Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
Bessent Holds First FSOC Meeting, Bowman Gets the Fed Vice Chair Nomination, The SEC Crypto Task Force Meets, and Senate Banking Moves their De-Banking Bill
At last, Washington is taking something of a breather this week. Both the House and Senate are out this week for “home working sessions” and most regulators have a light schedule (not that any of their heads have been confirmed yet to move on anything).
Last week, the biggest event was President Trump was the news from an unnamed White House official that President Trump would nominate Federal Reserve Governor Michelle Bowman to be the new Fed Vice Chair for Supervision. The news was cheered across seemingly all financial sectors (NOTE: We have yet to see any press release or posting by President Trump on Truth Social that he is going to do this).
Meanwhile, the Senate Banking Committee marked up and approved their first major bills of the new legislative session, the FIRM (Financial Integrity and Regulation Management) Act and the Guiding Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Firm Act will, according to the Committee, “eliminate all references to reputational risk as a measure to determine the safety and soundness of regulated financial institutions.” The aim is to stop de-banking of clients for political reasons. But it also raises a lot of questions about what banks and other financial institutions can and cannot do when dealing with truly reputationally damaging clients. Let’s see if Banking Committee Chair Tim Scott (R-SC) can get it passed by the full Senate.
The GENIUS Act is aimed at establishing a regulatory framework for payment stablecoins. With so many pieces of legislation now flying around in both chambers dealing with crypto, we will hold back from predicting the ultimate outcome of this bill, too.
Looking at the week ahead, Treasury Secretary Scott Bessent will convene his firm Financial Stability Oversight Council (FSOC). The agenda is still a bit vague, but the Treasury Department press release says the committee will get updates on cybersecurity, the Treasury market, homeowner and natural disaster insurance.
Which begs the question: Who will be attending? The Senate Banking Committee has yet to schedule confirmation hearings for SEC Chair-nominee Paul Atkins, CFTC-nominee Brian Quintenz, Comptroller-nominee Jonathan Gould, or Federal Reserve Vice Chair-nominee Michelle Bowman. And nobody has been nominated to chair the Federal Deposit Insurance Corporation (but they have an acting head in Travis Hill). This is turning into one of the slowest presidential transitions we can remember in a long time.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
The Senate is in a Pro Forma session with no business scheduled.
House of Representatives
The House of Representatives is out of session this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
The Federal Open Market Committee meeting is being held on Wednesday and Thursday.
U.S. Treasury Department
Thursday, March 20 – Treasury Secretary Scott Bessent will preside over a meeting of the Financial Stability Oversight Council. The preliminary agenda for the meeting includes an update on recent Treasury market developments, an update on cybersecurity developments, and an update on homeowners insurance and natural disasters.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Monday, March 17, 12:00 p.m. – Acting SEC Chair Mark Uyeda delivers a keynote speech at the Investment Company Institute’s Investment Management Conference in San Diego, California.
Friday, March 21, 1:00 p.m. – The SEC’s Crypto Task Force will host a first in a series of roundtables to discuss key areas of interest to the crypto market.
Commodities Futures Trading Commission
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
Tuesday, March 18, 1:30 p.m. – Acting Comptroller of the Currency Rodney Hood gives a speech on bank regulation at the Consumer Bankers Association Live 2025 Conference in Orlando, Florida.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Sunday – Wednesday, March 16-19 – the Investment Company Institute holds its annual Investment Management Conference in San Diego, California.
Monday – Wednesday, March 17-19 – The Consumer Bankers Associations’ CBA Live 2025 Conference will be held in Orlando, Florida.
Think Tanks and Other Events
Wednesday, March 19, 12:00 p.m. – The Exchequer Club of Washington hosts Ben Johnson, Majority Staff Director, and Charla Oertatani, Minority Staff Director, of the House Financial Services Committee.
Friday, March 21, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Can Sanctions Change a Country's Policy? The Case of China."
U.S. Financial Regulatory Week Ahead
Bessent’s Regulatory Pillar, Senate Banking Wants to Re-Write Bank Reputational Risk Guidance, the FDIC Revamps Merger Guidelines, and Trump Says He Will Name a New Fed Vice Chair for Supervision
Major changes to the financial regulatory world continue apace in Washington, and two events this past week stood out. First, Treasury Secretary Scott Bessent gave his first major speech laying out his “Three Pillars of the American First Economic Agenda.” Speaking at the New York Economic Club, Bessent said the first pillar would be overhauling financial oversight, making the case that “regulatory overreach of the past few years in pursuit of political agendas has missed material risk, stymied growth, and squashed innovation.
