The Global Week Ahead

Preparing for the 2nd Trump Presidency, Peru Hosts the APEC Summit and Brazil Hosts theG20 Leaders While a Muted COP29 Begins, and Markets Wait for A Slew of Major Economic Reports

November 13 - 17, 2024

The political world shook last Tuesday when former President Donald Trump won a sweeping victory with enough of a coattail to help carry Republicans to win control of the U.S. Senate and – as of this writing – likely holding onto a razor-thin majority of the U.S. House of Representatives   The immediate fall-out has been a massive spike in geopolitical assessments in major capitals around the world, trying to get a handle on the potential impact of the return of the Trump foreign economic policy – particularly one that is now threatening across-the-board tariffs on any country Trump believes is not dealing fairly with the U.S. 

The clearest directional indicator of where and how Trump is going to move on these policies will be found in his cabinet appointments.  We expect the President-elect will move swiftly this coming week to begin filling out his cabinet while pressing the Republican Senate to rapidly accelerate the confirmation process as soon as the Senate is sworn into office on January 3.  Why the heightened state of urgency?  Our view is that Trump is a "lame duck" who cannot run for re-election in 2028.  At best, according to Trump staffers we have spoken to, Trump understands he has a solid two-to-two and half years to move on his agenda before the 2028 election cycle starts up, slowing down Washington's political legislative and regulatory agendas (as they do with processes again.  He's going to be a man on a mission, we have been told, to move hard and fast, more than any other President we have seen.

Also, this week, the APEC Summit begins in Peru.  The event highlights the growing political and trade relations between Latin America and the Indo-Pacific.  Chinese President Xi will be in attendance and will use the trip to inaugurate the controversial Chancay port in Peru.  The U.S. is concerned – as are some Peruvian leaders and other regional leaders – the port, which is owned and operated by the Chinese – could be used to support Chinese Naval operations in the region.

President Biden will also be in Peru for the APEC Summit, part of a six-day trip to Peru and Brazil.  While in Brazil, he will attend the G20 Summit, hold bilateral meetings with Brazil's President Lulu, and visit the Amazon Rain Forest to advocate for faster policy responses to Climate Change.

While all this is happening in Peru and Brazil, the United Nations' COP29 Summit begins in Azerbaijan.  This meeting seems to be on track to be less ambitious and more muted than previous COP Summits.  A number of global investment banks—normally regular and active attendees at COP meetings—are not attending.  While an estimated 197 countries will be represented, far fewer national leaders will be in attendance than in prior years.

Looking at the global economic radar screen, markets are looking out for a raft of economic reports in the U.S., EU, China, and Japan.  Despite being a shortened week for U.S. markets due to Veterans Day, markets will be intensely focused on the CPI print on Wednesday, and the PPI will be released on Thursday.  Also, U.S. retail sales and industrial production figures will be out this week on Friday.  Additionally, Fed Chair Jay Powell will be speaking at a conference hosted by the Dallas Federal Reserve on Thursday.

In Europe, the UK GDP and labor market figures are released on Tuesday, Germany's ZEW survey is out on Tuesday, and the European Central Bank's minutes from its October meeting are out on Thursday.  On Friday, the ECB releases the Autumn Economic GDP Forecast.

In Asia, China releases its October industrial production and retail sales figures on Friday, while Japan releases flash Q3 GDP estimates.

Below is what else we are closely watching around the world in the coming week:

Sunday, November 10, 2024 

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is Primer Grito de Independencia Day in Panama, a public holiday.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Asia-Pacific Economic Cooperation (APEC) Summit 2024 begins in Lima, Peru and runs through November 16.

·       Mauritius holds parliamentary elections.

·       Today is Cambodia Independence Day, celebrating when in 1945 Cambodian King Norodom Sihanouk proclaimed the country an independent kingdom.

Economic Reports/Events –

·       China Vehicle Sales (October)

Europe

Political/Social Events –

·       Today is Remembrance Day, marking the anniversary of the end of World War I in 1918.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Industrial Production (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Monday, November 11, 2024

Global

·       The United Nations COP9 Summit begins in Baku, Azerbaijan. More than 197 countries will participate, and it runs through November 24.

·       The International Atomic Energy Agency Director General Grossi is expected to travel to Iran to discuss the status of Iran’s nuclear weapons program.

Americas

Political/Social Events –

·       Today is Veterans Day, a U.S. federal holiday.  Most banks as well as the bond market is closed.  The equity markets are open.

Economic Reports/Events –

·       Brazil Gross Debt to GDP (September)/ Nominal Budget Balance (September)/ BCB Focus Market Readout

·       Mexico Consumer Confidence (October)/ Industrial Production (September)

·       Uruguay Industrial Production (September)

·       El Salvador Inflation Rate (October)

Asia

Political/Social Events –

·       Japan’s Diet will select a new Prime Minister in an extraordinary session of the parliament. 

·       Chinese Vice Premier Ding  Xuexiang will meet with Singapore’s Deputy Prime Minister Gam Kim Yong and co-chair the 20th Joint Council for Bilateral Cooperation.

·       The IMF begins its mission to Pakistan to consider possible aid.

Economic Reports/Events –

·       Japan Bank of Japan Summary of Opinions/ Current Account (September)/ Bank Lending (October)/ Eco Watchers Survey Outlook (October)

·       Indonesia Consumer Confidence (October)/ Car Sales (October)

·       New Zealand Business Inflation Expectations Q4

·       Malaysia Construction Output Q3

·       Thailand Foreign Exchange Reserves (October)

·       Kazakhstan PPI (October)

Europe

Political/Social Events –

·       Today is Armistice Day in the UK and most of Europe, marking the end of World War I.

·       The Paris Peace Forum begins and runs through November 12.

·       The Berliner Forum on Foreign Affairs begins in Berlin, Germany.  German Foreign Minister Annalena Baerbock and Ukrainian Foreign Minister Andrii Sybiha will speak.

Economic Reports/Events –

·       European Central Bank Board Member Elizabeth McCaul gives the keynote speech at the Malta Financial Services Authority’s (MFSA) Annual Banking Supervision Conference in St. Julian’s, Malta.

·       Ireland Construction PMI (October)

·       Romania Balance of Trade (September)

·       Turkey Industrial Production (September)/ Unemployment Rate (September)/ Participation Rate (September)/ Auto Sales (October)

·       Slovakia Construction Output (September)

·       Slovenia Industrial Production (September)

·       Russia Balance of Trade (September)

·       Hungary Budget Balance (October)

Middle East

Political/Social Events –

·       The Arab-Islamic Summit begins in Riyad., Saudi Arabia. The primary discussion will focus on the situation in Gaza.

·       Syria peace talks sponsored by Russia, Turkey, and Iran will take place in Kazakhstan.

Economic Reports/Events –

·       Jordan Inflation Rate (October)

·       Israel M1 Money Supply (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Egypt Inflation Rate (October)/ Core Inflation Rate (October)

Tuesday, November 12, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Israeli President Isaac Herzog will meet with President Biden at the White House to discuss the situation in Gaza and Lebanon.

Economic Reports/Events –

·       Federal Reserve Board Governor Christopher J. Waller gives a speech on payments systems at the Clearing House Annual Conference, New York, New York.

·       Minneapolis Federal Reserve Bank President Neel Kashkari to participate in the Yahoo Finance Invest 2024"New Challenges, New Opportunities" conference.

·       Philadelphia Federal Reserve Bank President Patrick Harker to speak on "Fintech, AI and the Changing Financial Landscape" before the Carnegie Mellon University Lecture Series.

·       Brazil BCB Copom Meeting Minutes/ Retail Sales (September)/ Business Confidence (November)

·       USA NFIB Business Optimism Index (October)/ RCM/TIPP Economic Optimism Index (November)/ NY Fed Treasury Purchases 1 to 2.5 yrs./ Consumer Inflation Expectations (October)/ Loan Officer Survey

·       Canada Building Permits (September)

·       Colombia Consumer Confidence (October)

·       Paraguay Balance of Trade (October)

·       Argentina Inflation Rate (October)

Asia

Political/Social Events –

·       The 15th Annual China Airshow begins in Zhuhai and runs through Sunday.

Economic Reports/Events –

·       New Zealand Electronic Retail Card Spending (October)

·       Australia Westpac Consumer Confidence Index (November)/ NAB Business Confidence (October)

·       Indonesia Retail Sales (September)

·       Japan Machine Tool Orders (October)

·       India Industrial Production (September)/ Inflation Rate (October)

Europe

Political/Social Events –

·       European Parliament holds confirmation hearings for 6 executive vice presidents-designate, including Italy's Raffaele Fitto, Spain's Teresa Ribera, France's Stephane Sejourne and Finland's Henna Virkkunen, as well as Estonia's Kaja Kallas.

·       NATO Secretary General Mark Rutte will travel to Paris to meet with French President Emmanuel Macron.

