Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The Senate Confirms Atkins as SEC Chair, Fed Governor Bowman Breezes Through Her Supervisory Confirmation Hearing, and Washington Goes Quiet in Advance of Easter
April 14 - 18, 2025
The Masters golf tournament was this weekend (what a thrilling ending!), and Congress has fled Washington for a two-week recess — all the signs that Easter is almost here and spring has truly arrived.
After an action-packed 100 days in session, Congress left town Friday for a two-week Easter recess. They will be back the week of April 28th. Looking at the regulatory agenda and events for the coming week, there is not much happening. Acting Comptroller of the Currency Rodney Hood will be speaking at the Exchequer Club this week and there are several Federal Reserve Governors speaking this week, most notably Fed Chair Jay Powell speaking at the Economic Club of Chicago on Wednesday.
Looking at what happened last week, the Senate confirmed Paul Atkins to be Chairman of the Securities and Exchange Commission. Jonathan Gould, the Comptroller of the Currency nominee, almost got his Senate vote but an elongated vote on the new Chairman of the Joint Chiefs of Staff, Dan “Razin” Caine, bumped Gould’s nomination until the last week of April.
Also last week, Federal Reserve Board Governor Michelle Bowman had her confirmation hearing before the Senate Banking Committee. Despite tough questions from Democrats on her views of regulation overall, Bowman breezed through her hearing, impressing members with her knowledge and confidence. Of note, Bowman told the committee she intends to bring a cost-benefit analysis to new banking rules and that regulators should be aligned in their goals for regulating the financial system.
Meanwhile, DOGE arrived at the Federal Deposit Insurance Corporation to review the agency's budget and efficiency. Reports suggest the FDIC is considering reducing staff by as much as 20%.
Finally, we note that Treasury Secretary Scott Bessent spoke of his intention to bring sweeping changes to bank oversight. He made clear he supports smaller capital requirements and a lighter-touch regulatory approach.
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 recess until April 28.
House of Representatives
The House of Representatives is in recess until April 28.
Federal Department/Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, April 14, 1:00 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Economic Outlook with Chris Waller Event, hosted by the Chartered Financial Analyst (CFA) Society of St. Louis, St. Louis, Missouri.
Tuesday, April 15, 7:10 p.m. – Federal Reserve Board Governor Lisa D. Cook gives remarks at the acceptance of the 2025 Distinguished Alumna Award at the Cal Alumni Club of Washington, D.C. Annual Reception, Washington, D.C.
Wednesday, April 16, 1:30 p.m. (Chicago) – Federal Reserve Board Chair Jerome H. Powell gives a speech on the economic outlook at the Economic Club of Chicago, Chicago, Illinois.
Thursday, April 17, 11:45 a.m.—Federal Reserve Board Michael S. Barr will give a speech on Cybersecurity in the Banking System at the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs 2025 State-of-the-Field Conference on Cyber Risk to Financial Stability, New York, New York.
Friday, April 18, 8:00 a.m. – Federal Reserve Bank of San Francisco President Mary C. Daly will participate in a conversation at the University of California Berkeley Fisher Center for Real Estate & Urban Economics.
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
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
Wednesday, April 16, 12:00 p.m. – Acting Comptroller of the Currency Rodney Hood will speak at the Exchequer Club in Washington, D.C.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
Thursday, April 17, 10:00 a.m. – The NCUA Board will meet. The agenda of issues being considered includes a board briefing on the Interagency Rule, Temporary Exceptions to Financial Institution Reform, Recovery, and Enforcement Act Appraisal Requirements in Areas Affected by California Wildfires and Straight-Line Winds. They will also be briefed on the NCUA’s Voluntary Separation Programs.
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 & Tuesday April 14 – 15 – The American Bankers Association and the National Bankers Association hold the MDI Partnership Summit in Washington, D.C.
Tuesday, April 15, 1:00 p.m. – SIFMA will offer a member briefing updating them on policy issues of interest and concern in Washington.
Think Tanks and Other Events
There are no significant events scheduled at this time.
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. Regulatory Week Ahead
The New Trump Presidency Begins, A Week Without (for the most part) Any Regulatory Heads, Senate Banking Committee Agenda Unveiled, and A New Joint Subcommittee on Crypto
It is a historic day today as President Donald Trump is sworn in as the 47th president at Noon. An extraordinary political comeback will be capped, and with it will come a Republican House and Senate with an aggressive agenda on financial regulatory issues, taxes, and trade.
We would note, as many of you already have figured out, that for the most part, all the major financial regulatory heads have stepped down or are about to step down in advance of President Trump being sworn into office: Federal Reserve Vice Chair for Supervision Michael Barr, SEC Chair Gary Gensler, FDIC Chair Martin Gruenberg, OCC Acting Head Michael Hsu, and CFTC Chair Rostin Benham. By our count, the only financial regulatory trying to stick around is Consumer Financial Protection Bureau Director Rohit Chopra (and we do not think that will last long once President Trump takes office – we will see).
So, it will be a very quiet week regulatory-wise this coming week. As a matter of fact, regulatory quiet will last for a number of weeks (even months) ahead as President-elect Trump has yet to nominate any regulators aside from SEC Chair-designate Paul Atkins. We are surprised as Trump was moving faster than any newly elected president in putting forth nominations for cabinet and subcabinet officials. For reasons we are not entirely clear on, the nomination machine has slowed considerably in recent weeks – and knowing how slowly the Senate can and likely will move on confirmations of nominations, it could be months before we see new regulatory heads in place.
Meanwhile, the new Chair of the Senate Banking Committee, Senator Tim Scott (R-SC), released his Priorities for the 119th Congress. You can read them HERE. Additionally, Scott is apparently in talks with House Financial Services Committee Chair French Hill (R-AK) about forming some sort of joint working subcommittee on crypto. We would think that could be an exciting accelerant to setting up at least a basic regulatory framework for crypto, helping boost the sector among investors.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, January 22, 10:00 a.m. – The House Financial Services Committee holds its 119th congressional organizational meeting.
· Wednesday, January 22, 10:00 a.m. – The House Ways and Means Committee holds a hearing on "Matters Within the Committee's Tax Jurisdiction."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time. And there are no Governor speeches scheduled as the Fed is in its regular “blackout period” in advance of the January 29 Federal Open Market 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
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· Monday, January 20, 6:05 p.m. Switzerland) – CFTC Commissioner Kristin N. Johnson will participate in a fireside chat with the CEO of the Global Blockchain Business Council (GBBC), Sandra Ro, at GBBC Blockchain Central 2025 in Davos, Switzerland on innovation, artificial intelligence, and emerging developments in financial markets.
· Tuesday, January 21, 11:35 a.m. Switzerland) – CFTC Commissioner Christy Goldsmith Romero will provide remarks virtually at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos 2025.
· Friday, January 24, 12:15 p.m. Central Time – CFTC Commissioner Kristin N. Johnson will deliver a keynote address followed by a Q&A moderated by Professor William Birdthistle at the University of Chicago Law School. The conversation will explore the issues confronting federal financial regulators at this moment of transition from one presidential administration to another, including artificial intelligence, advances in technology and other notable developments in financial markets.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
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
· Tuesday, January 21, 11:00 a.m. – SIFMA will hold a virtual “State of the Industry” briefing for members.
· Friday, January 24, 12:30 p.m. – The National Association of Realtors (NAR) will hold a policy forum on Friday, January 24, in Washington, DC, entitled "A Nation of Homeowners: How Tax Reform Can Boost the American Dream" in Washington, D.C.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
U.S. Regulatory Week Ahead
Cabinet Nominees Confirmation Hearings All Week, Will Next Week Be the Week Trump Nominates All the Regulators? And the FDIC Chair and CFTC Chairs Sing Their Swan Songs
Washington is bracing for big changes this week before President-elect Trump is sworn into office next Monday. Congress gets busy with committee organizational meetings this week as the US Senate holds confirmation hearings for most of Trump’s nominees (the full hearing schedule is below). We expect the Senate to move quickly on a number of the nominations, with the strong likelihood that Treasury Secretary-nominee Scott Bessent and Secretary of State-nominee Marco Rubio will be confirmed and ready to be sworn in on Inauguration Day.
Subcommittee assignments were announced this past week in both the House Financial Services Committee and Senate Banking Committee. Of note is that the Senate Banking Committee Chair, Senator Tim Scott (R-SC), is creating a new Digital Assets Subcommittee, and Senator Cynthia Lummis (R-WY) is going to chair it. Recall that Lummis’ home state of Wyoming has arguably been the leading state pushing for crypto for consumer payments.
Over on the House side, Financial Services Committee Chair French Hill (R-AK) is apparently considering creating a new working group on monetary policy, which would appear to be something of a “shadow” oversight group looking at Federal Reserve Board monetary policy – this will be one to watch closely.
Meanwhile, this being the final week of the Biden Administration, most regulators are cleaning out their offices and packing up. FDIC Chair Martin Gruenberg will be at the Brookings Institution, giving his thoughts and reflections on his long tenure at the agency and the three financial crises he had dealt with. Let’s see if and how he addresses the ultimate crisis that will likely define his two-decade tenure at the agency: The allowance of a widespread culture of sexual harassment and other misconduct at the agency under his leadership. Gruenberg announced seven months ago he would resign because of the scandal, but not until a replacement was confirmed. He changed his mind after Trump was elected, and now Vice Chair Travis Hill will step in as acting chair. While Hill has not been nominated for the chair, he is giving a speech this week, during which he will likely lay out an interim agenda.
Gruenberg is not the only one giving a final goodbye talk this week: CFTC Chair Rostin Behnam will participate in a fireside chat at the CfC St. Moritz 2025 Conference in Switzerland. The conference – for institutional investors, family offices, and large funds – should be quite interesting, nicely nestled in the spectacular snow-covered Alps.
Finally, we are picking up chatter from the Trump Transition team that President-elect Trump may announce his picks for the top regulatory spots. So far, he has only named Paul Atkins for SEC Chair. More on that as we learn it.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
Thursday, January 16, 10:00 a.m. – The Senate Banking Committee will hold a hearing on the nomination of Eric Scott Turner to be Secretary of the U.S. Department of Housing and Urban Development.
House of Representatives
Tuesday, January 14, 10:00 a.m. – The House Ways and Means Committee holds a meeting to organize for the 119th Congress. They will then hold a hearing entitled “The Need to Make Permanent the Trump Tax Cuts for Working Families.”
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
Thursday, January 16, 8:30 a.m. – Acting Housing and Urban Development Department Secretary Adrianne Todman delivers remarks at the National League of Cities Summit which is entitled “The Moment for Housing is Now.”
Securities and Exchange Commission
Thursday, January 16, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
Wednesday, January 15, 1:30 p.m. (CET/Switzerland) – CFTC Chairman Rostin Behnam will participate in a fireside chat at the CfC St. Moritz 2025 Conference.
Federal Deposit Insurance Corporation
Tuesday, January 14, 2:00 p.m. – FDIC Chair Martin Gruenberg will speak at the Brookings Institution at an event entitled “FDIC Chairman Gruenberg on 3 financial crises and lessons for the future.”
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, January 16, 10:00 a.m. – The Board of the National Credit Union Administration will hold a meeting. The agenda includes a review of the NCUA’s 2025 Annual Performance Plan.
FINRA
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Wednesday, January 16, 1:00 p.m. – The FTC holds a Closed Meeting.
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
Tuesday, January 14, 11:00 a.m. – The Urban Institute's Housing Finance Policy Center holds a virtual discussion on "Recapitalizing the GSEs (government-sponsored enterprises) through Administrative Action: Economics and Budgetary Implications."
Think Tanks and Other Events
Tuesday, January 14, 2:00 p.m. – The Brookings Institution holds a discussion on "3 Financial Crises and Lessons for the Future," FDIC Chair Martin Gruenberg will speak.
Wednesday, January 15, Noon – The Exchequer Club of Washington hosts Senate Banking Committee Chair Senator Tim Scott (R-SC) to speak.
Thursday, January 16, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Should We Care About Who Owns Audit Firms?" This event was rescheduled from January 9th.
