U.S. Regulatory Week Ahead
September 11 - 16, 2023
Washington is fully back to work this coming week as the House of Representatives returns Tuesday from their August recess. The big event of the week in Congress will be Tuesday’s testimony by SEC Chair Gary Gensler before the Senate Banking Committee. We expect Republican senators to go hard at Gensler over a range of regulatory issues he has been pursuing, ranging from ESG regulations to regulation of private capital.
Chair Gensler will also participate in a conference reflecting on the 15th anniversary of the Lehman Brothers collapse (was it that long ago?).
Meanwhile, the House Financial Services Committee is holding three hearings this week on Basel III implementation, oversight of foreign acquisitions of U.S. assets in the U.S., and the implications of the Federal Reserve developing a digital currency.
Also in the House of Representatives this week, the House Select Committee on Competition with China will hold a field hearing in New York on the potential risk China poses to the U.S. financial sector. Former SEC Chair Jay Clayton is scheduled to be among those testifying.
Looking at events from last week, the Federal Reserve will now field a full complement of Governors as the U.S. Senate confirmed Phillip Jefferson as Vice Chair and Adriana Kugler to a Fed Governorship, making her the first Latino to serve on the Board.
Finally, the Treasury Department will hold the Committee on Foreign Investment in the United States (CFIUS) Conference 2023. Treasury Secretary Janet Yellen will make a keynote speech, and markets will listen closely for comments she may make about new regulations being developed on outbound U.S. investments to China.
Below is our listing of major regulatory events this week in Washington and elsewhere in the U.S. and Canada. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
September 12 – 10:00 a.m.: SEC Chair Gary Gensler will testify before the Senate Banking Committee. The title of the hearing is “Oversight of the U.S. Securities and Exchange Commission.”
U.S. House of Representatives
September 12 – 8:30 a.m. at the Council on Foreign Relations in New York: The House Select Strategic Competition Between the United States and the Chinese Communist Party Committee holds a field hearing on "Systemic Risk: The Chinese Communist Party's Threat to U.S. Financial Stability." Witnesses will include Jay Clayton, Former chairman of the Securities and Exchange Commission, Jim Chanos, President and founder of Kynikos Associates, and Anne Stevenson-Yang, Founder of J Capital Research.
September 13 – 10:00 a.m.: The House Financial Services Committee holds an oversight hearing entitled “ Foreign Investment in the U.S. (CFIUS) and Other Efforts to Strengthen National Security in the U.S.”
September 14 – 10:00 a.m.: The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled “Implementing Basel III: What’s the Fed’s Endgame?”
September 14 – 2:00 p.m.: The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion holds a hearing entitled “Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives.”
US Federal & State Regulatory Meetings & Events
U.S. Treasury Department
September 14 – 8:00 a.m. – 5:00 p.m.: The U.S. Treasury will host the Committee on Foreign Investment in the United States (CFIUS) Conference 2023. Treasury Secretary Janet Yellen will deliver a keynote address, and Homeland Security Secretary Alejandro Majorkas will deliver the closing keynote address.
U.S. Federal Reserve Board
Nothing significant to report; The Fed Board is in its quiet period in advance of the FMOC meeting on September 20.
Office of the Comptroller of the Currency
Nothing of significance is scheduled for this coming week.
Federal Deposit Insurance Corporation
Nothing of significance is scheduled for this coming week.
Securities and Exchange Commission
September 13 – 12:30 p.m.: Chair Gary Gensler will participate in a virtual fireside chat at the 15th Anniversary Lehman Collapse Conference hosted by Better Markets. The title of the chat is “A Market Regulator’s View of Too-Big-To-Fail.”
NOTE: SEC Chair Gary Gensler is scheduled to testify before the House Financial Services Committee on Sept. 27th.
Commodities Futures Trading Commission
September 11 – 10:00 a.m. – 10:15 a.m. PST: Commissioner Christy Goldsmith Romero will give opening remarks on “Modernizing Investor Protection for the Digital Age” at the North American Securities Administrators Association 2023 Fall Annual Meeting. The meeting will be held at the InterContinental San Diego Hotel in San Diego.
September 12 – 9:20 a.m. – 9:50 a.m. (Tokyo): Commissioner Caroline Pham will deliver a keynote speech titled “Digital Assets, Retail, Social Media & AI: What’s Next?” at the 13th Nasdaq Surveillance Conference in Tokyo, Japan.
Federal Trade Commission
September 14 – 11:00 a.m.: The Federal Trade Commission will hold an open meeting virtually. The agenda includes:
Improper Listing of Patents in the Orange Book: The Commission will consider whether to issue a policy statement concerning the improper listing of patents in the Food and Drug Administration’s publication of Approved Drug Products With Therapeutic Equivalence Evaluations, commonly known as the “Orange Book.” The policy statement will discuss whether improper listing of patents in the Orange Book may increase the cost of and reduce access to essential prescription drugs, imposing costs on individuals and society alike. The policy statement also assesses whether the listing of patents in the Orange Book that do not comport with listing requirements may constitute an unfair method of competition.
Protecting Kids from Stealth Advertising in Digital Media: The Commission will vote on whether to release a staff perspective and recommendations on the blurring of advertising and content on digital media and how it affects kids, including teens. This staff perspective builds on an October 19, 2022 event that staff hosted to survey existing research, understand the potential harms to kids from blurred advertising, and discuss possible solutions.
Consumer Financial Protection Bureau
September 13 – 2:30 – 3:30 p.m.: CFPB Director Rohit Chopra will give a keynote speech entitled “Too-Big-To-Fail from a Financial Consumer’s Point of View” at the 15th Anniversary Lehman Collapse Conference hosted by Better Markets in Washington, D.C.
Farm Credit Administration
September 14 – 10:00 a.m.: The FCA Board holds its monthly board meeting in McLean, Virginia.
The North American Securities Administrators Association (NASAA)
September 10 – 12: NASAA holds its 2023 Fall Annual Meeting in San Diego.
Trade Associations & Think Tank Events
September 11 – 8:00 – 9:00 a.m.: The Institute for International Finance and the Dubai International Financial Centre host a webinar entitled “Moving the finance industry from promises to action.”
September 12 – 12:00 p.m. – 5:30 p.m.: The Institute for International Finance and the Canadian Bankers Association co-host the 2023 IIF-CBA Canada Forum: Financing A World in Transition – Challenges and Opportunities in Toronto.
September 13 – 9:30 – 12:00 p.m.: The Bipartisan Policy Institute holds a conference entitled “New Horizons for the Agricultural Carbon Market” in Washington, D.C.
September 14: American Bankers Association Diversity, Equity, and Inclusion Summit (virtual)
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