The Federal Deposit Insurance Corporation (FDIC) was the second significant change as the FDIC’s board of directors voted to roll back the Biden Administration’s proposed bank merger guidelines. It was the first major financial deregulatory move of the Trump Administration. The FDIC also withdrew from pending regulations on brokered deposits, corporate governance, and asset manager’s ownership stakes in banks.
In Congress, Republicans on the Senate Banking Committee (all 13 of them) signed on to legislation offered by Banking Committee Chair Tim Scott (R-SC) aimed at forcing federal banking regulators from using reputational risk as a component of supervision. The point of the legislation, called the Financial Integrity and Regulation Management Act (FIRM Act), is to combat debanking. The legislation was hailed by state bank regulators and the crypto industry, which has accused the FDIC and other bank regulators of discouraging banks from offering crypto services. You can read a summary of the bill HERE.
Crypto had a big week last week with President Trump signing an Executive Order creating a Strategic Bitcoin Reserve. The President followed this up with a first-of-its-kind White House Crypto Summit, bringing together crypto industry leaders.
This came as the House Financial Services Committee (HFSC) voted to overturn a Consumer Financial Protection Bureau (CFPB) rule subjecting nonbanks with digital payment platforms to greater scrutiny.
The HFSC also voted to overturn CFPB rules restricting overdraft fees, something banks have strongly lobbied in favor of repealing. Both overturned CFPB rules are likely to be passed by the full House but passage in the Senate is far from assured.
While all this was going on, Senate Banking Committee Chair Scott and House Financial Services Committee Chair French Hill (R-AK) sent President Trump a letter urging the President to move quickly in naming a new Federal Reserve Vice Chair for Supervision. Late Sunday, President Trump said he plans to make an announcement naming a new Vice Chair “fairly soon.”
We would also note — as we get many questions from clients — that we still do not know when SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould will have their Senate confirmation hearings. The answer is we do not know as nothing has yet been scheduled, although we have heard rumors they may happen in the next two weeks.
Looking at the week ahead, the HFSC is holding a hearing on digital payments and the federal framework for payment stablecoins while the Senate Banking Committee is holding a hearing on affordable housing. There will also be a raft of SEC and CFTC speeches this week as the futures industry holds its big annual conference in Boca Raton, Florida.
And the Brookings Institution is holding an interesting event looking at how the State of New York regulates the financial sector. Below is the full list of major events we are keeping our eyes on this week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, March 11, 2:30 p.m. – The Senate Agriculture Committee holds a hearing entitled “Perspectives from the Field: Risk Management, Credit, and Rural Business Views on the Agricultural Economy Part 3”
Wednesday, March 12, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Housing Roadblocks: paving a New Way to Address Affordability.”
House of Representatives
Tuesday, March 11, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
There are no public events scheduled for Fed Governors this week. They are in their Blackout Period in advance of the March 19th Federal Open Markets Committee meeting.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Monday, March 10, 1:30 p.m. – Acting SEC Chair Mark Uyeda will deliver remarks at the Institute of International Bankers 2025 Annual Washington Conference in Washington, DC.
· Tuesday, March 11, 4:35 p.m. – SEC Commissioner Hester Peirce and CFTC Commissioner Summer K. Mersinger will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York
Thursday, March 13, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
Tuesday, March 11, 9:50 a.m. – CFTC Commissioner Kristin N. Johnson will speak on a panel titled “The Changing Face of Clearing” at FIA Boca50 in Boca Raton, Florida.
Tuesday, March 11, 11:10 a.m. – CFTC Acting Chairman Caroline D. Pham will deliver a keynote address at the International Futures Industry Conference, FIA BOCA50 in Boca Raton, Florida.
Tuesday, March 11, 11:25 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak on an international regulator panel at the International Futures Industry Conference 2025 in Boca Raton, Florida.
Tuesday, March 11, 4:35 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Hester M. Peirce will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York.
Federal Deposit Insurance Corporation
Monday, March 10, 10:00 a.m. – Acting FDIC Chair Travis Hill will speak at the Institute for International Bankers 2025 Washington Conference.
