U.S. Regulatory Week Ahead
The New Trump Presidency Begins, A Week Without (for the most part) Any Regulatory Heads, Senate Banking Committee Agenda Unveiled, and A New Joint Subcommittee on Crypto
It is a historic day today as President Donald Trump is sworn in as the 47th president at Noon. An extraordinary political comeback will be capped, and with it will come a Republican House and Senate with an aggressive agenda on financial regulatory issues, taxes, and trade.
We would note, as many of you already have figured out, that for the most part, all the major financial regulatory heads have stepped down or are about to step down in advance of President Trump being sworn into office: Federal Reserve Vice Chair for Supervision Michael Barr, SEC Chair Gary Gensler, FDIC Chair Martin Gruenberg, OCC Acting Head Michael Hsu, and CFTC Chair Rostin Benham. By our count, the only financial regulatory trying to stick around is Consumer Financial Protection Bureau Director Rohit Chopra (and we do not think that will last long once President Trump takes office – we will see).
So, it will be a very quiet week regulatory-wise this coming week. As a matter of fact, regulatory quiet will last for a number of weeks (even months) ahead as President-elect Trump has yet to nominate any regulators aside from SEC Chair-designate Paul Atkins. We are surprised as Trump was moving faster than any newly elected president in putting forth nominations for cabinet and subcabinet officials. For reasons we are not entirely clear on, the nomination machine has slowed considerably in recent weeks – and knowing how slowly the Senate can and likely will move on confirmations of nominations, it could be months before we see new regulatory heads in place.
Meanwhile, the new Chair of the Senate Banking Committee, Senator Tim Scott (R-SC), released his Priorities for the 119th Congress. You can read them HERE. Additionally, Scott is apparently in talks with House Financial Services Committee Chair French Hill (R-AK) about forming some sort of joint working subcommittee on crypto. We would think that could be an exciting accelerant to setting up at least a basic regulatory framework for crypto, helping boost the sector among investors.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, January 22, 10:00 a.m. – The House Financial Services Committee holds its 119th congressional organizational meeting.
· Wednesday, January 22, 10:00 a.m. – The House Ways and Means Committee holds a hearing on "Matters Within the Committee's Tax Jurisdiction."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time. And there are no Governor speeches scheduled as the Fed is in its regular “blackout period” in advance of the January 29 Federal Open Market Committee meeting.
U.S. Treasury Department
· There are no significant events scheduled at this time.
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
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· Monday, January 20, 6:05 p.m. Switzerland) – CFTC Commissioner Kristin N. Johnson will participate in a fireside chat with the CEO of the Global Blockchain Business Council (GBBC), Sandra Ro, at GBBC Blockchain Central 2025 in Davos, Switzerland on innovation, artificial intelligence, and emerging developments in financial markets.
· Tuesday, January 21, 11:35 a.m. Switzerland) – CFTC Commissioner Christy Goldsmith Romero will provide remarks virtually at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos 2025.
· Friday, January 24, 12:15 p.m. Central Time – CFTC Commissioner Kristin N. Johnson will deliver a keynote address followed by a Q&A moderated by Professor William Birdthistle at the University of Chicago Law School. The conversation will explore the issues confronting federal financial regulators at this moment of transition from one presidential administration to another, including artificial intelligence, advances in technology and other notable developments in financial markets.
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.
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
· Tuesday, January 21, 11:00 a.m. – SIFMA will hold a virtual “State of the Industry” briefing for members.
· Friday, January 24, 12:30 p.m. – The National Association of Realtors (NAR) will hold a policy forum on Friday, January 24, in Washington, DC, entitled "A Nation of Homeowners: How Tax Reform Can Boost the American Dream" in Washington, D.C.
Think Tanks and Other Events
· There are no significant events scheduled at this time.