Economic Reports/Events –

·       European Central Bank Board Member Piero Cipollone chairs a high-level policy panel entitled "Financial sanctions and their implications for the international monetary system" at Global Research Forum on International Macroeconomics and Finance 2024 organized by the ECB, the Federal Reserve Board and the Federal Reserve Bank of New York in Frankfurt, Germany.

·       Netherlands Inflation Rate Final (October)

·       Germany Inflation Rate Final (October)/ ZEW Economic Sentiment Index (November)/ ZEW Current Conditions (November)/ Current Account (September)

·       Romania Inflation Rate (October)

·       Turkey Current Account (September)/ Retail Sales (September)

·       Great Britain Unemployment Rate (September)/ Employment Change (September)/ Claimant Count Change (October)/ HMRC Payrolls Change (October)

·       Hungary Inflation Rate (October)

·       Euro Area ZEW Economic Sentiment Index (November)/ ECB Cipollone Speech

·       Serbia Inflation Rate (October)

·       Ukraine GDP Growth Rate Q3

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The Africa Tech Festival 2024 will take place in Cape Town through November 14.

Economic Reports/Events –

·       South Africa Unemployment Rate Q3/ Unemployed Persons Q3/ Manufacturing Production (September)

Wednesday, November 13, 2024

Global

·       The G7 Ministerial Meeting on Tourism begins in Florence, Italy.

·       The UN Security Council will hold a vote on renewing Yemen sanctions.

Americas

Political/Social Events –

·       U.S. Senate Republicans will meet to vote on who will be the chamber’s next majority leaders.  Senate Democrats will hold their leadership vote in December.

·       Republicans in the U.S. House of Representatives will meet to vote on their leadership for 2025-2026.  House Democrats will meet in on November 19 to choose their leaders.

Economic Reports/Events –

·       St. Louis Federal Reserve Bank President Alberto Musalem to speak on the U.S. economy and monetary policy before the Economic Club of Memphis.

·       Kansas City Federal Reserve Bank President Jeffrey Schmid to give luncheon keynote before hybrid “Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City.

·       USA MBA Mortgage Market Index (November/08) / MBA Purchase Index (November/08) / Inflation Rate (October)/ CPI (October)/ Redbook (November/09) / Total Household Debt Q3/ Monthly Budget Statement (October)/ API Crude Oil Stock Change (November/08)

·       Peru Balance of Trade (September)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Korea Export Prices (October)/ Import Prices (October)/ Unemployment Rate (October)

·       New Zealand Visitor Arrivals (September)

·       Japan PPI (October)

·       Australia Wage Price Index Q3

·       Philippines Foreign Direct Investment AUG

·       Kazakhstan Unemployment Rate Q3

·       India M3 Money Supply (November/01)

·       China New Yuan Loans (October)/ M2 Money Supply (October)/ Outstanding Loan Growth (October)/ Total Social Financing (October)

Europe

Political/Social Events –

·       EU President Ursula von der Leyen meets with French Prime Minister Michel Barnier in Brussels.

·       The Rebuild Ukraine conference will be held in Warsaw through Thursday.

Economic Reports/Events –

·       France Unemployment Rate Q3

·       Romania Industrial Production (September)/ Current Account (September)

·       Hungary Industrial Production Final (September)

·       Euro Area ECB Non-Monetary Policy Meeting

·       Belarus Inflation Rate (October)

·       Poland Balance of Trade (September)/ Current Account (September)

·       Russia GDP Growth Rate Q3/ Inflation Rate (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Import/ Export/ Balance of Trade (October)

Africa

Political/Social Events –

·       The breakaway region of Somaliland will hold a presidential election.

Economic Reports/Events –

·       Mozambique Inflation Rate (October)

Thursday, November 14, 2024

Global

·       The International Energy Agency Monthly Market Report is released.

·       The G20 Social Summit begins in Rio de Janeiro, Brazil, and runs through November 16.

·       The IMF’s 25th Annual Jacques Polak Research Conference begins in Washington, D.C., and runs through November 15.

·       The UN Security Council votes on the renewal of the UN mission in Abiye, a disputed region between Sudan and South Sudan.

Americas

Political/Social Events –

·       President Biden begins a six-day state visit to Peru and Brazil and also attends the APEC Summit being hosted by Peru this year.  Chinese President Xi will also attend the summit.  Additionally, Biden will visit the Amazon rainforest to stress the importance of dealing with climate change.

·       The CPAC Conference begins in Mar-a-Lago, Florida.  Argentine President Javier Milei is expected to attend also meet with President-elect Trump.

Economic Reports/Events –

·       Federal Reserve Board Chair Jay Powell gives a speech at the Dallas Federal Reserve’s Global Perspectives Conference.

·       Federal Reserve Board Governor Adriana D. Kugler gives a speech on central bank independence and the economic outlook at the Latin American and Caribbean Economic Association (LACEA) and the Latin American Chapter of the Econometric Society 2024 Meeting, Departamento de Montevideo, Uruguay.

·       New York Federal Reserve Bank President John Williams to give keynote before the “Intermediating Impact: Making Missing Markets" event hosted by the Federal Reserve Bank of New York.

·       Brazil IBC-BR Economic Activity (September)

·       USA PPI (October) / Initial Jobless Claims (November/09)/ EIA Natural Gas & Crude Oil Stocks Change (November/08)/ 15- & 30-Year Mortgage Rate (November/13/ Fed Balance Sheet (November/13)

·       Colombia Industrial Production (September)/ Retail Sales (September)

·       Paraguay Consumer Confidence (October)

·       Mexico Interest Rate Decision

·       Uruguay Interest Rate Decision

·       Ecuador Balance of Trade (September)

Asia

Political/Social Events –

·       Sri Lanka holds parliamentary elections.

Economic Reports/Events –

·       New Zealand Food Inflation (October)

·       Reserve Bank of Australia Governor Michele Bullock takes part in a panel debate about the state of the economy at the ASIC Annual Forum in Sidney.

·       Australia Consumer Inflation Expectations (November)/ Full Time & Part Time Employment Chg (October)/ Unemployment Rate (October)/ Participation Rate (October)

·       Japan Foreign Bond Investment (November/09)/ Stock Investment by Foreigners (November/09)

·       India Passenger Vehicles Sales (October)/ WPI Food Index (October)

·       China PBoC 1-Year MLF Announcement

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Bank of England Governor Andrew Bailey speaks alongside UK chancellor Rachel Reeves at the annual financial and professional services dinner at the City of London’s Mansion House.

·       European Central Bank President Christine Lagarde gives remarks at the Choiseul Sovereignty Awards 2024 ceremony in Paris, France.

·       Bank of England Member of the Policy Committee Catherine Mann will give a speech entitled “Revitalizing the Global Economy” at the Society of Professional Economists Annual Conference in London.

·       European Central Bank Board Member Luis de Guindos gives remarks at the 31 Encuentro del Sector Financiero organized by ABC and Deloitte in Madrid, Spain.

·       European Central Bank Board Member Isabel Schnabel participates on a policy panel entitled "Reassessing Policy Tools for Current and Future Challenges" at 25th Jacques Polak Annual Research Conference "Rethinking the Policy Toolkit in a Turbulent Global Economy" in Washington, D.C.,

·       Great Britain RICS House Price Balance (October)

·       Romania GDP Growth Rate Prel Q3

·       Hungary Construction Output (September)

·       Slovakia GDP Growth Rate Prel Q3

·       Spain Inflation Rate Final (October)

·       Euro Area ECB Guindos Speech/ Employment Change Prel Q3/ GDP Growth Rate 2nd Est Q3/ Industrial Production (September)/ ECB Monetary Policy Meeting Accounts

·       Netherlands GDP Growth Rate Flash Q3/ Balance of Trade (September)/ Household Consumption (September)

·       Poland GDP Growth Rate Prel Q3

·       Slovenia GDP Growth Rate Q3

·       France IEA Oil Market Report

·       Turkey Foreign Exchange Reserves (November/08)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Inflation Rate (October)

·       Oman M2 Money Supply (September)/ Total Credit (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Gold Production (September)/ Mining Production (September)

·       Angola Wholesale Prices (October)/ Inflation Rate (October)

Friday, November 15, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Canada Manufacturing Sales Final (September)/ New Motor Vehicle Sales (September)/ Senior Loan Officer Survey

·       USA NY Empire State Manufacturing Index (November)/ Export Prices (October)/ Import Prices (October)/ Retail Sales (October)/ Industrial Production (October)/ Capacity Utilization (October)/ Manufacturing Production (October)/ Business Inventories (September)/ Retail Inventories Ex Autos (September)/ NOPA Crush Report/ Baker Hughes Total Rigs Count (November/15)

·       Colombia ISE Economic Activity (September)

·       Peru Unemployment Rate (October)

Asia

Political/Social Events –

·       Japan’s Prime Minister Shigeru Ishiba is expected to meet with Chinese President Xi Jinping on the sidelines of the APEC Summit in Peru.