Office of the Comptroller of the Currency
Monday, March 10, 2:00 p.m. – Acting Comptroller of the Currency Rodney Hood speaks on bank supervision at the Institute for International Bankers 2025 Annual Washington Conference.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, March 13, 10:00 a.m. – The FCA Board meets.
Farm Credit Insurance Corporation
Wednesday, March 12, 10:00 a.m. – The FCIA Board meets. The agenda includes payment from Allocated Insurance Reserve Accounts, a policy statement concerning contracting, the Report on Biennial Liquidity Assistance Exercise, the Annual Report on Contracts, and the Annual Report on Whistleblower Activity.
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations Events
Trade Associations
March 9 – 12 – the Futures Industry Association holds their Boca50 Conference in Boca Raton, Florida.
March 10 – 11 – The Institute for International Bankers holds its 2025 Annual Washington Conference.
March 11 – The Alternative Investment Management Association (AIMA) holds its Global & Regulatory Forum 2025 in New York.
Think Tanks and Other Events
Tuesday, March 11, 11:00 a.m. – The Brookings Institution will hold a hybrid event entitled “How New York is regulating financial services.” New York Superintendent of Financial Services Adriene Harris will participate in a fireside chat.
Thursday, March 13, 9:00 a.m. – The Peterson Institute for International Economics holds a webcast entitled “The role of capital markets in emerging-market growth.”
Recommended Reads
Large Bank Capital: There is More to Inflation Than the Price of Goods and Services Financial Services Forum
The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market Federal Reserve Bank of Boston
U.S. Financial Regulatory Week Ahead
The Regulatory Confirmation Process Begins, the End of OCC/FDIC Merger Talk, Barr’s Regulatory Swan Song Speech DOGE Continues Its Review As Federal Workers Have to Respond to Musk Email
February 24 - 28, 2025
The new class of federal regulatory nominees begins the confirmation process this week as Jonathan McKernan, the nominee to run the Consumer Financial Protection Bureau (CFPB), and Bill Pulte, the nominee to run the Federal Housing Finance Agency, stand before the Senate Banking Committee. It is not clear yet when SEC Chair nominee Paul Atkins, CFTC Chair nominee Brian Quintenz, or Comptroller of the Currency (OCC) nominee Jonathan Gould will get his confirmation hearing, but rumor is that they will take place in the coming three weeks.
Also, on Capitol Hill this week, there are several hearings of note happening. The House Financial Services Committee will be holding two hearings, one entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.” The second hearing will take a broad review of finance and China.
Among regulators, Federal Reserve Board Vice Chair for Supervision Michael Barr will be giving his final speech as Vice Chair. He will be at the Yale School of Management and speaking on financial stability.
Meanwhile, after several months of speculation about a possible effort to merge the OCC and the FDIC was put to rest this past week. The OCC this past week denied plans to put the two agencies together (something the Heritage Foundation’s Project 2025 had urged). The response was issued after reports of the OCC planning to receive transferred or fired FDIC workers coming over the agency.
Meanwhile, the Elon Musk DOGE effort continues apace with regulators as well as larger departments (particularly the Department of Defense) coming under intensified scrutiny (there were reports late last week that Defense could see tens of thousands of civilian employees let go). While all this is going on, an email was sent to all federal employees from DOGE demanding federal workers describe by Monday what they do and justify their work. A number of federal agencies, in response to the email, told workers to ignore the email, leaving many workers confused as to what would happen if they indeed ignored the email.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· Wednesday, February 26, 2:30 p.m. – The Senate Banking Committee will hold a hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”
· Wednesday, February 26, 10:30 a.m. – The Senate Agriculture Committee will hold a hearing entitled “Perspectives from the Field: Farmer and Rancher Views on the Agricultural Economy, Part 2”
· Thursday, February 27, 10:00 a.m. – The Senate Banking Committee will hold confirmation hearings for Stephen Miran to be Chair of the Council of Economic Advisors, Jeffrey Kessler to be Undersecretary of Commerce for Industry and Security, and Jonathan McKernan to be Director of the Bureau of Consumer and Financial Protection.
House of Representatives
· Tuesday, February 25, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Examining Policies to Counter China.” You can read the background Committee memo to members HERE. The committee will also consider seventeen separate bills focused on issues ranging from money laundering to SEC regulations for te World Bank to the African Development Fund.
