U.S. Regulatory Week Ahead
August 21 - 25, 2023
This coming week will be the last slow week of August in Washington, D.C. The week’s big event will be the kick-off of the annual Jackson Hole Central Bank Conference hosted by the Kansas City Fed. While the meetings are primarily about broad macroeconomic issues, financial services regulation will surely come up frequently, and we will be monitoring that closely.
The only other event of note scheduled this week is at the Securities and Exchange Commission. The Commission is holding an open meeting on whether to adopt a rule to narrow an exemption from the requirement that any Commission-registered broker-deal become a member of a national securities association if it trades securities elsewhere.
Looking back to last week’s big news event, Federal Deposit Insurance Corporation (FDIC) Chair Marty Gruenberg’s gave a speech at the Brooking Institution revealing his intention to push for banks with as low as $50 billion in assets to be required to have the same resolution planning rules as larger banks along with the higher capital standards for banks with $100 billion or more. The American Bankers Association, the Bank Policy Institute, and other bank lobbying organizations fired back at Gruenberg, making clear they intend to fight hard against the measure. Look to the House Financial Services Committee to hold hearings in late September or early October exploring what the FDIC is trying to accomplish and likely push back pretty firmly against Gruenberg’s efforts.
Here is what else we are tracking in the coming week:
U.S. Congressional Hearings
Congress is out of session for the month of August. The Senate returns on September 5th, and the House of Representatives on September 11th.
US Regulatory Meetings & Events
Federal Reserve Board
August 22, 2023, 1:30 – 3:00 p.m. CT: Federal Reserve Board Governor Michelle Bowman participates in the Chicago Federal Reserve Bank’s “FedListens” event entitled “Joining the Labor Force After Covid: A Discussion of Youth Employment.” The event will be held virtually.
Friday, August 25, 2023, 10:05 a.m. CT: Federal Reserve Board Chair Jay Powell will give an opening speech at the Kansas City Federal Reserve Bank’s 2023 Jackson Hole Economic Policy Symposium in Moran, Wyoming. You can watch the speech HERE live.
U.S. Securities and Exchange Commission
Wednesday, August 2023 – 10:00 a.m.: The Securities and Exchange Commission will hold an Open Meeting. The Commission will consider whether to adopt rule amendments to narrow an exemption from the requirement under the Securities Exchange Act of 1934 that any Commission-registered broker-dealer become a member of a national securities association if it affects securities transactions elsewhere than an exchange where it is a member.
Thursday, August 24, 2023, 2:00 p.m.: Closed meeting.
U.S. Commodities Futures Trading Commission
Friday, August 25, 2023, 2:00 – 2:30 p.m. EST: CFTC Commissioner Christy Goldsmith Romero will give a closing address at the Global Research Alliance for Sustainable Finance and Investments Sixth Annual Conference at the Yale School of Management in New Haven, CT.
Friday, August 25, 2023, 9:00 a.m. EST: The CFTC holds a closed-door meeting on enforcement matters.
Think Tank Events
No events of note are scheduled in the coming week.
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