·       Nikkei and the U.S.-based Center for Strategic and International Studies (CSIS) host the 21st CSIS/Nikkei Symposium in Tokyo under the title of "Shaping the Future: New Leadership in Japan, U.S. and Next Indo-Pacific Order." The Mount Fuji Dialogue, a gathering that unites influential government officials and businesspeople from the U.S. and Japan, is scheduled to start on Saturday in Tokyo.

Economic Reports/Events –

·       New Zealand Business NZ PMI (October)/

·       Japan GDP Growth Annualized Prel Q3/ GDP Price Index Prel Q3/ GDP Private Consumption Prel Q3/ Industrial Production Final (September)/ Capacity Utilization (September)/ Tertiary Industry Index (September)

·       China House Price Index (October)/ Industrial Production (October)/ Retail Sales (October)/ Fixed Asset Investment (YTD) (October)/ Unemployment Rate (October)/ NBS Press Conference

·       Indonesia Property Price Index Q3/ Imports/ Exports/ Balance of Trade (October)

·       Malaysia Current Account Q3/ GDP Growth Rate Final Q3

·       Hong Kong GDP Growth Rate Final Q3

·       Kazakhstan GDP Growth Rate Q3/ GDP (October)

·       India Bank Loan & Deposit Growth (November/01)/ Foreign Exchange Reserves (November/08)/ Imports/ Exports/ Balance of Trade (October)

·       Philippines Cash Remittances (September)

Europe

Political/Social Events –

·       Germany’s 2025 budget is presented to the Bundestag.

·       The EU Economic and Financial Affairs Council (Budget) meets in Brussels.  Ministers will discuss the EU’s 2025 annual budget.

Economic Reports/Events –

·       European Central Bank Board Member Elizabeth McCaul participates on a panel discussion at the high-level European Supervisory Authorities’ conference entitled "Financial services and Gender – Data, trends and progress in the EU and beyond" organized by EBA, ESMA and EIOPA in Frankfurt, Germany.

·       European Central Bank Board Member Philip R. Lane moderates a policy panel at a seminar entitled “A Fragmenting Trading System: where we stand and implications for policy" as part of the G7 Finance Track events organized by Banca d'Italia in Rome, Italy.

·       European Central Bank Board Member Piero Cipollone participates on a panel discussion on productivity at the CER Ditchley Park conference "A European path to higher economic growth" in Chipping Norton, UK.

·       UK GDP Growth Rate Prel Q3/ GDP (September)/ Goods Trade Balance (September)/ Balance of Trade (September)/ Business Investment Prel Q3/ Construction Output (September)/ GDP (September)/ Industrial Production (September)/ Manufacturing Production (September)/ NIESR Monthly GDP Tracker (October)/ Labour Productivity Final Q2

·       Germany Wholesale Prices (October)

·       Switzerland Producer & Import Prices (October)

·       France Inflation Rate Final (October)

·       Slovakia Inflation Rate (October)

·       Italy Inflation Rate Final (October)/ Balance of Trade (September)

·       Poland Inflation Rate Final (October)

·       Ireland Balance of Trade (September)

·       Serbia Building Permits (September)/ Current Account (September)

·       Belarus Industrial Production (October)

·       Ukraine Balance of Trade (September)

·       Turkey Budget Balance (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Inflation Rate (October)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Angola M3 Money Supply (October)

·       Nigeria Food Inflation (October)/ Inflation Rate (October)

·       Egypt Unemployment Rate Q3

Saturday, November 16, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       President Biden will attend the G20 Summit -which begins on Monday – and will meet with Brazilian President Lula in Rio de Janeiro.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       European Central Bank Board Member Luis de Guindos participates in an on-stage conversation at Trilateral Commission meeting in Madrid, Spain.

·       European Central Bank Board Member Isabel Schnabel gives a speech at the Chicago Booth Conference on the Global Economy and Financial Stability, in London.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Gabon holds a national referendum on a new constitution and could lead to the end of military rule.

Economic Reports/Events –

·       Nothing significant to report.

Sunday, November 17, 2024

Global

·       The G20 Leaders’ Summit takes place in Rio de Janeiro, Brazil.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       China FDI (YTD) (October)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel GDP Growth Annualized 1st Est Q3

Africa

Political/Social Events –

·       Senegal holds parliamentary elections.

Economic Reports/Events –

·       Nothing significant to report.

U.S. Regulatory Week Ahead

AT LAST, THE ELECTIONS ARE FINALLY HERE!  And Not A Whole Lot Is Going On in the Regulatory World This Week…

November 3 - 8, 2024

The elections are finally here this week. Washington is bracing for what Tuesday brings, especially the regulatory world because change is coming to the regulatory agenda in 2025 and beyond.

The only major event this week is the Federal Reserve’s Federal Open Market Committee (FMOC), meets Wednesday and Thursday to discuss the economy and interest rates.  And on Friday, Fed Governor Michelle W. Bowman participates in a conversation on banking topics at the University of Mississippi School of Business Banking and Finance Symposium.  The Securities Enforcement Forum is being held on Wednesday, bringing together current and former senior SEC officials – mostly enforcement staff – with white-collar attorneys, in-house counsels, and compliance executives.  And that is about it for the regulatory calendar this coming week.  

This past week saw a ramping up in the fight over the Federal Deposit Insurance Corporation’s (FDIC) efforts to tighten its oversight of how giant asset managers invest in banks.  House Republicans let it be known they are not happy with the FDIC’s effort, sending a letter to FDIC Chair Marty Gruenberg objecting. The FDIC is requiring BlackRock and Vanguard to sign agreements this week meant to more aggressively monitor the asset managers’ promises to remain passive investors in banks in which they have big ownership stakes. 

Also, this past week, Treasury Secretary Janet Yellen said at the American Bank Association’s annual meeting that Treasury believes fraud in the banking system is becoming a huge problem and that her department is now using artificial intelligence to detect and deal with the issue.

Also, anticipating the changes coming to Congress' composition and what they might mean for the regulatory world, Senator Tim Scott (R.-S.C.), the current ranking minority of the Senate Banking Committee, appears to have locked up enough support to become the next Chair of the Senate Banking Committee if control of the chamber flips.

Let’s see what happens on Tuesday. And don’t forget to vote!  Below is a listing of all the other significant regulatory-related events this coming week:

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is in Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled.  They will return to work on November 12.

House of Representatives

·       The House is out of session until after the November elections.  No business or hearings are scheduled.  They will return to work on November 12.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Wednesday & Thursday, November 6 & 7 – The Federal Reserve Board’s Federal Open Market Committee meets in Washington to consider interest rates.

·       Friday, November 8, 11:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a conversation on banking topics at the University of Mississippi School of Business Banking and Finance Symposium, Oxford, Mississippi.

U.S. Treasury Department

·       There are no significant events scheduled at this time.

Department of Commerce

·       Friday, November 8, 9:30 a.m. – The Commerce Department’s Bureau of Economic Analysis holds a virtual meeting of the Bureau of Economic Analysis Advisory Committee to discuss proposed improvements, extensions, and research related to BEA's economic accounts and include an update on recent statistical developments.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Wednesday, November 6 – Acting Director of Enforcement Sanjay Wadhwa and several other SEC enforcement officials will participate in Securities Enforcement Forum D.C. 2024.

·       Thursday, November 7 – The SEC holds its Virtual National Compliance Outreach Seminar for Investment Companies and Investment Advisors.  You can find the agenda HERE.

·       Thursday, November 7, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       Friday, November 8, 6:00 p.m. PT – CFTC Commissioner Christy Goldsmith Romero will receive the Daniel K. Inouye Trailblazer Award from the National Asian Pacific American Bar Association (NAPABA). The award is NAPABA’s lifetime achievement award and highest honor and recognizes the Trailblazer’s leadership, vision, courage, tenacity, and substantial contributions to the legal profession.

Federal Deposit Insurance Corporation

·       Thursday, November 7, 9:00 a.m. – The Federal Deposit Insurance Corporation holds a meeting of the Advisory Committee on Community Banking chaired by FDIC Chair Martin Gruenberg to discuss issues that are of interest to community banks.  You can find the agenda HERE.

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.

FINRA

·       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

·       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.

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

·       Wednesday & Thursday, November 6 & 7 – SIFMA holds its annual Market Structure Conference in New York.

·       Thursday, November 7, 10:00 a.m. – The Futures Industry Association holds a virtual conference entitled Commodities Enforcement Trends and Developments.

·       Friday, November 8, 10:00 a.m. – The Institute for International Finance holds a Cyber Security Roundtable entitled “Resilience in the Face of Digital Fraud and Cyber Threats” in Brussels, Belgium.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

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

The U.S. Financial Regulatory Week Ahead

It’s World Bank/IMF Week in Washington, There Are Not One But Two Big Fintech Conferences This Week, And Pressure on FDIC Chair Gruenberg To Explain Himself Grows

October 21 - 25, 2024

Washington will be a very busy place this week as finance ministers and central bank chiefs from around the world converge for the annual World Bank/IMF meetings.  While burgeoning global debt will be a major focus of the meetings, issues surrounding the stability of the financial markets will be a central theme (We would note it will also be a significant theme of the BRICS Leaders’ Summit in Russia this week, as Russian President Vladimir Putin and other BRICS leaders seek to build an alternative financial system).

