U.S. Financial Regulatory Week Ahead
Bessent Holds First FSOC Meeting, Bowman Gets the Fed Vice Chair Nomination, The SEC Crypto Task Force Meets, and Senate Banking Moves their De-Banking Bill
At last, Washington is taking something of a breather this week. Both the House and Senate are out this week for “home working sessions” and most regulators have a light schedule (not that any of their heads have been confirmed yet to move on anything).
Last week, the biggest event was President Trump was the news from an unnamed White House official that President Trump would nominate Federal Reserve Governor Michelle Bowman to be the new Fed Vice Chair for Supervision. The news was cheered across seemingly all financial sectors (NOTE: We have yet to see any press release or posting by President Trump on Truth Social that he is going to do this).
Meanwhile, the Senate Banking Committee marked up and approved their first major bills of the new legislative session, the FIRM (Financial Integrity and Regulation Management) Act and the Guiding Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Firm Act will, according to the Committee, “eliminate all references to reputational risk as a measure to determine the safety and soundness of regulated financial institutions.” The aim is to stop de-banking of clients for political reasons. But it also raises a lot of questions about what banks and other financial institutions can and cannot do when dealing with truly reputationally damaging clients. Let’s see if Banking Committee Chair Tim Scott (R-SC) can get it passed by the full Senate.
The GENIUS Act is aimed at establishing a regulatory framework for payment stablecoins. With so many pieces of legislation now flying around in both chambers dealing with crypto, we will hold back from predicting the ultimate outcome of this bill, too.
Looking at the week ahead, Treasury Secretary Scott Bessent will convene his firm Financial Stability Oversight Council (FSOC). The agenda is still a bit vague, but the Treasury Department press release says the committee will get updates on cybersecurity, the Treasury market, homeowner and natural disaster insurance.
Which begs the question: Who will be attending? The Senate Banking Committee has yet to schedule confirmation hearings for SEC Chair-nominee Paul Atkins, CFTC-nominee Brian Quintenz, Comptroller-nominee Jonathan Gould, or Federal Reserve Vice Chair-nominee Michelle Bowman. And nobody has been nominated to chair the Federal Deposit Insurance Corporation (but they have an acting head in Travis Hill). This is turning into one of the slowest presidential transitions we can remember in a long time.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
The Senate is in a Pro Forma session with no business scheduled.
House of Representatives
The House of Representatives is out of session this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
The Federal Open Market Committee meeting is being held on Wednesday and Thursday.
U.S. Treasury Department
Thursday, March 20 – Treasury Secretary Scott Bessent will preside over a meeting of the Financial Stability Oversight Council. The preliminary agenda for the meeting includes an update on recent Treasury market developments, an update on cybersecurity developments, and an update on homeowners insurance and natural disasters.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Monday, March 17, 12:00 p.m. – Acting SEC Chair Mark Uyeda delivers a keynote speech at the Investment Company Institute’s Investment Management Conference in San Diego, California.
Friday, March 21, 1:00 p.m. – The SEC’s Crypto Task Force will host a first in a series of roundtables to discuss key areas of interest to the crypto market.
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
Tuesday, March 18, 1:30 p.m. – Acting Comptroller of the Currency Rodney Hood gives a speech on bank regulation at the Consumer Bankers Association Live 2025 Conference in Orlando, Florida.
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.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Sunday – Wednesday, March 16-19 – the Investment Company Institute holds its annual Investment Management Conference in San Diego, California.
Monday – Wednesday, March 17-19 – The Consumer Bankers Associations’ CBA Live 2025 Conference will be held in Orlando, Florida.
Think Tanks and Other Events
Wednesday, March 19, 12:00 p.m. – The Exchequer Club of Washington hosts Ben Johnson, Majority Staff Director, and Charla Oertatani, Minority Staff Director, of the House Financial Services Committee.
Friday, March 21, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Can Sanctions Change a Country's Policy? The Case of China."