· Tuesday, February 25, 10:00 a.m. – The Trade Subcommittee of the House Ways & Means Committee will hold a hearing entitled “American Trade Enforcement Priorities”
· Wednesday, February 26, 10:00 a.m. – The Capital Markets Subcommittee of the House Financial Services Committee will hold a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, February 25, 11:45 a.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.
· Thursday, February 27, 11:45 a.m. – Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, February 24, 8:45 a.m. – The Florida Bar’s Federal Securities Institute and M&A Conference will be held in Tampa, Florida. Acting SEC Chair Mark Uyeda will speak.
· Tuesday, February 25, 10:00 a.m. – The SEC’s Small Business and Capital Formation Advisory Committee will meet. They will hear from two speakers – Ashok Kamal, Executive Director, NuFund Venture Group, and Sara Zulkosky, Co-Founder & Managing Partner, Recast Capital, on “Exploring Ways to Support and Facilitate Capital Formation for Emerging Fund Managers.” The Committee will hold a second session entitled “Understanding the Challenges Faced by Small Public Companies Not Listed on a National Securities Exchange.”
· Wednesday, February 26, 10:00 a.m. – The SEC will hold an Open Meeting to consider the “Final Rule Extending Compliance Dates and Order Granting Temporary Exemptive Relief for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities.”
· Thursday, February 27, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, February 25, 11:40 a.m. (Germany) – CFTC Acting Chair Caroline D. Pham will participate in a fireside chat at the Sixth Joint Conference on CCP Risk Management 2025 in Frankfurt, Germany.
· Wednesday, February 26, 10:20 a.m. (Germany) – Acting Chairman Caroline D. Pham will be featured on a fireside chat titled, “Transatlantic Trends – The U.S. Election and Its Impact on Europe” at the Derivatives Forum Frankfurt 2025.
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
· Thursday, February 27, 10:00 a.m. – The National Credit Union Administration will hold a board meeting. The agenda includes Board Briefing, Share Insurance Fund Quarterly Report and the NCUA Board Vice Chairman Designation.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday – Wednesday, February 24 -26 -- The American Bankers Association holds its Wealth Management and Trust Conference in San Diego, California.
Think Tanks and Other Events
· Tuesday, February 25, 7:15 a.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan on "the current state of the economy, markets, the health of the U.S. consumer, and the global economic outlook for 2025."
· Tuesday & Wednesday, February 25 & 16 – The American Conference Institute, the Canadian Institute, and C5 hold a forum on "Global Export Controls” in Arlington, Virginia. John Sonderman, director of the Commerce Department Bureau of Industry and Security's Office of Export Enforcement and Paul Ahern, chief counselor for enforcement at the Treasury Department's Office of Terrorism and Financial Intelligence, will be keynote speakers.
· Wednesday, February 26, 9:00 a.m. – The Peterson Institute for International Economics will hold a virtual event entitled “The Trump Administration’s policies and global financial risk.”
Thursday, February 27, 11:00 a.m. – The Bipartisan Policy Institute is holding a hybrid event entitled “Searching for Solutions: Property Insurance and Housing Affordability.”
U.S. Financial Regulatory Week Ahead
The OCC Gets An Acting Comptroller, The CFPB Is Ordered to Stop Doing Whatever It’s Doing, Congress Starts Moving on Crypto Legislation, And Treasury Gets a New Assistant Secretaries for Financial Markets and Financial Institutions
February 10 - 14, 2025
While President Trump has yet to nominate anyone to any major financial regulatory post other than the Securities and Exchange Commission (SEC) (Paul Atkins as Chair), he has overseen the installation of a number of acting heads. The latest is Rodney Hood as the Acting Comptroller of the Currency.
Hood, who served as Chair of the National Credit Union Administration during President Trump's first term and remained as Vice Chair during most of the Biden Administration, has a strong pedigree in banking, having held senior positions at Bank of America, Wells Fargo, and J.P. Morgan Chase.
What is interesting is that this is only an acting role. Hood reportedly does not want to be made full-time and will only serve until President Trump selects someone else. Hood joins the "Acting Club" with Caroline Pham as the Acting Chair of the Commodities Futures Trading Commission, Travis Hill as Acting Chair of the Federal Deposit Insurance Corporation, Mark Uyeda as Acting Chair of the SEC (until Atkins is confirmed), and Russel Voight (the newly confirmed Director of the Office of Management and Budget) as the Acting Director of the Consumer Financial Protection Bureau (CFPB).