Also, this week, not one but two big Fintech Conferences will be held, one in Washington and one in Philadelphia.  The one in Washington – the Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference – will see speeches by a number of regulators, including Acting Comptroller of the Currency Michael Hsu, CFTC Chairman Rostin Behnam, and CFPB Director Rohit Chopra.

Also this week, Bloomberg is holding its Global Regulatory Forum in New York, where SEC Chair Gary Gensler will speak. He will also speak at SIFMA’s Annual Meeting in New York.

Quickly looking at what happened last week, we would note that while Congress remains out of session until after the November elections, there still was some notable action.  House Financial Services Chair Patrick McHenry on Wednesday slammed FDIC Chair Martin Gruenberg for “continued obstruction” of the panel’s investigation into the agency's workplace culture, calling on the bank regulator to schedule a transcribed interview by the end of the day.  Gruenberg continues to refuse to cooperate or explain himself.

McHenry – who is retiring from Congress at the end of this session – also sent a letter to the General Accountability Office (GAO) asking for an investigation into the Treasury Department's management of small business ownership data, which it collects under a law intended to fight money laundering. 

Also of note,  Treasury Secretary Janet Yellen said she believes a bipartisan stablecoin bill currently being negotiated in the House “comes close” to the administration’s goals for regulating digital assets.  While we believe there is virtually no chance of the bill being passed by the end of this year, we believe it will be revived early in the new Congress next year.

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

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is in a Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled.  They will return to work on November 12.

House of Representatives

·       The House is out of session until after the November elections.  No business or hearings are scheduled.  They will return to work on November 12.

US Regulatory Meetings & Events 

Federal Reserve Board and Federal Reserve Banks

·       Tuesday & Wednesday, October 22 – 23 – The Federal Reserve Bank of Philadelphia will hold its 8th Annual Fintech Conference in Philadelphia.  Among the speakers will be Federal Reserve Board Governor Michelle Bowman, Philadelphia Federal Reserve Bank President Patrick Harker, and a large number of industry leaders.

·       Wednesday, October 23, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman gives opening remarks at the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania.

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.

Securities and Exchange Commission

·       Monday, October 21, 10:25 a.m. – SEC Chair Gary Gensler will deliver remarks and participate in a one-on-one conversation with SIFMA President and CEO Kenneth Bentsen at the SIFMA Annual Meeting in New York.

·       Tuesday, October 22, 11:00 a.m. – SEC Chair Gary Gensler will speak at the Bloomberg Global Regulatory Forum in New York. A livestream of his remarks will be available. See the conference agenda here. 

·       Thursday, October 24, 1:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Monday, October 21, 2:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at SIFMA’s Annual Meeting in New York.

·       Tuesday, October 22, 2:05 p.m. – CFTC Chairman Rostin Behnam will give a keynote address at the Bloomberg Global Regulatory Forum in New York.

·       Wednesday, October 23, 9:05 a.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat with Congressman Ro Khanna at DC FinTech Week in Washington, D.C.

FINRA

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, October 22 – Federal Deposit Insurance Corporation Vice Chair Travis Hill will speak at the DC Fintech Week Conference in Washington, D.C.

Office of the Comptroller of the Currency

·       Tuesday, October 22, 9:00 a.m. – Acting Comptroller of the Currency Michael J. Hsu will discuss the future of banking with Hyun Song Shin, Economic Adviser and Head of Research at the Bank for International Settlements, during DC Fintech Week in Washington, D.C.

The Consumer Financial Protection Bureau

·       Wednesday, October 23 -- Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks at the DC Fintech Week Conference in Washington, D.C.

National Credit Union Administration

·       Thursday, October 24, 10:00 a.m. – The NCUA holds a Board Meeting. The agenda will cover an update on cybersecurity and a briefing on New Charter and Field of Memberships.

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.

International Monetary Fund & World Bank

·       Friday, October 21 - 26 – The International Monetary Fund and the World Bank Group officially kick off their 2024 Fall Meeting.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Monday, October 21 – SIFMA holds its annual meeting in New York. 

·       Monday – Friday, October 22 – 25 – The Institute for International Finance Annual Membership meeting takes place in Washington, D.C.

·       Tuesday, October 22 – The Institute for International Bankers holds its annual 2024 Anti-Money Laundering Conference in New York.

·       Thursday, October 24, 10:00 a.m. – The Bipartisan Policy Center holds a discussion on "Scaling Local Innovations for Achieving Housing Affordability."

Think Tanks and Other Events

·       Monday, October 21, 9:00 a.m. – 4:30 p.m. – The Peterson Institute for International Economics holds a conference on "Geopolitics and International Trade and Finance: Knowns and Unknowns."

·       Monday, October 21 - The Urban-Brookings Tax Policy Center holds a virtual forum, beginning at 1 p.m., on "Tax Policy, the 2024 Election, and a Look Ahead to 2025."

·       Tuesday, October 22 – Day One of The Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference begins.  Among the speakers today will be Acting Comptroller of the Currency Michael Hsu, Representative French Hill, (R-Ark.), National Security Council Special Adviser for Cybersecurity and Critical Infrastructure Policy Carole House participates in a discussion on "The Geopolitics of Artificial Intelligence," and Federal Deposit Insurance Corporation Vice Chair Travis Hill.

·       Tuesday, October 22, 4:00 p.m. – The Brookings Institution will hold an event entitled “Climate, development, and international financial institutions: Perspectives from the Global South.”

·       Wednesday, October 23 – Day Two of The Georgetown University Law Center's Institute of International Economic Law Fintech Week Conference.  Rep. Ro Khanna, (D-Calif.) and Commodity Futures Trading Commission Chairman Rostin Behnam deliver remarks. Also, New York Department of Financial Services Superintendent Adrienne Harris and Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks.

·       Wednesday, October 23 – The Association of Certified Sanctions Specialists holds its sixth annual conference on "Global Sanctions and Export Controls” in Washington, D.C. Among the speakers will be Matthew Axelrod, assistant secretary for export enforcement at the Commerce Department's Bureau of Industry and Security,  Scott Anderson, national coordinator for the Commerce Department Bureau of Industry and Security's Disruptive Technology Strike Force, and Molly Braese, chief of staff to the assistant Commerce secretary for export enforcement at the Bureau of Industry and Security.

·       Wednesday, October 23, 9:00 a.m. – The Center for Global Development holds a discussion on "Bretton Woods at 80: Priorities for the Next Decade."

·       Wednesday, October 24, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "Geneva Report Launch: Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil."

·       Wednesday, October 24, 11:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 11 a.m., on "Monetary Policy Transmission Across the Euro Area."

·       Wednesday, October 24, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion on "Monetary Policy During Periods of Economic Volatility."  Adrian Orr, Governor of the Bank of New Zealand, will speak,.

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

U.S. Financial Regulatory Week Ahead

Washington’s Financial Regulators Go Quiet A Month Before the Elections; Face-Off Between the Fed and the FDIC on Basel III, and Regulated Election Betting Starts Up

October 7 - 11, 2024

Congress is out campaigning in their home states and districts (although they may briefly come back in next week for an emergency vote on disaster aid for those areas recently slammed by Hurricane Helene).  All the regulators are here in town but carrying very light schedules.  The most significant events we could out there are the monthly board meeting of the Farm Credit Bureau and an SEC event being cohosted with the Federal Thrift Retirement Investment Board entitled Your TSP Account – What to Think About When Nearing Retirement or Considering Leaving the Government.”

Also this week, there are a number of speeches by Federal Reserve Board Governors this week (there are always a lot of Fed Governor speeches every week other than the black-out weeks in advance of the Fed Open Market Committee meetings, aren’t there?).

While Congress is out, that does not mean they are quietly working away at various legislative initiatives.  Word came down several days ago that Senator Bill Hagerty (R-TN) is working on a new crypto regulatory bill.  Hagerty is regularly mentioned as a possible Trump Cabinet member – perhaps Treasury Secretary – so whatever he proposes should be paid attention to – although, considering the extremely short post-election Congressional calendar, his bill has virtually zero chance of being passed this year and would have to be considered in the new Congress in 2025.

Also, this past week, there were reports that the Federal Reserve’s revised Basel III regulations are caught up in a quiet fight with the FDIC Board—specifically, Consumer Financial Protection Bureau Director (and FDIC Board member) Rohit Chopra. Chopra is holding out for a much more stringent version of the regulation—more akin to the first draft.

And bringing this note back to the elections: A federal appeals court this past Wednesday cleared the way for the financial exchange Kalshi to move forward with the first fully regulated election-betting markets in the U.S.  Place your bets, everyone!

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

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is in a Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled.  They will return to work on November 12.

House of Representatives

·       The House is out of session until after the November elections.  No business or hearings are scheduled.  They will return to work on November 12.