Thursday, January 16, 12:00 p.m. – The National Economists Club holds a luncheon discussion on "Grappling With the Nation's Fiscal Challenges: The 2025 Outlook," focusing on "the deficit, debt limit, and the Tax Cuts and Jobs Act."
******
Trump Cabinet Confirmation Hearings Schedule
Tuesday, January 14th
Senate Armed Services Committee: Pete Hegseth, Secretary of Defense
Senate Energy and Natural Resources Committee: Doug Burgum, Secretary of the Interior
Senate Committee on Veterans Affairs: Doug Collins, Secretary of Veterans Affairs
Wednesday, January 15th
Senate Agriculture Committee: Brooke Rollins, Secretary of Agriculture
Senate Energy and Natural Resources Committee: Chris Wright, Secretary of Energy
Senate Judiciary Committee: Pam Bondi, Attorney General
Senate Environment and Public Works Committee: Lee Zeldin, Administrator of the Environmental Protection Agency (this could be moved to Thursday, 1/16)
Senate Foreign Relations Committee: Marco Rubio, Secretary of State
Senate Intelligence Committee: John Ratcliffe, Director of the Central Intelligence Agency
Senate Committee on Homeland Security and Government Affairs (Morning): Kristi Noem, Homeland Security Secretary
Senate Committee on Homeland Security and Government Affairs (Afternoon): Russell Vought, Office of Management and Budget Director
Thursday, January 16th
Senate Finance Committee: Scott Bessent, Secretary of the Treasury
Senate Foreign Relations Committee: Elise Stefanik, U.S. Ambassador to the United Nations
Monday, January 27th
DATE TO BE CONFIRMED: Senate Finance Committee: Robert F. Kennedy Jr., Secretary of the Department of Health and Human Services
U.S. Financial Regulatory Week Ahead
Congress Certifies Election Results, Fed Vice Chair Barr Steps Down, The Federal Government Is Closed Thursday for the National Day of Mourning for former President Carter
January 6 - 10, 2025
We regret the late arrival of this week's Reg Week Ahead. Technical issues prevented us from publishing on our normal schedule. We have updated it to incorporate Fed Vice Chair Michael Barr's resignation announcement today.
Washington (kind of) roars back to life this week with the new Congress sworn in and President-elect Trump continuing his record pace of nominations. We said "kind of" because Washington got hit Monday with the biggest snowstorm we have seen in years, closing all schools and the federal government. Nonetheless, Congress is gathering to certify the presidential election results.
Also, the week will be truncated with the funeral of former President Jimmy Carter. He will lie in state in the Capitol Rotunda until his funeral at 10:00 a.m. at the Washington National Cathedral. All living presidents have been invited, and President Biden will give a eulogy.
Looking at the regulatory week ahead, the big news of the day is Federal Reserve Vice Chair Michael Barr's announcement this morning that he will step down from the Vice Chair role but stay on (for now) as a Fed Governor. Speculation has already begun regarding who will replace Barr, primarily focused on current Fed Vice Chair Michelle Bowman and former FDIC Chair Jelena McWilliams.
Also, this week, we have officially entered the retrospective phase of the Biden Administration's regulatory world, and the Brookings Institution seems to be the place to go to do that – particularly this Wednesday. At 11 a.m. CFTC Chair Rostin Behnam will deliver remarks and participate in a fireside chat, "Commodity derivatives regulation: Where do we go from here?". Then, at 2:00 p.m., FTC Chair Lina Kahn sits for a fireside chat on the future of the FTC (and perhaps her plans – is she staying or going?).
We also expect President-elect Trump to make several regulatory nominations this week. So far, he has only nominated Paul Atkins for SEC Chair. We are also expecting him to fill out the nominations for the top jobs at Treasury under Treasury Secretary-nominee Scott Bessent.
Below is a listing of other events we are monitoring this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
There are no hearings of significance scheduled this week.
House of Representatives
There are no hearings of significance scheduled this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Saturday, January 4, 5:30 p.m. – Federal Governor Adriana D. Kugler gives a speech on monetary policy at the 2025 Allied Social Science Associations Annual Meeting, San Francisco, California.
