U.S. Regulatory Week Ahead
December 4 - 8, 2023
The holidays are just around the corner, and Washington regulators are working hard this week to make their cases on various policy issues before year's end. SEC Chair Gary Gensler will give two high-profile speeches, first at the American Bar Association’s Federal Regulation of Securities Winter Meeting and then at the Council on Foreign Relations in Washington. SEC Commissioner Hester Pierce will also be speaking at the ABA meeting.
Meanwhile, the CFTC is fanning out globally this week with CFTC Chair Rostin Benham and CFTC Commissioners Christy Goldsmith Romero attending and speaking at COP28 in Abu Dhabi. At the same time, Commissioner Kristin N. Johnson delivers a keynote address at the Financial Times Crypto and Digital Assets Summit in London.
But this week's big regulatory-related media event will be in the U.S. Senate Banking Committee as the CEOs of the eight biggest banks in America will testify at the annual "Oversight of Wall Street Firms" hearing.
At this point, we do not see any particular "hot-button" issues the CEOs will likely be hammered by Senators over. In fact, this hearing is likely to give the CEOs a major public platform to push back on the Federal Reserve's recently proposed new capital rules (which most of these CEOs have been publicly pillaring for weeks, most recently from Goldman Sachs CEO David Solomon who argued it would "impact everything from flight prices to pensioners retirement savings.”)
Below is a listing of 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
December 5, 9:30 a.m. – The Senate Banking Committee is holding its “Annual Oversight of Wall Street Firms” hearing. Testifying will be Charles W. Scharf, CEO and President of Wells Fargo & Company; Brian Thomas Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.; Jane Fraser, CEO of Citigroup; Ronald O’Hanley, CEO of State Street; Robin Vince, CEO of BNY Mellon; David Solomon, CEO of Goldman Sachs; and James P. Gorman, CEO of Morgan Stanley.
House of Representatives
December 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Digital Assets holds a hearing on “Fostering Financial Innovation.” Federal Reserve Board Director of the Division of Supervision and Regulation Michael Gibson. National Credit Union Administration Director of Financial Technology and Access Charles Vice, Consumer Financial Protection Bureau Assistant Director for Competition and Innovation Ann Epstein, Acting Deputy Comptroller Donna Murphy, and SEC Director of Strategic Hub Valerie Szczepanik will testify.
December 6, 10:00 a.m. – The Financial Services Committee’s Subcommittee on Housing and Insurance holds a hearing on “Housing Affordability: Governmental Barriers and Market-Based Solutions”
The House Financial Services Committee holds a field hearing, “Connecting Communities: Building Innovation Ecosystems Across America” in Little Rock, Arkansas.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
December 5, 10:00 a.m. – Federal Reserve Board Director for the Division of Supervision and Regulation Michael Gibson will testify before the House Financial Services Subcommittee on Digital Assets on “Fostering Financial Innovation” (see above).
U.S. Treasury Department
No significant events are scheduled at this time.
Securities and Exchange Commission
December 4, 10:15 a.m. – SEC Chair Gary Gensler will speak at the Council on Foreign Relations in Washington, D.C.
December 6, 9:00 a.m. – SEC Commissioner Hester Pierce gives a speech at the American Bar Association’s Federal Regulation of Securities Winter Meeting in Washington, D.C.
December 7, 9:00 a.m. – SEC Chair Gary Gensler will participate in a fireside chat at the American Bar Association’s Federal Regulation of Securities Winter Meeting in Washington, D.C.
December 7. 10:00 a.m. – The SEC Investor Advisory Committee meeting is at the SEC Headquarters. The agenda includes a panel discussion on enhancing financial literacy, examining the use of complex investment productions and strategies by self-directed investors, and a discussion of a recommendation regarding digital engagement practices.
December 7, 10:30 a.m. – The SEC hosts the Compliance Outreach for Municipal Market Professionals at the SEC. The Municipal Securities Rulemaking Board, FINRA, and the SEC will co-host the virtual event. The full agenda can be found HERE.
Commodities Futures Trading Commission
December 4, 2:00 p.m. (UAE Time) – CFTC Commissioner Christy Goldsmith Romero will participate on a UN Sustainable Stock Exchanges Initiative panel regarding Exchanges and Climate Innovation at COP28 UAE with IOSCO Secretary General Martin Moloney, ESMA Chair Verena Ross, and others in Dubai.
December 5, 12:20 p.m. (UAE Time) – CFTC Commissioner Christy Goldsmith Romero will participate in a fireside chat at the Sustainable Innovation Forum 2023 on Building Climate Resilient Markets and Supply Chains Through Derivatives during COP28 in Dubai.
December 5, 12:35 p.m. (London Time) – CFTC Commissioner Kristin N. Johnson will deliver a keynote address and participate in a fireside chat at the Financial Times Crypto and Digital Assets Summit: Winder Edition in London, England.
December 7, 9:40 a.m. (UAE Time) – Chairman Rostin Behnam will participate in a conversation at the Milken Institute Middle East and Africa Summit in Abu Dhabi.
December 8, 8:15 a.m. (MST) – CFTC Commissioner Summer K. Mersinger will participate in the Energy Council, Global Energy and Environmental Matters Conference in Jackson, Wyoming.
Federal Deposit Insurance Corporation
December 5, 9:00 a.m. – The Federal Deposit Insurance Corporation holds a meeting of the FDIC Systemic Resolution Advisory Committee to discuss a range of issues and developments related to the resolution of systemically important financial companies.
Office of the Comptroller of the Currency
December 5, 3:00 p.m. – Acting Comptroller Michael Hsu will give a virtual speech on financial inclusion at the Aspen Institute Financial Security Program.
The Consumer Financial Protection Bureau
No significant events are scheduled at this time.
National Credit Union Administration
No significant events are scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
No significant events are scheduled at this time.
Farm Credit Administration
No significant events are scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
December 5, 8:30 a.m. – 10:00 a.m. – The Institute for International Finance co-hosts with Barclays a “Transition Risk and Investment Breakfast” COP28 in Dubai.
December 6, 7:30 a.m. (EST) – The Institute for International Finance holds a session entitled “Quantum Computing and Financial Services” virtually.
December 7, 12:00 p.m. (GMT) – The Institute for International Finance holds its annual International Accounting & Reporting Forum in London.
December 6 – 7: The American Bar Association’s Federal Regulation of Securities Winter Meeting is being held in Washington, D.C.
Think Tanks
December 5, 11:00 a.m. – The Brookings Institution holds an event entitled “Requiring Banks to Hold More Capital: Benefits and Costs” in Washington, D.C.
December 5, 3:00 – 5:00 p.m. – The Aspen Institute’s Financial Security Program is holding a conference called “Charting a Course Towards a More Inclusive Financial System: Our Collective Call to Action” Speakers include the Acting Comptroller of the Currency Michael Hsu, Treasury Assistant Secretary for Financial Institutions Graham Steele, and Federal Reserve Board Governor Michelle Bowman.
December 7, 12:00 p.m. – Georgetown University’s Paros Center for Financial Markets and Policy holds a virtual discussion on “A Path Forward for Regulating Crypto Markets” with former SEC Chair Jay Clayton and former CFTC Chair Tim Massad.
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