US Regulatory Meetings & Events 

Federal Reserve Board and Federal Reserve Banks

·       Monday, October 7, 1:00 p.m. – Federal Reserve Board Governor Michelle W. Bowman will speak at the Independent Bankers Association of Texas (IBAT) Annual Convention, San Antonio, Texas.

·       Tuesday, October 8, 3:00 a.m. (Frankfurt, Germany time) – Federal Reserve Board Governor Adriana D. Kugler will give a speech on Global Inflation at the European Central Bank Conference on Monetary Policy 2024, Frankfurt am Main, Germany.

·       Tuesday, October 8, 7:30 p.m. – Federal Reserve Board Vice Chair Vice Chair Philip N. Jefferson will give a speech on “The Discount Window: 1913-2000” at Davidson College, Davidson, North Carolina.

·       Wednesday, October 10, 9:15 a.m. – Federal Reserve Board Governor Lisa D. Cook will give remarks on “Entrepreneurship and Innovation” at the Women for Women Summit presented by the College of Charleston School of Business, Charleston, South Carolina.

·       Wednesday, October 10 – The Chicago Federal Reserve Bank’s Payments Symposium will be held Chicago. Chicago Fed President Austan Goolsbee, Richmond Fed President, and Cleveland Fed President Loretta Meister are scheduled to speak.

·       Friday, October 11 – The Chicago Federal Reserve Bank’s Community Bankers Symposium will be held in Chicago.  Chicago Fed President Austan Goolsbee will speak along with Federal Reserve Board Governor Michelle W. Bowman will give remarks on community banking at the Federal Reserve Bank of Chicago Community Bankers Symposium (Virtual).

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.

Securities and Exchange Commission

·       Tuesday, October 8, 10:00 a.m. – The SEC and the Federal Retirement Thrift Investment Board will host “Your TSP Account – What to Think About When Nearing Retirement or Considering Leaving the Government” (a virtual event)

·       Wednesday, October 9, 4:30 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the NYU Law Institute for Corporate Governance & Finance in New York.

·       Thursday, October 10, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Tuesday, October 8 & 9 – The CFTC hosts a hybrid event as part of World Investor Week entitled Explore Relationship Confidence Scams and Anti-Fraud Resources in Washington, D.C. and Austin, Texas.

·       Wednesday, October 9, 7:00 p.m. – CFTC Commissioner Caroline D. Pham will speak on a keynote fireside chat at the Northwind Professional Institute’s 2024 Disruptive Technologies Invitational Forum in Cambridge, Canada.

·       Friday, October 11, 11:50 a.m. (MT) – CFTC Commissioner Caroline D. Pham will speak virtually on a fireside chat titled “Pushing Crypto Forward in the US” at Permissionless III, presented by Blockworks and BANKLESS in Salt Lake City, Utah.

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

·       Friday, October 11, 9:00 a.m. – Acting Comptroller of the Currency Michael Hsu will speak about the OCC Initiatives in Support of Minority Depository Institutions at the National Bankers Association2024 Annual Conference in Washington, D.C.

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

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       Thursday, October 10, 10:00 a.m. – The Farm Credit Administration holds a board meeting.  They are scheduled to vote on a proposed rule dealing with  Annual Independent Audits and Internal Controls over Financial Reporting Requirements

Farm Credit Insurance Corporation

·       Wednesday, October 9, 10:00 a.m. – The Farm Credit Insurance Corporation holds a board meeting.  The agenda includes Quarterly FCSIC financial reports, Quarterly report on insured obligations, Quarterly report on annual performance Plan, Annual performance plan and Annual budget (Open), and Quarterly report on insurance risk (Closed)

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

·       Sunday – Tuesday, October 6-8 – the American Bankers Association holds its Bank Marketing Conference in Chicago, Illinois.

·       Tuesday – Thursday, October 8 -10 – The American Bankers Association holds its annual Financial Crimes Enforcement Conference in Arlington, Virginia.

Think Tanks and Other Events

·       Wednesday, October 9, 9:00 a.m. – The Peterson Institute for International Finance will hold an event entitled “A holistic perspective on climate and financial policies”

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

The U.S. Financial Regulatory Week Ahead

September 2 - 6, 2024

Washington Gets Back to Work… Sort Of…

And What is Going on at the FDIC?

Monday is Labor Day, the last day of summer, and the virtual starter gun is being fired for what will be a busy and, at times, wild autumn in Washington. Schools are back in session, vacation is over, and Washington is back to work (except Congress, which gets back September 9th).   

There really is not anything of note on the regulatory agenda this week—traditionally, this is the week everyone in Washington uses to get back in the groove of work and prep for the onslaught of regulatory meetings and rule-making, lawsuits, legislation, and of course, the November elections.   

This past week, the one big event of note was yet another blow-up at the Federal Deposit Insurance Corporation (FDIC) when FDIC Board Member Jonathan McKernan released a memo blasting the Democratic members of the board—including Chair Marty Gruenberg—for how they intend to move forward in investigating senior FDIC officials for creating and maintaining a toxic workplace, including allegations against Gruenberg. In a closed-door meeting this past Wednesday, the board voted along partisan lines on how the investigation will be conducted. 

McKernan said that what was voted on was a “convoluted and complicated process” that limits the information available to outside investigators.  However, the public cannot judge for themselves because the board voted to keep the resolution secret and will not publish it.

To be clear as to the extent of the crisis at the FDIC caused by Gruenberg, it is worth reviewing the facts of the situation: Gruenberg, who was cited by an outside review conducted by the law firm Cleary Gottlieb as leading and allowing a highly toxic workplace at the FDIC for years (and apparently is still under investigation in some way) refuses to resign and is allowed to vote on how he should be investigated.  The majority of the FDIC board also refuses to allow the public to see the resolution they voted on describing how investigations will be conducted.  And Gruenberg will almost assuredly be sitting in the chair for the rest of the year because he knows, and everyone else knows, his successor will almost assuredly not be confirmed by the Senate until the spring of 2025.  How the once mighty FDIC has fallen. 

As we started this week’s note by saying, the regulators are not conducting much public business. The SEC has a closed meeting scheduled, and one Fed speech has been scheduled.

We hope you enjoy the week – it is going to get very busy the following week and months to come:

U.S. Congressional Hearings

 U.S. Senate

·       The Senate is out of session for the month of August and returns to work on September 9.

House of Representatives

·       The House is out of session for the month of August and returns to work on September 9.

US Regulatory Meetings & Events

 Federal Reserve Board and Federal Reserve Banks

·       Friday, September 6, 11:00 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the University of Notre Dame Department of Economics in South Bend, Indiana.

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.

Securities and Exchange Commission

·       Thursday, September 5, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

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

·        Thursday, September 4, 11:00 a.m. – The FTC holds closing arguments before the Administrative Law Judge re: Horseracing Integrity and Safety Authority.

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.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

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

U.S. Financial Regulatory Week Ahead

Washington Slowly Creeps Back to Work

August 26 - 30, 2024

For much of the US, schools are back in session, and most folks have wrapped up their summer holidays.  But in Washington, next week is the last week of summer holidays. Which means it will still be mostly quiet around town and at the regulatory agencies.  The only regulatory activity we can find is the Securities and Exchange Commission (SEC) holding an open meeting and the Federal Trade Commission (FTC) holding an administrative court hearing about horse racing.  But as the last week showed, Washington is slowly getting back to work and getting revved up for a busy fall.

Perhaps the significant event last week was not in Washington but in Texas, where a federal judge blocked the FTC’s sweeping ban on noncompete agreements.  The ruling slammed the FTC, saying, “In sum, the Rule is based on inconsistent and flawed empirical evidence, fails to consider the positive benefits of non-compete agreements, and disregards the substantial body of evidence supporting these agreements.”   The FTC is likely to appeal the ruling, but it does not look good that the FTC will ultimately succeed – as most observers predicted when the FTC first launched into this effort.

Meanwhile, the FDIC announced the hiring of a former federal prosecutor to oversee the agency’s efforts to root out the toxic workplace culture exposed in an independent report earlier this year.  Carrie Cohen, who currently is the co-chair of the investigations and white-collar practice at the law firm of Morrison Foerster and is a former Assistant District Attorney in the Southern District of New York, was hired by the board.  Her hiring triggered a new round of Congressional Republicans to demand the immediate resignation of current FDIC Chair Marty Gruenberg (who continues to refuse to resign until a replacement is confirmed by the Senate – which probably won’t happen until 2025).

Finally, we saw Federal Reserve Board Vice Chair for Supervision Michael Barr speak about the constant battle banks and regulators are waging against cyberattacks and technology failures.  Barr said such attacks are increasingly growing as threats: “There is a lot of work to do.  It is a constant process, a constant battle as the technology changes.”

We expect the week of September 1st (Labor Day) we will see a significant pick up of events.  Until then, enjoy the relative quiet!  Below is the listing of events among regulators in the coming week:

U.S. Congressional Hearings

U.S. Senate

·       The Senate is out of session for the month of August and returns to work on September 9.

