.”  M. Ayhan Kose, deputy chief economist and director of the Prospects Group at the World Bank, and Kersten Stamm, an economist in the Prospects Group of the World Bank's Development Economics, will speak.

• February 29, 1:00 p.m. – The Peterson Institute for International Economics holds a webcast entitled “Globalization, the US Economy, and Political Backlash.”  Lazard CEO Peter Orszag will speak.

 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

February 12 - 16, 2024

The big regulatory events this coming week will be dueling speeches between a Federal Reserve Board governor and the Acting Comptroller of the Currency and then, a few days later, a big speech by the Federal Reserve Board Vice Chair for Supervision. 

First, on Tuesday, Federal Reserve Board Governor Michelle Bowman and, later in the day, Acting Comptroller of Currency Michael Hsu will speak at the  American Bankers Association Conference for Community Bankers in San Antonio, Texas.  We expect further sparring over the Fed’s large bank capital requirement proposal from Bowman and Hsu. 

On Thursday, Federal Reserve Vice Chair Michael Barr will speak at the National Association of Business Economics in Washington, D.C., on “monetary policy and regulation.”   Again, we expect a vigorous defense of the bank capital increase in the face of growing opposition from Congress, big banks, and major business lobbies.

Also of importance this week, the House Financial Services Committee is also holding an oversight hearing of FinCEN.  FinCEN Director Andrea Gacki will be testifying along with Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson. 

Finally, we will be listening closely to SEC Chair Gary Gensler’s duel events at Yale this week – one at the Yale School of Law and then later in the day at the Yale School of Management – where Artificial Intelligence (AI) and the financial markets will be a significant topic.

Below is a listing of all the issues and events U.S. regulators are engaged in this week, along with relevant think tank and trade association events.   Please let us know if you have any questions.

U.S. Congressional Hearings 

U.S. Senate

• The Senate is out of session this coming week and the following week.

House of Representatives

• February 14, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “ Oversight of the Financial Crimes Enforcement Network (Fin CEN) and the Office of Terrorism and Financial Intelligence (TFI).  Witnesses testifying include:

  • The Honorable Brian E. Nelson, Undersecretary for Terrorism and Financial Intelligence (TFI), U.S. Department of the Treasury

  • Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)

• February 15, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled “Lender of Last Resort” Issues with the Fed Discount Window and Emergency Lending”
  
  

• February 15, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion holds a hearing entitled “Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.”

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• February 13, 9:20 a.m. - Federal Reserve Board Governor Michelle Bowman gives a speech entitled “Defining a Bank” at the American Bankers Association Conference for Community Bankers in San Antonio, Texas.

• February 14, 4:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr gives a speech entitled “Monetary Policy and Bank Regulation” at the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, D.C.

• February 25, 1:15 p.m. – Federal Reserve Governor Christopher J. Waller entitled “The Dollar’s International Role” at the Global Interdependence Center and University of the Bahamas Conference: Climate, Currency, and Central Banking, Nassau, Bahamas

U.S. Treasury Department

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• February 13, 12:10 a.m. – SEC Chair Gary Gensler will participate in a conversation at the Yale School of Law on regulating AI.

• February 13, 4:00 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the Yale School of Management.

• February 15, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

• February 13, 9:00 a.m. – The CFTC’s Energy and Environmental Markets Advisory Committee will meet at the Colorado School of Mines in Golden, Colorado.  At this meeting, the EEMAC will explore the role of rare earth minerals in transitional energy and electrification, including the potential development of derivatives products to offer price discovery and hedging opportunities in these markets. Additionally, a presentation and discussion on the federal prudential financial regulators proposed rules implementing Basel III and the implications for and impact on the derivatives market. Finally, the two EEMAC subcommittees will offer an update on their continued work related to traditional energy infrastructure and metals markets.

• February 15, 12:30 p.m. – The CFTC will hold an Open Meeting.  They will consider the following:

  • Proposed Rule: Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions

  • Proposed Rule: Foreign Boards of Trade

  • Proposed Rule: Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants

  • Application of Taiwan Futures Exchange Corporation for an Exemption from Registration as a DCO

  • ICE NGX Petition for Amended DCO Registration Order 

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

• February 15, 10:00 a.m. – The NCUA Board meets at their headquarters in Alexandria, Virginia.  They are expected to discuss 1) the Board Briefing, 2) the Share Insurance Fund Quarterly Report, and 3) the Final Interpretive Ruling and Policy Statement of the Minority Depository Institution Preservation Program.

Federal Trade Commission & Department of Justice Antitrust Division

• February 13, 10:00 a.m. – The FTC holds an Informal Hearing on the Proposed Trade Regulation Rule on the Use of Consumer Reviews and Testimonials.

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.

World Bank

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Association Events

• February 11 – 14: The American Bankers Association hosts their Conference for Community Bankers in San Antonio, Texas.

• February 15, 8:00 a.m. – The Institute for International Finance holds a Global Macro Call entitled “Fallout From the Crisis in the Middle East”

Think Tank Events

• February 13: The American Enterprise Institute holds a conference entitled “US Outbound Investment in China: Implications and Possible Congressional Action.”

• February 14 – 16: The 40th Annual NABE Economic Policy Conference is held in Washington, D.C.  Fed Vice Chair for Supervision Michael Barr will speak on February 14.  Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, delivers a keynote luncheon address.  Also speaking to the Conference will be Natoinal Economic Council Director Lael Brainard and former ECB President Mario Draghi.

• February 15, 11:00 a.m. – The Bipartisan Policy Institute holds a seminar entitled “Housing Supply, Labor Markets, and Economic Growth”

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