U.S. Regulatory Week Ahead

April 22 - 26, 2024

The regulatory world in Washington will be pretty quiet this week with the Passover holiday this week, and the U.S. Congress is out of session (although the Senate is expected to stay in town to vote on Tuesday on the $95 billion Ukraine/Israel/Taiwan aid package as well as a ban on TikTok).

This week, our focus will be on three potentially pivotal events at the Federal Trade Commission. The Open Meeting scheduled for Tuesday is particularly important. The FTC will deliberate on a rule to ban noncompete clauses in business contracts.    We anticipate the rule will be passed. This decision could significantly impact the financial services industry in the future. Stay informed and prepared for this potential game-changer. 

On Wednesday, the FTC is hosting an informal hearing on a proposed trade regulation rule concerning unfair and deceptive fees. This is part of a broader, coordinated effort strongly supported by President Biden and Consumer Financial Protection Bureau Director Rohit Chopra. The focus is on credit card and bank fees, and this rule could significantly alter the regulatory landscape in this sector. Stay tuned for updates on this important development.  

However, the biggest headline-grabbing event at the FTC this week may be what is discussed at an FTC closed meeting on Monday. There is speculation the Commission will be discussing a major pending merger – perhaps the Exxon/Pioneer Energy deal – and whether to block the deal. Of course, Open Meetings are confidential and none of us actually know what the agenda item, but we do know markets will be watching this one closely.  

Below is a listing of all the other major regulatory-related events this coming week:

U.S. Congressional Hearings 

U.S. Senate

• The Senate is in recess this week for the Passover holiday (except they are expected to return on Tuesday to vote on the Ukraine aid package and TikTok ban legislation).

House of Representatives

• The House of Representatives is in recess this week for the Passover holiday.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• There are no significant events or speeches scheduled at this time as the Fed is in its usual “Blackout Period” in advance of the Federal Open Market meetings, which are being held on May 1 – 2, 2024.

U.S. Treasury Department

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• Thursday, 2:00 p.m. – The SEC holds a closed meeting.

Commodities Futures Trading Commission

• Wednesday, April 24, 2:45 p.m. – CFTC Commissioner Christy Goldsmith Romero will participate on a panel at FIA’s Law & Compliance Conference titled AI and Machine Learning: The Unknown Future Rolls Towards Us at the Gaylord Hotel at National Harbor, Maryland.

• Thursday, April 25, 11:15 a.m. – CFTC Commissioner Kristin N. Johnson will participate in a panel on innovation in futures and derivatives markets at FIA’s Law & Compliance Division Conference. The panel will be moderated by Yvette Valdez at Latham & Watkins.  The event is at the Gaylord Hotel at National Harbor, Maryland.

• Friday, April 26, 5:00 p.m. – CFTC Chair Chairman Rostin Behnam will participate in a fireside chat at Syracuse University & Alumni Night in D.C. at the law firm of Morgan Lewis in Washington, D.C.

FINRA

• There are no significant events scheduled at this time.

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.

Federal Trade Commission & Department of Justice Antitrust Division

• Monday, April 22, 11:00 a.m. – The Federal Trade Commission holds a Closed Commission meeting.

• Tuesday April 23, 2:00 p.m. – The Federal Trade Commission holds an Open Meeting to consider a rule banning noncompete clauses in business contracts.

• Wednesday, April 24, 10:00 a.m. – The Federal Trade Commission holds an informal hearing on a proposed hearing on proposed trade regulation rule on unfair and deceptive fees.

• Friday, April 26, 12:30 p.m. – FTC Commissioner Alvaro Bedoya gives a speech at the Loyola University School of Law’s 24th Annual Loyola Antitrust Colloquium in Chicago, Illinois.

Farm Credit Administration

• There are no significant events scheduled at this time.

International Monetary Fund & World Bank

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• Monday, April 22, 12:30 p.m.: The Institute for International Finance will hold a roundtable discussion with Dominique Laboureix, Chair of the EU’s Single Resolution Board, in Washington, D.C.

• Tuesday, April 23, 9:00 a.m. – The Institute for International Finance holds an online event entitled “New SEC US Treasury Central Clearing Rules – Practical Implications and Planning Considerations.”

Think Tanks and Other Events

• Wednesday, April 23, 10:00 a.m.: The Bipartisan Policy Institute will hold a Fireside Chat with Housing and Urban Development Acting Secretary Adrianne Todman.

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