The CFPB is the hot topic of the week here in Washington, especially since Voight took over the Acting role from Treasury Secretary Scott Bessent. Voight has ordered agency employees not to come into work or perform any work tasks – including moving on any ongoing litigation. Moreover, Voight has instructed the Federal Reserve – which funds the CFPB out of its budget – not to send any more money as it is not "reasonably necessary to carry out its duties." What is clear is the Trump Administration wants to do away with the CFPB – to the loud cheering of virtually every financial institution regulated by the agency – and, if they cannot outright shut it down, then starve it to death financially.
The National Treasury Employees Union, which represents CFPB employees, has sued Voight, asking a judge to halt his orders and block Elon Musk's DOGE staffers from accessing internal CFPB communications systems. If you go to the CFPB's website, you get the always ominous "404: Page Not Found" message (see screenshot below).
Over at Treasury this past week, there were two particularly important nominations for the financial services sector. Jason Trennert, the founder and Chair of Strategas Research Partners, was nominated to the role of Treasury Assistant Secretary for Financial Markets, and Luke Pettit, an aide to Senator Hagerty and previously at Bridgewater Associates and, before that, the Federal Reserve, was nominated to be Treasury Assistant Secretary for Financial Institutions.
Meanwhile, on Capitol Hill, the Senate Banking Committee and House Financial Services Committee continue rapidly accelerating their legislative strategies for the year. House Financial Services Chair French Hill (R-Ark.) and his top deputy on cryptocurrency policy unveiled a draft bill last week to create a stablecoins regulatory structure. The legislation closely mirrors legislation offered in the Senate by Senator Bill Hagerty (R-TN) and co-sponsored by Senate Banking Committee Chair Tim Scott (R-SC) and a number of other members.
There is not much happening at the regulatory agencies this coming week. The big events are Federal Reserve Board Chair Jay Powell's semi-annual testimony before Congress on the State of the Economy and Governor Christopher Waller's interesting and timely speech in San Francisco on Stablecoins.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, February 11, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "The Semiannual Monetary Policy Report to the Congress." Federal Reserve Board Chair Jerome Powell will testify.
House of Representatives
Tuesday, February 11, 10:00 a.m. – The House Agriculture Committee holds a hearing entitled “Examining the Economic Crisis in Farm Country.”
Tuesday, February 11, 10:00 a.m. – The House Judiciary Administrative State, Regulatory Reform, and Antitrust Subcommittee holds a hearing on "Reining in the Administrative State: Regulatory and Administrative Law Reform."
Tuesday, February 11, 2:30 p.m. – The House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee holds a hearing on "A Golden Age of Digital Assets: Charting a Path Forward."
Wednesday, February 12, 10:00 a.m. – The House Financial Services Committee holds a hearing on "The Federal Reserve's Semi-Annual Monetary Policy Report." Federal Reserve Board Chair Jerome Powell will testify.
Wednesday, February 12, 10:00 a.m. – The House Small Business Committee holds a hearing on "Driving Economic Growth: SBA Lending Programs and the Vital Role of Community Banks."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday, February 11, 3:30 p.m. – Federal Reserve Board Governor Michelle W. Bowman gives a speech on Bank Regulation at the 2025 Iowa Bankers Association Bank Management and Policy Conference.
Wednesday, February 12, 5:05 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on stablecoins at the A Very Stable Conference: Stablecoin Infrastructure for Real World Applications, San Francisco, California.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Thursday, February 13, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
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
Tuesday, February 11, 1:00 p.m. – Consumer Financial Protection Bureau holds a virtual meeting of the Consumer Advisory Board to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be cancelled).
Wednesday, February 12, 1:00 p.m. – The Consumer Financial Protection Bureau holds a virtual meeting of the Combined Community Bank Advisory Council and Credit Union Advisory Council to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be canceled).
National Credit Union Administration
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, February 13, 10:00 a.m. – The FCA Board of Directors holds a meeting to consider a regulatory burden final notice.
