U.S. Financial Regulatory Week Ahead

Jul 21

July 22 - 26, 2024

The Dog Days of Summer are upon us in Washington. There is not much happening this coming week regulatory-wise, but we would note there are some interesting congressional hearings.

Of particular note, the Senate Permanent Subcommittee on Investigations (PSI) will hold a hearing on Zelle Fraud. Senior executives from Bank of America, J.P. Morgan, and Wells Fargo will testify about what exactly happened. PSI is an unusual Subcommittee in Congress with special powers to conduct deep investigations into virtually anything. But is long has been a source of intense investigations into financial services related fraud, its hearings can and often do lead to criminal indictments down the road from the US Department of Justice.

Also, this week, the Senate Banking Committee is holding a hearing about “Advancing National Security through Export Controls, Investment Security, and the Defense Production Act.” While a good piece of the hearing will likely focus on the national security aspects of trade with China, sanctions on Russia, and other related issues, we think there is a good chance this will quickly veer into aspects of Nippon Steel’s ongoing bid to acquire U.S. Steel. Considering the Chair of the Banking Committee is Senator Sherrod Brown (D-Ohio), a fierce critic of the deal who is in the re-election battle of his career, we cannot see him not taking the opportunity to speak out against the deal.

Finally, we will be watching FDIC Vice Chair Travis Hill speak this week at the American Enterprise Institute on proposed changes to banking regulation and resolution policies. If President Trump is elected in November, many see Hill as the natural choice to be the next FDIC Chair, so this could be a preview of his agenda in 2025.

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

U.S. Congressional Hearings

U.S. Senate

· Tuesday, July 23, 3:30 p.m. – The Senate Permanent Subcommittee on Investigations holds a hearing on Zelle fraud, featuring executives from JPMorgan Chase, Bank of America, and Wells Fargo.

· Thursday, July 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “Advancing National Security through Export Controls, Investment Security, and the Defense Production Act.”

House of Representatives

· Tuesday, July 23, 10:00 a.m. – The House Agriculture Committee holds a hearing on "Financial Conditions in Farm Country."

· Tuesday, July 23, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “AI Innovation Explored: Insights into AI Applications I Financial Services and Housing.”

· Wednesday, July 24, 10:00 a.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "Wasteful Spending and Inefficiencies: Examining DoD Platform Performance and Costs."

· Wednesday, July 24, 10:30 a.m. – The House Financial Services Committee holds a hearing on "Housing Solutions: Cutting Through Government Red Tape."

· Thursday, July 25, 8:30 a.m. – The House Agriculture Commodity Markets, Digital Assets, and Rural Development Subcommittee holds a hearing on "Reauthorizing the CFTC: Stakeholder Perspectives."

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks