U.S. Regulatory Week Ahead

Written By Francis Kelly

September 25 - 29, 2023

The Senate Banking Committee may begin a process this week that will be historic for financial services: They will mark up the SAFER Act, allowing financial institutions to service marijuana businesses in states where marijuana is legal.  The implications are immense for banks, who have been lobbying for years for such legislation.  The legislation is not a done deal yet, as there are still one or two areas of conflict over legislative language. 

All this come as Congress remains deadlocked over passing a stop-gap spending bill to keep the government open.  We will be reporting separately on what is going on and implications for regulators.

Also, this coming week, SEC Chair Gary Gensler will testify before the House Financial Services Committee, which is holding an oversight hearing of the SEC.  Watch for fireworks as many Republican members are expected to confront Gensler over his ESG regulatory efforts and recent regulation aimed at private capital. 

We would note that Secretary of Treasury Janet Yellen convened in executive session the Financial Stability Oversight Council (FSOC) held a meeting Friday afternoon (September 22).  The meeting was not scheduled or noticed when we published the Regulatory Week Ahead last Sunday. 

The Council heard an update from Federal Reserve staff on international market developments, including the outlook for global financial stability and macroeconomic and financial conditions in China.  The Council also received an update from Treasury staff on the public comments received on the Council’s proposed analytic framework for financial stability risk identification, assessment, and response and the Council’s proposed interpretive guidance regarding nonbank financial company determinations.  The Council will continue considering the public comments as it works toward finalizing the two documents.  You can read the full readout of what they discussed HERE.  

Below is the full regulatory calendar as we see it for the coming week.  Please let us know if you have any questions.

U.S. Congressional Hearings

House of Representatives

 

U.S. Senate

  • September 27 (Wednesday) 9:30 a.m.: The Senate Banking Committee is expected to mark up S. 2860, the SAFER Act, which will allow financial institutions to provide services to state-sanctioned marijuana businesses.

  • September 27 (Wednesday) 10:30 a.m.: The Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment holds a hearing on “The State of Flood Insurance in America.”  The witness will be Douglas Quinn, Executive Director, the American Policyholder Association.

  • September 27 (Wednesday) 10:00 a.m.: The Senate Agriculture, Nutrition and Forestry Committee holds a hearing on foreign ownership in U.S. agriculture.  Witnesses include Gloria Montano Greene , Deputy Agriculture undersecretary farm production and conservation, Harrison Pittman , Director of the National Agricultural Law Center in the University of Arkansas System Division of Agriculture, Fayetteville, Ark., David L. Ortega , Associate professor for agricultural, food, and resource economics at Michigan State University, East Lansing, Mich.

  

US Regulatory Meetings & Events

 

Federal Reserve Board

  • September 25 (Monday) 10:00 a.m.: Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a question-and-answer session hosted by the Wharton Central Banking Club in Philadelphia, Pennsylvania.

     

  • September 28 (Thursday) 4:00 – 5:00 p.m.: US Federal Reserve Board Chair Jay Powell participates in “Conversations with the Chair: A Teacher Town Hall Meeting” in Washington, DC. 

  • September 29 (Friday) 2:00 p.m.: New York Federal Reserve Bank President John Williams moderates a discussion before the 2023 Environmental Economics and Policy Conference: “Measuring and Adapting to Climate Risk,” hosted by the Federal Reserve Bank of New York.

  

Securities and Exchange Commission

 

Federal Deposit Insurance Corporation

  • Nothing significant to report.

 

Commodities Futures Trading Commission

  • September 27 (Wednesday) 3:40 a.m. EST/3:40 p.m. Hong Kong time: CFTC Commissioner Christy Goldsmith Romero to Participate in a Fireside Chat at the International Swaps and Derivatives Association’s (ISDA) Derivatives Trading Forum.

 

National Credit Union Administration

  • Nothing significant to report.

 

Federal Trade Commission & Department of Justice Antitrust Division

 

Farm Credit Administration

  • Nothing significant to report.

 

Trade Associations & Think Tank Events

Think Tanks

  • September 28 (Thursday) 1:00 p.m.: The Center for American Progress hosts a discussion on “How the Supreme Court's Decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America Could Harm Consumers."  Senator Elizabeth Warren (D-MA) will deliver keynote remarks.  Other speakers include Elyse Hicks, consumer policy counsel and coalition manager at Americans for Financial Reform, and Mike Pierce, executive director of Student B.

 

  • September 29 (Friday) 1:00 p.m.:  The Urban Institute holds a discussion on "Climate Change and Household Financial Well-Being: Understanding Risk and Building Resilience."

 

Trade Associations

 

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly
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