Farm Credit Insurance Corporation
Wednesday, February 12, 10:00 a.m. – the FCSIC Board of Director will hold a meeting. The agenda includes review and setting of insurance premium accrual rates (Open); Policy statement concerning contracting (Open); Report on biennial liquidity assistance exercise (Closed); Annual report on Contracts (Closed); and Annual report on whistleblower activity (Closed)
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Tuesday, February 11, 9:00 a.m. – 5:00 p.m. – The Institute for International Bankers holds its 2025 U.S. Regulatory & Compliance Orientation Conference in New York.
Think Tanks and Other Events
Monday – Tuesday, February 10 – 11 – Compliance Week holds its “Cyber Risk & Data Privacy Summit” in Washington, D.C.
Monday – Tuesday, February 10 – 11 – The Washington International Trade Association holds its 2025 Washington International Trade Conference. Senate Banking, Housing, and Urban Affairs Chairman Tim Scott (R-S.C.) delivers a luncheon keynote address on Monday.
Tuesday, February 11, 3:00 p.m. – the Federalist Society will hold a virtual discussion entitled Cryptocurrency after the Election.”
Thursday, February 13, 9:00 a.m. – PunchBowl News hosts "The Summit: Tax Policy," discussing tax policy in the new administration.
Thursday, February 13, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual event entitled “Is “Twin Peaks’ the Future of Financial Supervision?”
Thursday, February 13, 9:45 a.m. – The Brookings Institution holds a conference entitled “The Outlook for Retirement Security in a New Congress.”
Thursday, February 13, 11:00 a.m. – The Urban Institute holds a virtual discussion, beginning at 11 a.m., on "Recapitalizing the GSEs (government-sponsored enterprises) through Administrative Action: Impact on Mortgage Rates and the MBS (mortgage-backed security) Market."
U.S. Regulatory Week Ahead
The Wall Street Journal Calls for Fed Vice Chair Barr to be Removed, The FDIC Inspector General’s Scathing Report About Harassment Under Chair Gruenberg’s Watch, And Washington Goes Totally Quiet
December 23 - 27, 2024
There is nothing going on next week in Washington – Merry Christmas and Happy Hanukkah!
As we write this, Congress is finally passing a stop-gap spending package to keep the government running for another three months. And with that, the 118th Congress comes to an end.
Enjoy the peace – it’s going to get very busy in January as the Trump Presidency begins and a whole new team of regulators with a vastly different agenda than the current team.
Quickly looking at what happened this past week, there were a couple of important events. First, we would note the Wall Street Journal’s editorial calling for Federal Reserve Board Vice Chair for Supervision Michael Barr to be removed by President Trump “for cause” – the only way a Fed Chair or Fed Governor can be fired by a President. The editorial listed a litany of Barr’s “sorry record”, and suggested Trump could name Fed Governor Michelle Bowman as Barr’s replacement. The piece is hard-hitting, and we believe it suggests Barr – who was appointed by President Biden and has said publicly he intends to stay in the job – is going to face a particularly grueling future oversight by the Republican-led Senate Banking Committee and Republican-led House Financial Services Committee.
But Barr was not the only regulator to take a beating last week. Once again, the Federal Deposit Insurance Corporation (FDIC) leadership came under withering criticism with the release of a new report from the FDIC’s Inspector General showing that more than a third of employees surveyed reported experiencing or witnessing workplace harassment. "These conditions occurred because FDIC leadership does not consistently implement the agency's policies and stated core values, specifically, fairness, accountability, and integrity," the watchdog agency said in the report. FDIC Chair Marty Gruenberg had no comment on the report and continues to refuse to resign despite presiding over such a toxic workplace. Instead, he intends to leave on January 19, the day President Trump is inaugurated (and thereby avoid being fired by Trump).
And finally, Delaware’s banking regulator signed off on the $35 billion Capitol One acquisition of Discover. While the deal has to be approved by federal regulators, it was the first major positive sign the deal may ultimately be approved.
We hope you have a joyful Christmas and a Happy Hanukkah!
U.S. Congressional Hearings
U.S. Senate
· The Senate has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
House of Representatives
· The House has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· 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
· 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.
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
· 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 would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
A New Chair of the House Financial Services Committee, The CFPB’s Says He’s Not Leaving, the Blockchain Association’s Powerhouse Policy Summit, And Are We Getting Ready to Spin Out the GSEs?
December 16 - 20, 2024
We are a little more than a week away from the two-week holiday break (the ultimate quiet time in Washington), but things remain busy as regulators and Congress prepare to hit the ground running in 2025.