House of Representatives

·       The House is out of session for the month of August and returns to work on September 9.

US Regulatory and Administrative Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Wednesday, August 28, 1:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller gives a speech on payments at the Global Fintech Festival 2024, Mumbai, India.

• Thursday, August 29, 2:30 p.m. CT – Atlanta Federal Reserve Bank President Raphael Bostic to give an "Introduction to the Federal Reserve and an Economic Outlook" presentation before a Georgia Tech Scheller College of Business Management of Financial Institutions class.

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.

Securities and Exchange Commission

• Wednesday, August 28, 10:00 a.m. – The SEC will hold an Open Meeting.  They will consider adopting amendments to reporting requirements on Forms N-PORT and N-CEN.

• Thursday, August 29, 2:00 p.m. – the SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

• There are no significant events scheduled at this time.

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

• Thursday, August 29, 9:30 a.m. – The Federal Trade Commission holds an evidentiary hearing before an Administrative Law Judge on Horseracing Integrity and Safety Authority.

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.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• There are no significant events scheduled at this time.

Think Tanks and Other Events

• Monday, August 26, 2:00 p.m. – The Urban Institute holds a virtual discussion, beginning at 2 p.m., on "Identifying Solutions to Address Wealth Inequities: A Conversation with Government, Business, and Nonprofit Leaders.

• Tuesday, August 27, 2:00 p.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Reforming the HCV (Housing Choice Voucher) Program Through Direct Rental Assistance."

• Wednesday, August 28, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "The Bank-Sovereign Nexus in Developing and Emerging Economies."

• Thursday, August 29, 12:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12:30 p.m., on "Understanding the Regulatory Landscape for Private Fund Advisers."

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

U.S. Financial Regulatory Week Ahead

July 29 - August 2, 2024

The Dog Days of Summer in Washington Haven’t Quite Started Just Yet

Last week we said Washington’s financial regulatory world was entering the dog days of summer.  That might have been a bit premature.  First, we saw former President Donald Trump address the Bitcoin 2024 Conference in Nashville, Tennessee, where he promised to fire SEC Chair Gary Gensler and create a “strategic national bitcoin stockpile.”   Financial regulation has now officially entered the 2024 presidential election debate!

Then, we saw the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a request for information from the industry on bank’s partnerships with fintech firms.  Specifically, the regulators want to hear about how banks are maintaining “effective risk management practices.”  They also separately issues a joint-statement reminding banks’ of the potential risks of working with third-party companies that provide bank despot products and services.

The same trio of bank regulators also issued a notice requesting comment on interagency efforts to reduce regulatory burdens, focusing on consumer protection, the role of directors, officers, and employees, and money laundering.

Also this past week, FDIC Vice Chair Travis Hill stepped up and made a public call for scrapping the pending bank capital rules and starting over from scratch and not simply making modifications to the draft. He went on to argue the Basel-mandated rules, as currently drafted, may not be legal.  Hill then presented a vision for a number of important bank regulatory issues.  If former President Trump is elected, Hill is seen as his choice as FDIC Chair.

The Federal Courts were also active this past week as a federal judge in Texas stayed the long-suffering Department of Labor’s fiduciary rule.

Looking at the week ahead, the FDIC is holding an Open Meeting to consider new rules on industrial loan companies and brokered deposits. And the SEC is holding a Small Business Capital Formation Advisory Committee. 

Up on Capitol Hill, the Senate Agriculture Committee is tentatively planning to mark up a crypto regulatory bill while the Senate Banking Committee might vote on the nomination of Christy Goldsmith Romero to be FDIC Chair (much depends on whether recently convicted Senator Bob Menendez (D-NJ), a member of the committee, will show up to vote.  Following his recent federal bribery conviction, Menendez said he would resign.

But what will likely be the best event this week will be Capitol Account’s event in the Capitol Visitors Center. SEC Commissioner Mark Uyeda will participate in a fireside chat, giving great insights into the SEC’s agenda for the rest of the year and what to expect in the wake of the Chevron decision. You can watch it virtually, but you have to register, which you can do by clicking HERE.

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

U.S. Congressional Hearings 

U.S. Senate

• Tuesday, July 30, 10:00 a.m. – The Senate Finance Committee holds a hearing entitled “Tax Tools for Local Economic Development.”

• Tuesday, July 30, 10:00 a.m. –  The Senate Commerce, Science and Transportation Tourism, Trade, and Export Promotion Subcommittee holds a hearing on "Enabling Rural Businesses to Grow at Home While Competing Abroad."

• Tuesday, July 30, 2:30 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee holds a hearing entitled “Banning Noncompete Agreements: Benefits for Workers, Businesses, and the Economy.”

• Wednesday, July 31, TBD – The Senate Agriculture Committee is tentatively planning to hold a markup of Committee Chair Senator Debbie Stabenow’s (D-MI) draft crypto bill.

• Wednesday, July 31, TBD – Senate Banking Committee Chair Sherrod Brown (D-OH) is floating the idea of voting to advance FDIC Chair-nominee Christy Goldsmith Romero’s nomination.  However, with the pending resignation of Senator Bob Menendez (D-NJ following his recent criminal conviction, the committee will be one Democratic vote shy, and at this point, it appears there are no committee Republicans known to support the nomination.  It is not clear if Menendez will show up or not.  Also likely to be included in the vote would be the advancement of the nominations of Caroline Crenshaw to be an SEC Commissioner and current CFTC Commissioner Kristin Johnson to be an Assistant Secretary of the Treasury, and Gordon Ito to be a member of the FSOC. 

House of Representatives

• The House is out for the month of August.  No events are scheduled at this time.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday & Wednesday, July 30 – 31 – The Federal Reserve Board’s Federal Open Market Committee meets for two days to discuss the economy and interest rates.  Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on July 31.

U.S. Treasury Department

• Tuesday, July 30, 9:00 a.m. – The Treasury Department holds a closed meeting of the Debt Management Advisory Committee to discuss topics related to the economy, financial markets, Treasury financing, and debt management, followed by a written report of its recommendations from the committee.

• Thursday, August 1, 2:00 p.m. – The Treasury Department’s Advisory Committee on Risk-Sharing Mechanisms meets.  The agenda for the meeting includes: Presentations addressing the Federal Insurance Office's partnership with the National Science Foundation to establish a new Industry-University Cooperative Research Center to provide research, analysis, and thought leadership to improve the insurance sector's modeling and underwriting of terrorism and catastrophic cyber risks; Hear a presentation by FIO staff on the 2024 Report on the Effectiveness of the Terrorism Risk Insurance Program and the International Forum of Terrorism Risk (Re)Insurance Pools Conference hosted by FIO in April 2024; and Roundtable discussion by the members to provide industry insight on the effectiveness of TRIP, terrorism insurance market conditions, ideas for private market risk-sharing mechanisms that can offset losses arising from acts of terrorism, and the administration of TRIP.

Department of Commerce

• Thursday, August 1, 2:00 p.m. – The Commerce Department Economic Development Administration holds a virtual meeting of the National Advisory Council on Innovation and Entrepreneurship to discuss strategies to unlock sources of capital to leverage federal investments and designations, including current and future tech hubs, aligned with the Commerce Department's existing work in this area.

Securities and Exchange Commission

• Tuesday, July 30, 10:00 a.m. – The SEC holds its Small Business Capital Formation Advisory Committee meeting.  The Committee will continue its exploration of ways to expand access to early-stage capital raising and support underrepresented emerging fund managers, the Committee will explore recent changes to the SBIC program designed to increase access and diversify funding for small businesses, start-ups, and fund managers.  The full agenda can be accessed HERE.

• Thursday, August 1, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

• There are no significant events scheduled at this time.

FINRA

• There are no significant events scheduled at this time.

• Wednesday, July 30, 10:00 a.m. – The FDIC Board of Directors will hold an Open Session.  You can find the full agenda HERE, which includes proposed rulemakings on brokered deposits, parent companies of Industrial Banks, and several other items.

Office of the Comptroller of the Currency

• Thursday, August 1, 10:00 a.m. – The OCC, along with the FDIC and New York Department of Financial Services, are holding a Bankers Roundtable entitled “Access to Financial Products and Services for the Unbanked and Underbanked” in New York.

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

• Wednesday, July 31, 10:00 a.m. – The FTC holds a hearing before the FTC’s Administrative Law Judge regarding the proposed merger of Kroger Company and Albertsons Companies.

• Thursday, August 1, 10:00 a.m. – The FTC holds an Open Commission meeting to discuss Pharmacy Benefit Managers Report and their impact to access and affordability of medicines and then receive a presentation on Military Consumer Production.

• Thursday, August 1, 3:30 p.m. – The FTC and the Department of Justice Antitrust Division will jointly hold a the first public hearing of the Strike Force on Unfair and Illegal Pricing.

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.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• There are no significant events scheduled at this time.

