Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis, as well as book recommendations, travel observations, and cultural experiences - all of which we hope will be of interest to you.
U.S. Financial Regulatory Week Ahead
July 29 - August 2, 2024
The Dog Days of Summer in Washington Haven’t Quite Started Just Yet
Last week we said Washington’s financial regulatory world was entering the dog days of summer. That might have been a bit premature. First, we saw former President Donald Trump address the Bitcoin 2024 Conference in Nashville, Tennessee, where he promised to fire SEC Chair Gary Gensler and create a “strategic national bitcoin stockpile.” Financial regulation has now officially entered the 2024 presidential election debate!
Then, we saw the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a request for information from the industry on bank’s partnerships with fintech firms. Specifically, the regulators want to hear about how banks are maintaining “effective risk management practices.” They also separately issues a joint-statement reminding banks’ of the potential risks of working with third-party companies that provide bank despot products and services.
The same trio of bank regulators also issued a notice requesting comment on interagency efforts to reduce regulatory burdens, focusing on consumer protection, the role of directors, officers, and employees, and money laundering.
Also this past week, FDIC Vice Chair Travis Hill stepped up and made a public call for scrapping the pending bank capital rules and starting over from scratch and not simply making modifications to the draft. He went on to argue the Basel-mandated rules, as currently drafted, may not be legal. Hill then presented a vision for a number of important bank regulatory issues. If former President Trump is elected, Hill is seen as his choice as FDIC Chair.
The Federal Courts were also active this past week as a federal judge in Texas stayed the long-suffering Department of Labor’s fiduciary rule.
Looking at the week ahead, the FDIC is holding an Open Meeting to consider new rules on industrial loan companies and brokered deposits. And the SEC is holding a Small Business Capital Formation Advisory Committee.
Up on Capitol Hill, the Senate Agriculture Committee is tentatively planning to mark up a crypto regulatory bill while the Senate Banking Committee might vote on the nomination of Christy Goldsmith Romero to be FDIC Chair (much depends on whether recently convicted Senator Bob Menendez (D-NJ), a member of the committee, will show up to vote. Following his recent federal bribery conviction, Menendez said he would resign.
But what will likely be the best event this week will be Capitol Account’s event in the Capitol Visitors Center. SEC Commissioner Mark Uyeda will participate in a fireside chat, giving great insights into the SEC’s agenda for the rest of the year and what to expect in the wake of the Chevron decision. You can watch it virtually, but you have to register, which you can do by clicking HERE.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, July 30, 10:00 a.m. – The Senate Finance Committee holds a hearing entitled “Tax Tools for Local Economic Development.”
Tuesday, July 30, 10:00 a.m. – The Senate Commerce, Science and Transportation Tourism, Trade, and Export Promotion Subcommittee holds a hearing on "Enabling Rural Businesses to Grow at Home While Competing Abroad."
Tuesday, July 30, 2:30 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee holds a hearing entitled “Banning Noncompete Agreements: Benefits for Workers, Businesses, and the Economy.”
Wednesday, July 31, TBD – The Senate Agriculture Committee is tentatively planning to hold a markup of Committee Chair Senator Debbie Stabenow’s (D-MI) draft crypto bill.
Wednesday, July 31, TBD – Senate Banking Committee Chair Sherrod Brown (D-OH) is floating the idea of voting to advance FDIC Chair-nominee Christy Goldsmith Romero’s nomination. However, with the pending resignation of Senator Bob Menendez (D-NJ following his recent criminal conviction, the committee will be one Democratic vote shy, and at this point, it appears there are no committee Republicans known to support the nomination. It is not clear if Menendez will show up or not. Also likely to be included in the vote would be the advancement of the nominations of Caroline Crenshaw to be an SEC Commissioner and current CFTC Commissioner Kristin Johnson to be an Assistant Secretary of the Treasury, and Gordon Ito to be a member of the FSOC.
House of Representatives
The House is out for the month of August. No events are scheduled at this time.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday & Wednesday, July 30 – 31 – The Federal Reserve Board’s Federal Open Market Committee meets for two days to discuss the economy and interest rates. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on July 31.
U.S. Treasury Department
Tuesday, July 30, 9:00 a.m. – The Treasury Department holds a closed meeting of the Debt Management Advisory Committee to discuss topics related to the economy, financial markets, Treasury financing, and debt management, followed by a written report of its recommendations from the committee.
Thursday, August 1, 2:00 p.m. – The Treasury Department’s Advisory Committee on Risk-Sharing Mechanisms meets. The agenda for the meeting includes: Presentations addressing the Federal Insurance Office's partnership with the National Science Foundation to establish a new Industry-University Cooperative Research Center to provide research, analysis, and thought leadership to improve the insurance sector's modeling and underwriting of terrorism and catastrophic cyber risks; Hear a presentation by FIO staff on the 2024 Report on the Effectiveness of the Terrorism Risk Insurance Program and the International Forum of Terrorism Risk (Re)Insurance Pools Conference hosted by FIO in April 2024; and Roundtable discussion by the members to provide industry insight on the effectiveness of TRIP, terrorism insurance market conditions, ideas for private market risk-sharing mechanisms that can offset losses arising from acts of terrorism, and the administration of TRIP.