Last week, we saw the final pieces of the Congressional puzzle fall into place with the election of Congressman French Hill (R-AK) as the new chair of the House Financial Services Committee. Hill, a former banker and the crypto expert, has said his first priority will be on the regulatory burden community banks and "the misdirected oversight and the regulatory priorities of the SEC," as well as finding a way to craft a market structure bill for digital assets.
Hill, who is known to have an excellent relationship with incoming Senate Banking Committee Chair Tim Scott (R-SC), also spoke last week about the need to end the conservatorship of Freddie Mac and Fannie Mae, an issue which seems to be suddenly gaining steam (we would note the Congressional Budget Office (CBO) releasing a letter and report released a letter and report last week saying improved finances at the two mortgage giants have improved considerably, making them likely more attractive to investors and for the government to sell its stake in the companies. The incoming "Department of Government Efficiency" (DOGE), headed by Elon Musk and Vivek Ramaswamy, will likely consider spinning out Freddie and Fannie as among their recommendations to restructure the federal government.
Also last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said at a Senate Banking Committee hearing that he is not planning to step down when President Trump takes office in January. He acknowledged that the President can remove him, but for now, he will wait and see what happens. (Our view? Chopra will get fired on day one.)
Chopra also keeps churning out new regulations. Last week, the CFPB released a final rule restricting banks' overdraft fee charges for customers with insufficient funds. The rule caps overdrafts at $5. As you might imagine, banks are unhappy with the rule.
Looking forward to what is happening this week, the Blockchain Association is holding its annual policy summit in Washington. The list of speakers is, quite frankly, quite impressive by trade association standards and shows the rapidly increasing power of blockchain and crypto in Washington. Both the chair of the Senate Banking Committee and House Financial Services Committee are speaking along with eight additional senators and members of Congress, two SEC Commissioners, one CFTC commissioner, a number of senior Treasury and IRS officials, and the CEOs of virtually all the major blockchain companies.
Below are all the other noteworthy events in the financial regulatory world in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, December 18, 10:00 a.m. – The Senate Budget Committee holds a hearing on "Next to the Fall: The Climate-Driven Insurance Crisis is Here And Getting Worse.".
House of Representatives
· There are no significant events scheduled at this time.
Congressional Joint Committees
· Wednesday, December 18, 2:30 p.m. – The Joint Economic Committee holds a hearing entitled “Trade Wars & Higher Costs: The Case Against Trump’s Tariffs”
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
December 18-19 – The Federal Reserve Board’s Federal Open Market Committee meets to discuss the economy and interest rates. Federal Reserve Board Chair Jay Powell will hold a press conference on Thursday at 2:00 p.m.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
Securities and Exchange Commission
Tuesday, December 17, 1:00 p.m. – SEC Commissioners Hester Peirce and Mark Uyeda will participate on a panel discussion entitled “View from the SEC” at the Blockchain Association Policy Summit in Washington, D.C.
Wednesday, December 18, 10:00 a.m. – The SEC will hold an Open Meeting. They will consider the 2025 Final Budget and Accounting Support Fee for the Public Company Accounting Oversight Board whether to approve the 2025 Final Budget and Accounting Support Fee for the Public Company Accounting Oversight Board.
Thursday, December 19, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
Tuesday, December 17, 1:35 p.m. – CFTC Commissioner Summer K. Mersinger will participate in the “View from the CFTC” fireside chat at the Blockchain Association Policy Summit.
Wednesday, December 18 9:30 a.m. – The CFTC will hold an Open Meeting. They will consider two items: 1) The Final Rule on Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements and 2) The Final Rule on Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants.
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.
FINRA
There are no significant events scheduled at this time.
National Credit Union Administration
Tuesday, December 17, 10:00 a.m. – The NCUA Board will hold a board meeting. They will consider two items: 1) NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility Strategic Plan, and 2) the NCUA’s 2024 Annual Performance Plan.
Federal Trade Commission & Department of Justice Antitrust Division
Wednesday, December 18, 9:30 a.m. – The FTC will hold a virtual public workshop entitled “Competition Snuffed Out: How Predatory Pricing Harms Competition, Consumers, and Innovation.”
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.