· Sunday, January 5, 1:15 p.m. – San Francisco Federal Reserve Bank President Mary Daly will give a speech and participate on a panel discussing the Ben Bernanke’s contributions to economics at the 2025 Allied Social Science Associations Annual Meeting in San Francisco, California.
· Monday, January 6, 9:15 a.m. – Federal Reserve Board Governor Lisa Cook gives a speech entitled “Economic Outlook and Financial Stability” at the Seventh Conference on Law and Macroeconomics being held in Ann Arbor, Michigan.
· Thursday, January 9 – The Federal Government (and Federal Reserve) will be closed due to the national day of mourning for the death of former President Jimmy Carter.
· Thursday, January 9 – Federal Reserve Board Governor Michelle Bowman will give a speech entitled “Reflections on 2024: Monetary Policy, Economic Performance, and Lessons for Banking Regulation” at te California Bankers Association 2025 Bank Presidents Seminar.
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
· Wednesday, January 8, 3:00 p.m. – The SEC will hold a Closed Meeting.
· Friday, January 10, 10:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Wednesday, January 8, 11:00 a.m. – CFTC Chairman Rostin Behnam will deliver remarks and participate in a fireside chat, “Commodity derivatives regulation: Where do we go from here?” at the Brookings Institution.
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
· Wednesday, January 8, 2:00 p.m. – FTC Chair Lina Kahn will participate in a fireside chat at the Brookings Institution.
Farm Credit Administration Wagner Labor Initiative in New York.
· Wednesday, January 8, 10:00 a.m. – The Farm Credit Administration will hold a board meeting. The agenda includes an update on Farm Credit System Funding Conditions.
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
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Thursday, January 9, 9:00 a.m. – The Peterson Institute for International Economics will hold an event entitled “Should we care about who owns audit firms?”
· Thursday, January 9, 12:00 p.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan.
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
The New 119th Congress Gets Sworn In, Big Banks and Trade Associations Sue The Fed Over Stress Tests As Fed Says It Will Overhaul Stress Test Regime
December 30, 2024 - January 3, 2025
We hope everyone had a wonderful Christmas! This will be a quick report. We are all looking forward to a great 2025 and savoring the coming week, which should be very quiet, especially on the regulatory front.
But at the end of the week, a new era begins with the new 119th Congress coming together to be sworn into office. We expect the current Speaker of the House of Representatives, Mike Johnson (R-LA), to be re-elected as Speaker of the House on Friday, but it will be closed. This is one of the closest majorities in history, with 219 House Republicans and 215 Democrats, with one vacancy.
The Senate will be particularly interesting to watch in 2025: Incoming Senate Majority Leader John Thune (R-SD) has announced the Senate will work for ten straight weeks before taking a break (except for taking off February 17th for President’s Day). And they will work five days a week instead of the usual three.
Looking at last week, a group of large banks joined forces with the U.S. Chamber of Commerce, the Bank Policy Institute, the American Bankers Association, and several other trade groups sued the Federal Reserve, claiming the annual bank stress tests lacked transparency and failed to take “public input as required by law.”
The suit was filed despite the Federal Reserve saying this past Monday they intended to make changes to the stress tests and would be seeking public comment and input. However, the Fed did not detail what those changes would be. We believe this situation will add significant pressure from Congress and likely the incoming Trump Administration on Fed Vice Chair for Supervision Michael Barr to step aside. We will see.
Again, we hope you enjoy the quiet week ahead and have a wonderful New Year! As we said above, nothing is going on this coming week in the regulatory world – you don’t need to read anything beyond this sentence. But if you have any questions, please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
·Friday, 12:00 p.m., January 3, 2025 – The 119th United States Congress will be sworn into office. The Senate will then begin ten weeks of work (with a break on February 17th for President’s Day), being in session five days a week, which breaks from previous historic work schedules.
House of Representatives
Friday, 12:00 p.m., January 3, 2025 – The 119th United States Congress will be sworn into office. The House of Representatives. The House will also vote on who will serve as Speaker of the House, the 130th Speaker of the House of Representatives since the office was created in 1789. Current Speaker Michael Johnson (R-LA) is expected to be re-elected by a slim margin.
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 Wagner Labor Initiative in New York.
· 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. 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.
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