U.S. Financial Regulatory Week Ahead
March 18 - 22, 2024
You know spring is here when the major financial services trade groups hold big annual meetings. The American Bankers Association (ABA), SIFMA, and the Investment Company Institute are all holding conferences this week, with the ABA’s Washington Summit being the largest and likely most news-making. A number of regulators and members of Congress are speaking at these conferences, and we will be listening carefully to what is said.
Outside of the trade association conferences, we will be watching five hearings the House Financial Services Committee is holding this week. It is our sense House Republicans are ramping up their focus and criticism of several regulatory proposals – mainly at the SEC but also the CFPB and Fed – as they prepare to begin moving Congressional Review Act (CRA) legislation to try and repeal the regs in advance of a June 7 deadline to use the CRA.
Otherwise, the new Congress in 2025 would have to pass repeal legislation to get any regs repealed.
Speaking of regulations, as we predicted in our note last week, the SEC was likely to face a series of lawsuits over its new Carbon Disclosure rules. Well, those lawsuits came flying into federal courthouses fast and furious from various companies and trade associations (including the U.S. Chamber of Commerce), with one causing the 5th Circuit Court of Appeals to issue an order temporarily blocking the rule.
However, it wasn’t just businesses suing the SEC over the rule: The Sierra Club filed a federal lawsuit against the SEC, saying the rule did not go far enough and would leave investors unable to understand a company’s climate risk fully.
Overall, this week will be busy in the U.S. financial regulatory space. Below are all the major regulatory events we are watching this coming week:
U.S. Congressional Hearings
U.S. Senate
Wednesday, March 20, 2:30 p.m.: The Senate Finance Committee will hold a hearing on "The President's FY2025 Social Security Administration Budget.”
House of Representatives
Monday, March 18, 11:00 a.m. - The House Financial Services Oversight and Investigations Subcommittee field hearing on "Victims of Regulatory Overreach: How the SEC's Climate Disclosure Rule Will Harm Americans."
Wednesday, March 20, 10:00 a.m.: The House Financial Services Capital Markets Subcommittee will hold a hearing on "SEC Overreach: Examining the Need for Reform."
Wednesday, March 20, 11:30 a.m. –The House Agriculture Committee holds a hearing on "The Danger China Poses to American Agriculture."
Wednesday, March 20, 2:00 p.m.: The House Financial Services Housing and Insurance Subcommittee will hold a hearing on "The Characteristics and Challenges of Today's Homebuyers."
Thursday, March 21, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Importing Global Governance: Examining the Dangers of Ceding Authority over American Financial Regulation.”
Thursday, March 21, 2:30 p.m. – The House Appropriations Financial Services and General Government Subcommittee holds a hearing on "President Biden's FY2025 Budget Request and Economic Outlook."
Joint Committees
There are no significant events scheduled at this time.
US Regulatory Meetings & Events
White House
There are no significant events scheduled at this time.
Federal Reserve Board and Federal Reserve Banks
Tuesday and Wednesday, March 19-20—The Federal Reserve’s Federal Open Market Committee meets to discuss the state of the economy and interest rates. Federal Reserve Board Chair Jay Powell will give a press conference at 2:30 p.m. on Wednesday to discuss the meeting and the interest rate decision.
Thursday, March 21, 12:00 p.m. – Federal Reserve Vice Chair Michael Barr will have a Vice Chair for Supervision Michael S. Barr will participate in a “Conversation with Students and Faculty” At A View from the Fed: A Fireside Discussion at the Gerald R. Ford School of Public Policy, Ann Arbor, Michigan.
Friday, March 22, 9:00 a.m. – 11:00 a.m. – The Federal Reserve will hold a Fed Listens: Transitioning to the Post-Pandemic Economy Event at the Federal Reserve in Washington, D.C. Fed Chair Jay Powell will give opening remarks, followed by a panel discussion chaired by Federal Reserve Governor Michelle Bowman entitled “Evolving Conditions for Families and Job Seekers.” This will be followed by a second panel, chaired by Fed Vice Chair Philip Jefferson, entitled “Industry Perspectives.”
Friday, March 22, 12:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr will give a speech entitled “International Economic and Monetary Design” at the Transnational Law Conference on the International Law of Money: International Economic and Monetary Design (virtual).
U.S. Treasury Department
Wednesday, March 20, 1:30 p.m. – The US Treasury Department holds a meeting of the Federal Advisory Committee on Insurance to discuss topics related to climate-related financial risk and the insurance sector, to discuss cyber insurance developments and international insurance issues, to receive status updates from each of its subcommittees and from the Federal Insurance Office on its activities and to consider any new business.
U.S. Department of Housing and Urban Development
Thursday, March 21, 10:00 a.m. (San Antonio, Texas) – The Department of Housing and Urban Development’s Housing Counseling Federal Advisory Committee meets to discuss Meeting the Needs of the Latino Community in San Antonio, Texas.