Think Tanks and Other Events

• Tuesday, July 30, 10:00 a.m. – Capitol Account holds an event on investment advisers’ rules sponsored by Charles Schwab. SEC Commissioner Mark Uyeda participates in a fireside chat, An industry panel discussion features Jon Beatty, Head of Advisor Services, Charles Schwab; Karen Barr, President, Investment Adviser Association; James J. Burns, CEO/President, JJ Burns & Company and Stephen Johnson, Chief Counsel Wealth & Asset Management Legal Group, Charles Schwab. Location: Capitol Visitor Center, room SVC 215. Pre-registration is required for people without congressional identification. Click here to sign up.

• Tuesday, July 30, 12:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12 p.m., on "Debanking: The Newest Threat to Free Speech and Religious Liberty?"

• Wednesday, July 31, 6:00 p.m. – Axios holds a discussion on "Investment for Improvement," focusing on "how corporate investment in the economy can impact and reflect broader market trends, affect long-term inflation and drive financial growth for specific sectors and consumers."

• Wednesday, July 31, 12:00 p.m. – The Competitive Enterprise Institute holds a "Lunch Briefing: De-Weaponization of Financial Regulation."

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

U.S. Financial Regulatory Week Ahead

July 1 - 5, 2024

It is about to be the quietest week of the summer in Washington.  Independence Day is on Thursday, and everyone is taking the whole week off.   And after all the massive legal fireworks that happened last week, we (and virtually all financial regulators) badly need it.

If you haven't caught up yet, the U.S. Supreme Court handed down two pivotal decisions that significantly impacted regulators.  The more seismic of the two rulings was the dismantling of the Chevron deference, a 40-year-old doctrine that mandated federal judges to defer to regulatory agencies 'reasonable' interpretation of 'ambiguous' federal laws. 

What are the implications of Chevron's reversal?  For those celebrating the ruling, "regulatory creep" in Washington is now in check.  Hard stop.  What we are curious about is what happens next – do we see a flood of lawsuits from various business organizations challenging regulations that have been put in place over recent years due to the Chevron deference?  That could shake the financial regulatory framework to its core. 

The second case saw the Supreme Court rebuking  the Securities and Exchange Commission's use of their in-house court to resolve certain enforcement disputes.  The 6-3 decision, hailed by conservative groups, is a significant rollback of 'regulatory creep' at the SEC.  Practically, it means a defendant can compel the SEC to take their case to a jury trial – a costly, labor-intensive action that could deter the Commission from initiating a case.

Elsewhere, life does not get any easier for FDIC Chair Marty Gruenberg.  The National Treasury Employees Union (NTEU) – which represents FDIC staff – is fighting Gruenberg's efforts to get employees back into the office.  Last Friday, Gruenberg issued a new order requiring employees to show up at least two days a week, effective July 15.   The NTEU says the order is illegal, and Gruenberg had not consulted with the union, accusing Gruenberg of "bad faith bargaining."  At this point, you must think Gruenberg cannot wait to get out of the FDIC.

And there was the release of the annual stress test results from the Federal Reserve.  All 31 banks passed the test – which gave an opening to virtually all the major bank trade groups to argue this is further evidence the Fed's proposed bank capital rule is not necessary.  

Speaking of the proposed bank capital rule – the Fed began shopping around a "revised" (read: scaled back) version of the rule.  The revision has not been seen publicly yet, but the rumor is the proposal will scale back the capital increase number to 5 percent from the original 16 percent plus, but our guess is two things will happen:  Progressive Democrats in Congress will not be happy with it, and bank trade groups will not be satisfied, either, saying it was not scaled back enough.   The fight will continue.

As for what is happening this coming week, the only two events or speeches we could find scheduled among financial regulators are overseas: Fed Chair Jay Powell will attend the European Central Bank Forum in Portugal, and CFTC Commissioner Caroline Pham will participate in a conference in Zurich. 

Below is a listing of what is happening at the financial regulatory agencies this week and in Congress.  Please let us know if you have any questions.

Below is a full listing of what is happening at the financial regulatory agencies this week and in Congress.  Please let us know if you have any questions.

U.S. Congressional Hearings 

U.S. Senate

• The Senate is out of session for the July 4 holiday and returns July 8.

House of Representatives

• The House is out of session for the July 4 holiday and returns July 8.

Joint Committees

• Congress is out of session for the July 4 holiday and returns July 8.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday, July 2, 9:30 a.m. (Portugal time) – Federal Reserve Chair Jerome H. Powell will participate in a policy panel discussion at the European Central Bank (ECB) Forum on Central Banking 2024, Sintra, Portugal.

U.S. Treasury Department

• 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

• Wednesday, July 3, 10:00 a.m. Zurich Time – CFTC Commissioner Caroline D. Pham will participate in a panel titled “Navigating and making sustainable the Al and DLT paradigm shift: Challenges and opportunities in the financial services market” at the Point Zero Forum in Zurich, Switzerland.   Later in the day (11:50 a.m. Zurich time) she will participate in a “Capital Meets Policy” dialogue on the global AI regulatory landscape.  And then at 1:30 p.m. Zurich time, Commissioner Pham will participate in a panel discussion entitled “Global policymakers’ dialogue on state of CBDCs and digital money regulations.”

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, July 1, 11:00 a.m. – The FTC will hold a Closed Commission Meeting.

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.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• Tuesday, July 2, 10:30 a.m. – The Institute for International Finance holds an online event entitled “Enhancing Debt Sustainability and the Investment Environment: The Latin American Context.”

Think Tanks and Other Events

• Monday, July 1, 1:00 p.m. – The Atlantic Council's GeoEconomics Center holds a virtual event, beginning at 1 p.m., on "marking the 80th anniversary of the opening of the Bretton Woods Conference.

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

U.S. Financial Regulatory Week Ahead

June 10 - 14, 2024

This coming week will be another busy week for the financial regulatory world in Washington.  Congress is working its way through the 2025 appropriations process, and that means we will see SEC Chair Gary Gensler and CFTC Chair Rostin Benham testifying in defense of their budgetary requests before the Senate Appropriations Committee.  All this is important, but our view is there is little chance Congress will get all the funding bills done before the November election and or the end of the year, punting it to the new Congress in January. 

But the big event this week will be in the House Financial Services Committee.  Committee Chair Patrick McHenry (R-NC) has called for a hearing to examine the recent independent investigatory report on the FDIC's out-of-control culture under FDIC Chair Martin Gruenberg.  While Gruenberg has said he will resign as soon as the Senate confirms a replacement, he also knows there is virtually no chance of that happening by the end of this year.  Now, incredibly, he is refusing to show up to testify before the Financial Services Committee.  In his place, two FDIC Directors, Acting Comptroller of the Currency Michael Hsu and FDIC Director Jonathan McKernan, along with the two external lawyers who conducted the investigation, will testify.

This is an extraordinary event in many ways.  Many observers we have spoken to cannot remember seeing any agency or department head who has been shown to both tolerate such a poisonous culture and was also explicitly engaged in it defy calls to step down immediately and now refuse to answer questions from the congressional committee with direct oversight of his agency.  In a word, Gruenberg seems to have gone rogue.  Expect a lot of fireworks this week and massive new pressure for him to step down immediately. 

Both the Senate Banking Committee and the House Financial Services Committee will host the annual "Consumer Financial Protection Bureau Semi-Annual Report to Congress" Events.  CFPB Director Rohit Chopra, who is also an FDIC Director, will be the key witness at both hearings.  Given the context, he will likely face numerous questions about Gruenberg's situation.

Below is a complete listing of what is happening at the financial regulatory agencies this week and in Congress.  Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

• Wednesday, June 12, 9:45 a.m. - The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress."  CFPB Director Rohit Chopra will testify.

• Wednesday. June 12, 10:00 a.m. - The Senate Finance Committee holds a hearing on "Youth Residential Treatment Facilities: Examining Failures and Evaluating Solutions."

• Wednesday, June 12, 10:00 a.m.: The Senate Budget Committee will hold a hearing on "Making Wall Street Pay Its Fair Share: Raising Revenue, Strengthening Our Economy."

• Thursday, June 13, 10:00 a.m. – The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.”  SEC Chair Gary Gensler and CFTC Chair Rostin Benham will testify.

House of Representatives

• Wednesday, June 12, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture."  Acting Comptroller of the Currency Michael Hsu, FDIC Director Jonathan McKernan, and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify.  FDIC Chair Martin Gruenberg is refusing to testify.

• Thursday, June 13, 10:00 a.m. – The House Financial Services Committee holds a hearing “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”  CFPB Director Rohit Chopra will testify.

• Thursday, June 13, 10:00 a.m. – The House Budget Committee will hold a hearing on “Medicare and Social Security: Examining Solvency and Impact to the Federal Budget.” Paul Spitalnick, Chief Actuary for the Centers for Medicare and Medicaid Services, and Stephen Goss, Chief Actuary for the Social Security Administration, will testify.

Joint Committees

• Wednesday, June 12, 3:00 p.m.: The Joint Economic Committee will hold a hearing on "Made in America: The Boom in U.S. Manufacturing Investment."