Think Tanks and Other Events
Trade Associations
Monday – Tuesday, December 16-17, the Blockchain Association holds its annual policy summit. Speakers include incoming Senate Banking Committee Chair Senator Tim Scott (R-SC), incoming House Financial Services Committee Chair French Hill (R-AR), SEC Commissioners Hester Peirce and Mark Uyeda, CFTC Commissioner Summer Mersinger, and anumber of other members of Congress and the Biden Administration.
Think Tanks and Other Events
Wednesday, December 18, 9:00 a.m. – The Peterson Institute for International Economics holds an event entitled “BRICS cooperation: An alternative to the current global order?”
Thursday, December 19, 10:00 a.m. – The Brookings Institution will hold an event with National Economic Advisor Lael Brainard on how to strengthen America’s supply chains.
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’s Regulatory World Continues to Get Quieter and Quieter; Elon Musk Wants to “Delete” The CFPB
December 2 - 6, 2024
There really is not much going on in the regulatory world this coming week. Some Fed Governor speeches, a couple of fireside chats with SEC Chair Gary Gensler, and a House Financial Services Committee hearing on the future of technology and the future of finance sum it all up.
Last week (on Friday, when we were all recovering from our Thanksgiving feasts), there was an unannounced Financial Stability Oversight Council (FSOC) meeting at the Treasury Department. Why they held it on an otherwise sleepy Thanksgiving Friday is anyone’s guess. According to the post-meeting press release, “the preliminary agenda for the executive session includes an update on the Council’s Hedge Fund Working Group; a presentation on the life insurance sector; and an update on the Council’s Nonbank Mortgage Servicing Task Force. The preliminary agenda for the open session includes the Council’s 2024 annual report.”
Elsewhere, President-elect Trump’s friend and confidant, Elon Musk – who is co-chairing the President’s so-called “Department of Government Efficiency” (DOGE) tweeted out, “Delete the CFPB [Consumer Finance Protection Bureau] There are too many duplicative regulatory agencies.” We will see how that turns out when Musk and his co-chair, Vivek Ramaswamy, get rolling on DOGE. And we are sure Congress (starting with Senator Elizabeth Warren (D-MA), who almost single-handedly created the agency) will have much to say – pro and con – if the duo includes eliminating the CFPB.
Finally, we would note—as we noted last week—that the Great Washington Parlor Game of Who Gets What Presidential Nomination continues apace. Just before Thanksgiving, there were numerous reports that President-elect Trump was on the verge of nominating former Securities and Exchange Commissioner Paul Atkins as the next Chair of the SEC. We expect a number of financial regulatory nominations will be made in the coming week.
Below is all we see happening in the coming week. Please let us know if you have any questions.
see happening in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, December 4, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Innovation Revolution: How Technology is Shaping the Future of Finance.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, December 2, 3:15 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the American Institute for Economic Research (AIER) Monetary Conference, Washington, D.C.
· Tuesday, December 3, 12:35 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the labor market and monetary policy at a Detroit Economic Club Event with Governor Adriana Kugler, Detroit, Michigan.
· Wednesday, December 4, 1:45 p.m. – Federal Reserve Board Chair Jerome H. Powell participated in a moderated discussion at the New York Times DealBook Summit, New York, N.Y.
· Friday, December 6, 9:15 a.m. – Federal Reserve Board Governor Michelle Bowman delivers remarks at the Missouri Bankers Association Executive Management Conference (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.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Tuesday, December 3, 3:00 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the 2024 Healthy Markets Association Conference in Washington, D.C.
· Thursday, December 5, 10:00 a.m. – SEC Chair Gary Gensler will give remarks followed by a brief moderated Q&A session at the American Bar Association’s Federal Regulation of Securities Winter Meeting in Washington D.C.
· Thursday, December 5, 2:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, December 3, 4:00 a.m. EST – CFTC Commissioner Kristin N. Johnson will participate in a fire-side chat “U.S. Regulatory Outlook for Digital Assets: Navigating Post Policy Elections” at the 2024 DigiAssets Connect in Geneva, Switzerland.
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.
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 Wagner Labor Initiative in New York.
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
· December 5 – 6 – The American Bar Association holds its Federal Regulation of Securities Winter Meeting in Washington, D.C.
Think Tanks and Other Events
· Wednesday, December 4, 10:00 a.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Farming and the Federal Budget: Will Farmers Face a New Age of Austerity?"
Please let us know if you have any questions or would like to be added to our email distribution list.
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.
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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,.
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