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.
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