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday & Wednesday, June 11-12 – The Federal Open Market Committee holds a closed meeting to discuss the economy and interest rates.  There will be a press conference held by Fed Chair Jay Powell on June 12 at 2:30 p.m.

U.S. Treasury Department

• There are no significant events scheduled at this time.

Department of Housing and Urban Development

• Thursday, June 13, 1:00 p.m. - The Housing and Urban Development Department will hold a virtual meeting of the Housing Counseling Federal Advisory Committee for presentations and discussion among HCFAC members.

Securities and Exchange Commission

• Thursday, June 13, 10:00 a.m. – SEC Chair Gary Gensler will testify before The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.” 

• Thursday, June 13, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

• Thursday, June 13, 10:00 a.m. – CFTC Chair Rostin Behnam will testify before The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.”

FINRA

• There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

• Thursday, June 12, 10:00 a.m. – FDIC Chair Martin Gruenberg has been called to testify (and is refusing to attend) the House Financial Services Committee holds a hearing entitled "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture."  Acting Comptroller of the Currency Michael Hsu, FDIC Director Jonathan McKernan and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify. 

Office of the Comptroller of the Currency

• Wednesday, June 12, 10:00 a.m. – Acting Comptroller of the Currency Michael Hsu will testify before the House Financial Services Committee at a hearing entitled "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture."   Also testifying will be FDIC Director Jonathan McKernan and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify.

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

• There are no significant events scheduled at this time.

Farm Credit Administration

• Thursday, June 13, 10:00 a.m. – The Farm Credit Administration holds a meeting for a quarterly report on economic conditions and farm credit system condition and performance and a semiannual report on Office of Examination operations.

The Federal Financial Institutions Examination Council

• Wednesday, June 12, 10:00 a.m. – The Federal Financial Institutions Examination Council holds a virtual meeting of the Appraisal Subcommittee for FY2024 ASC budget reprogramming request and FY2024 notice of funding availability for the Appraisal Foundation.

International Monetary Fund & World Bank

• Monday, June 10, 2:00 p.m. – The World Bank and The Atlantic Council hold a discussion on "From competition to competitiveness: Unlocking growth and productivity in Latin America and the Caribbean."  Participants include World Bank Chief Economist for Latin America and the Caribbean William Maloney, World Bank Deputy Chief Economist for Latin America and the Caribbean Marcela Melendez,  Andrea Budelmann, Partner at Butelmann Consultores, Maria-Leticia Ossa Daza, Partner at Paul Weiss, Juan Carlos Lopez , Chief correspondent at CNN en Espanol, and Santiago Levy , Former deputy minister of the Ministry of Finance and Public Credit of Mexico and Brookings Institution nonresident senior fellow will speak.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• Tuesday & Wednesday, June 11 -12 – SIFMA holds its Diversity and Inclusion Leadership Summit in New York.

• Tuesday – Friday, June 11 – 14 – The American Bankers Association holds its Risk and Compliance Conference in Seattle, Washington.

• Tuesday, June 11, 10:00 a.m. – The Institute for International Finance holds an online event, “Peru’s Economic and Policy Outlook.”  The event will be conducted in Spanish.

Think Tanks and Other Events

• ·Tuesday, June 11, 9:30 a.m. – The Bipartisan Policy Center's Center for Housing Policy holds its 2024 Summit on Housing Supply Solutions.

• Tuesday, June 11, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "China's Experience of Promoting Venture Capital Investment."

• Friday, June 14, 9:30 a.m. – The Brookings Institution holds a conference on "The Federal Reserve's Review of Its Monetary Policy Framework." Former Federal Reserve Chair Ben Bernanke, senior economic studies fellow at the Brookings Institution, delivers welcoming remarks for an afternoon session.  Also, Former Federal Reserve Vice Chair Donald Kohn, chair in international economics and senior economic studies fellow at the Brookings Institution, participates in a panel discussion

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

U.S. Financial Regulatory Week Ahead

May 28 - 31, 2024

Summer has arrived in Washington with the celebration of Memorial Day on Monday. Congress is out of session for the week, and there are no significant regulatory meetings or speeches (aside from CFTC Chair Rostin Behnam and Commissioners Kristen Johnson and Caroline Pham giving speeches at the IOSCO meeting in Athens, Greece.

Last week in Washington's regulatory world was another busy one. The House of Representatives passed an anti-CBDC bill that would stop the Federal Reserve from launching a central bank digital currency. We do not see the Senate taking up the bill. Still, the issue won't disappear as we expect it to be a constant secondary political issue on the campaign trail (we get questions about the chances of the Fed moving on launching a CBDC constantly in talks we give around the country – there is a lot of concern out there about it).  

The House also passed a crypto trading regulatory bill sponsored by House Financial Services Committee Chair Patrick McHenry (R-NC). Seen as a legacy-defining moment for McHenry, the bill got seventy-one Democrats to join with 208 Republicans to pass it. Among the Democrats who voted for it were former Speaker of the House Nancy Pelosi (D-CA) and House Minority Whip Katherine Clark (D-MA) – – despite the strong opposition of SEC Chair Gary Gensler.

Also last week, McHenry (R-NC) asked FDIC Chair Marty Gruenberg to testify on June 12 on misconduct allegations at the agency. McHenry wrote a letter to Gruenberg saying, "Republican and Democratic members alike noted an inability to fully understand your responses relate to both the toxic workplace culture at the FDIC and your leadership at the agency."  

The pressure on FDIC Chair Marty Gruenberg to step down is intensifying, with calls for his immediate resignation even before a successor is nominated and confirmed by the Senate. The situation may have worsened for Gruenberg with the release of a memo from the FDIC Inspector General, which reported allegations of misconduct involving senior officials that were not promptly disclosed to her office. This development further underscores the gravity of the misconduct allegations at the agency.  

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

U.S. Congressional Hearings

U.S. Senate

• The Senate is out for the week in observance of Memorial Day.  However, the Senate Banking, Housing, and Urban Affairs Economic Policy Subcommittee (chaired by Senator Elizabeth Warren (D-MA) will hold a field hearing in Boston, Massachusetts, entitled "The Economic and Health Impacts of Threats to Reproductive Rights."

House of Representatives

• The House is out for the week in observance of Memorial Day.

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday, May 28, 1:05 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech entitled “AI and the Economy” at the Al-nomics: The Nexus of GenAI+ the Economy at the Federal Reserve Bank of San Francisco in San Francisco, California.

• Tuesday, May 28, TBD – Federal Reserve Bank of San Francisco President Mary Daly will speak a the Al-nomics: The Nexus of GenAI+ the Economy at the Federal Reserve Bank of San Francisco in San Francisco, California.

U.S. Treasury Department

• 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, May 27, 11:00 a.m. Athens, Greece Time – CFTC Commissioner Kristin N. Johnson will participate in a Regulatory Workshop - “Retail Investor Protection in a Digital World: Finfluencers, Gamification and the Evolving Trading Landscape” at the IOSCO Annual Meeting in Athens, Greece.

• Monday, May 27, 4:00 p.m. Athens, Greece Time – CFTC Commissioner Caroline D. Pham will speak at a Regulatory Workshop titled “New SupTech: Exchange of Experiences” at the 49th Annual Meeting of the International Organization of Securities Commissions (IOSCO) in Athens, Greece.

• Wednesday, May 29, 1:00 p.m. Athens, Greece Time – CFTC Chairman Rostin Behnam will participate in a fireside chat at the CCP Global Annual General Meeting 2024 in Athens, Greece.

• Wednesday, May 29, 2:45 p.m. Athens Greece Time – CFTC Chairman Rostin Behnam will keynote at the HCMC Public Conference “Climate in the Center of Economy” in Athens, Greece.

• Wednesday, May 29, 3:45 p.m. Athens, Greece Time – CFTC Commissioner Caroline D. Pham will speak on a panel titled “Digital Finance, Fintech and Crypto Assets: Supervision Challenges and Experiences Including Issues relating to Sustainability” at the Hellenic Capital Market Commission (HCMC) Public Conference at the IOSCO Annual Meeting in Athens, Greece.

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

• Wednesday, May 29 – 30 – The OCC hosts Project REACh Financial Inclusion Summit in Washington, D.C.  Acting Comptroller of the Currency Michael Hsu will speak.

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

·       There are no significant events scheduled at this time.

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.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• Monday/Tuesday, May 27 – 28 – The Institute for International Finance holds their IIF-Amazon Web Services-South East Asian Central Banks Centre Financial Services and Cloud Summit in Kuala Lumpur.

• Monday, May 27, 3:00 a.m. EDT – The Institute for International Finance holds its IIF ASEAN and China Roundtable in Kuala Lumpur.

Think Tanks and Other Events

• Friday, May 30, 2:30 p.m. – The Peterson Institute for International Economics holds a webcast entitled “Understanding the new dynamics of agri-food trade: Perspectives from Pascal Lamay.”

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