U.S. Financial Regulatory Week Ahead

May 28 - 31, 2024

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

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

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

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

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

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

U.S. Congressional Hearings

U.S. Senate

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

House of Representatives

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

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

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

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

U.S. Treasury Department

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• There are no significant events scheduled at this time.

Commodities Futures Trading Commission

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

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

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

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

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

FINRA

• There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

• There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

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

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

National Credit Union Administration

• There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

• There are no significant events scheduled at this time.

International Monetary Fund & World Bank

• There are no significant events scheduled at this time.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

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

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

Think Tanks and Other Events

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

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

Presenting at the Iowa Bankers Association Annual Convention

Des Moines, Iowa

December 18, 2023

It was a great honor and true delight to have the chance to speak at the Iowa Bankers Association Annual Convention in Des Moines, Iowa. When you get in a room with a group of state and local bankers - the men and women who play such a critical role in keeping their community’s economy going and growing — you know you are going to get some very smart, thoughtful questions on the global economy and geopolitics and what it means for their clients and customers.

And being in Iowa - and despite being the one speaking about the upcoming 2024 elections - I came away learning an awful lot from these great folks about where the elections may be headed (not the conventional wisdom!).

My presentation can be accessed below. And a few shots of the event, which was enormous - held in the Des Moines Convention Center. Thank you, Iowa Bankers Association, for having me out to speak - it was a great event, and I really enjoyed meeting and talking with so many of you!

The Iowa State House, Des Moines, Iowa. The golden dome is stunning as the sun sets every night.

Make it stand out

Being introduced inside the stunning Des Moines Convention Center!