Securities and Exchange Commission
Monday, March 18, 1:15 p.m. PT – SEC Commissioner Hester Pierce participates in a Keynote Conversation with Investment Company Institute CEO Eric Pan at the 2024 ICI Conference in Palm Desert, California.
Tuesday, March 19, 8:45 a.m. – SEC Commissioner Mark Uyeda will participate in a “Regulatory Perspectives and Priorities” panel with SIFMA President and CEO Ken Bentsen, CFTC Commissioner Kristin Johnson, Deputy Comptroller Kevin Walsh, and NASAA President Claire McHenry at the SIFMA C&L Annual Seminar in Orlando, Florida.
Thursday, March 21, 2:00 p.m. – The SEC holds a Closed Meeting.
Friday, March 22, 12:00 p.m. – SEC Chair Gary Gensler will give remarks at the Columbia Law Conference in New York honoring Professor John Coffee.
Commodities Futures Trading Commission
Tuesday, March 19, 8:45 a.m. – CFTC Commissioner Kristin N. Johnson will participate in a “Regulatory Perspectives and Priorities” panel with SIFMA President and CEO Ken Bentsen, SEC Commissioner Mark Uyeda, Deputy Comptroller Kevin Walsh, and NASAA President Claire McHenry at the SIFMA C&L Annual Seminar in Orlando, Florida.
Wednesday, March 20, 11:30 a.m. ET/8:30 a.m. PT – CFTC Chairman Rostin Behnam will keynote virtually at the North American Carbon World (NACW) Conference in San Francisco, CA.
Thursday, March 21, 6:15 a.m. ET/11:15 a.m. CET – CFTC Commissioner Christy Goldsmith Romero will participate on a panel at the World Federation of Exchanges’ Clearing and Derivatives Conference titled Higher Capital & Financial Resource Requirements - Reducing or Increasing Risk? In Madrid, Spain.
FINRA
March 17-20 – SIFMA will be holding its Compliance and Legal 2024 Annual Seminar in Orlando, Florida. Among the scheduled speakers are FINRA Head of Enforcement Bill St. Louis and FINRA CEO Robert Cook.
Federal Deposit Insurance Corporation
Thursday, March 21, 10:00 a.m. – The FDIC Board of Directors will meet virtually to discuss a proposed statement of Policy on Bank Merger Transactions.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
Thursday, March 21, 1:30 p.m. CFPB Director Rohit Chopra, along with Jonathan Kanter, Assistant Attorney General at the US Department of Justice, will speak at The Peterson Institute for International Economics at an event entitled “Revitalizing bank merger reviews.”
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Thursday, March 21, 11:00 a.m. – The FTC will hold an open meeting to discuss a new Supply Chain Report.
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
There are no significant events scheduled at this time.
World Bank
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Association Events/Public Events
March 17-20 – SIFMA will be holding its Compliance and Legal 2024 Annual Seminar in Orlando, Florida. Among the scheduled speakers are CFTC Director of Enforcement Ian McGinley, FINRA Head of Enforcement Bill St. Louis, former SEC Chair Mary Jo White, FINRA CEO Robert Cook, SEC Commissioner Mark Uyeda, and US Attorney for the Southern District Damian Williams.
March 17 – 20 – The Investment Company Institute holds its 2024 Investment Management Conference in Palm Desert, California.
March 18 – 20 – The American Bankers Association holds its 2024 Washington Summit in Washington, D.C. Among the speakers are Senators John Tester (D-MT), Katie Britt (R-AL), and House Majority Whip Representative Tom Emmer (R-MN)
Tuesday, March 19, 9:00 a.m. – PunchBowl News holds a summit on "The Digital Payments Economy," focusing on "the future of commerce, exploring how digital payments support consumers, small businesses and the economy." House Financial Services Committee Chair Patrick McHenry (R-NC) will speak.
Tuesday, March 19, 9:30 a.m. – The Institute for International Finance holds its IIF/EY Insurance Risk Management Survey Results event.
Wednesday, March 20, 12:00 p.m. – The Exchequer Club of Washington, D.C., will host Michael Bright, President of the Structured Finance Association, for a speech on the industry.
Thursday, March 21, 8:30 a.m. – Politico holds an event entitled “Building Toward Financial Literacy For All” in Washington, D.C.
Think Tank Events
Tuesday, March 19, 9:30 a.m.: The Brookings Institution will hold an event entitled “Radical Tax Simplification: The Impossible Dream?”
Wednesday, March 20, 2:00 p.m. – The Institute for Policy Studies will hold an event entitled “Book Event: Busting the Bankers Club.” The event will discuss Gerald Epstein’s new book, “Busting the Bankers Club: Finance for the Rest of Us.”
Thursday, March 21, 1:30 p.m. – The Peterson Institute for International Economics holds a virtual discussion entitled “Revitalizing bank merger reviews.” Among the speakers will be Rohit Chopra, Director of the Consumer Financial Protection Bureau and a member of the board of the Federal Deposit Insurance Corporation, Jonathan Kanter, Assistant Attorney General at the US Department of Justice, and Esther L. George, former Federal Reserve Bank of Kansas City.
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