Department of Commerce
Thursday, August 1, 2:00 p.m. – The Commerce Department Economic Development Administration holds a virtual meeting of the National Advisory Council on Innovation and Entrepreneurship to discuss strategies to unlock sources of capital to leverage federal investments and designations, including current and future tech hubs, aligned with the Commerce Department's existing work in this area.
Securities and Exchange Commission
Tuesday, July 30, 10:00 a.m. – The SEC holds its Small Business Capital Formation Advisory Committee meeting. The Committee will continue its exploration of ways to expand access to early-stage capital raising and support underrepresented emerging fund managers, the Committee will explore recent changes to the SBIC program designed to increase access and diversify funding for small businesses, start-ups, and fund managers. The full agenda can be accessed HERE.
Thursday, August 1, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Wednesday, July 30, 10:00 a.m. – The FDIC Board of Directors will hold an Open Session. You can find the full agenda HERE, which includes proposed rulemakings on brokered deposits, parent companies of Industrial Banks, and several other items.
Office of the Comptroller of the Currency
Thursday, August 1, 10:00 a.m. – The OCC, along with the FDIC and New York Department of Financial Services, are holding a Bankers Roundtable entitled “Access to Financial Products and Services for the Unbanked and Underbanked” in New York.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Wednesday, July 31, 10:00 a.m. – The FTC holds a hearing before the FTC’s Administrative Law Judge regarding the proposed merger of Kroger Company and Albertsons Companies.
Thursday, August 1, 10:00 a.m. – The FTC holds an Open Commission meeting to discuss Pharmacy Benefit Managers Report and their impact to access and affordability of medicines and then receive a presentation on Military Consumer Production.
Thursday, August 1, 3:30 p.m. – The FTC and the Department of Justice Antitrust Division will jointly hold a the first public hearing of the Strike Force on Unfair and Illegal Pricing.
Farm Credit Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
There are no significant events scheduled at this time.
Think Tanks and Other Events
Tuesday, July 30, 10:00 a.m. – Capitol Account holds an event on investment advisers’ rules sponsored by Charles Schwab. SEC Commissioner Mark Uyeda participates in a fireside chat, An industry panel discussion features Jon Beatty, Head of Advisor Services, Charles Schwab; Karen Barr, President, Investment Adviser Association; James J. Burns, CEO/President, JJ Burns & Company and Stephen Johnson, Chief Counsel Wealth & Asset Management Legal Group, Charles Schwab. Location: Capitol Visitor Center, room SVC 215. Pre-registration is required for people without congressional identification. Click here to sign up.
Tuesday, July 30, 12:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12 p.m., on "Debanking: The Newest Threat to Free Speech and Religious Liberty?"
Wednesday, July 31, 6:00 p.m. – Axios holds a discussion on "Investment for Improvement," focusing on "how corporate investment in the economy can impact and reflect broader market trends, affect long-term inflation and drive financial growth for specific sectors and consumers."
Wednesday, July 31, 12:00 p.m. – The Competitive Enterprise Institute holds a "Lunch Briefing: De-Weaponization of Financial Regulation."
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
July 22 - 26, 2024
The Dog Days of Summer are upon us in Washington. There is not much happening this coming week regulatory-wise, but we would note there are some interesting congressional hearings.
Of particular note, the Senate Permanent Subcommittee on Investigations (PSI) will hold a hearing on Zelle Fraud. Senior executives from Bank of America, J.P. Morgan, and Wells Fargo will testify about what exactly happened. PSI is an unusual Subcommittee in Congress with special powers to conduct deep investigations into virtually anything. But is long has been a source of intense investigations into financial services related fraud, its hearings can and often do lead to criminal indictments down the road from the US Department of Justice.
Also, this week, the Senate Banking Committee is holding a hearing about “Advancing National Security through Export Controls, Investment Security, and the Defense Production Act.” While a good piece of the hearing will likely focus on the national security aspects of trade with China, sanctions on Russia, and other related issues, we think there is a good chance this will quickly veer into aspects of Nippon Steel’s ongoing bid to acquire U.S. Steel. Considering the Chair of the Banking Committee is Senator Sherrod Brown (D-Ohio), a fierce critic of the deal who is in the re-election battle of his career, we cannot see him not taking the opportunity to speak out against the deal.
Finally, we will be watching FDIC Vice Chair Travis Hill speak this week at the American Enterprise Institute on proposed changes to banking regulation and resolution policies. If President Trump is elected in November, many see Hill as the natural choice to be the next FDIC Chair, so this could be a preview of his agenda in 2025.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, July 23, 3:30 p.m. – The Senate Permanent Subcommittee on Investigations holds a hearing on Zelle fraud, featuring executives from JPMorgan Chase, Bank of America, and Wells Fargo.
· Thursday, July 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “Advancing National Security through Export Controls, Investment Security, and the Defense Production Act.”
House of Representatives
· Tuesday, July 23, 10:00 a.m. – The House Agriculture Committee holds a hearing on "Financial Conditions in Farm Country."
· Tuesday, July 23, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “AI Innovation Explored: Insights into AI Applications I Financial Services and Housing.”
· Wednesday, July 24, 10:00 a.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "Wasteful Spending and Inefficiencies: Examining DoD Platform Performance and Costs."
· Wednesday, July 24, 10:30 a.m. – The House Financial Services Committee holds a hearing on "Housing Solutions: Cutting Through Government Red Tape."
· Thursday, July 25, 8:30 a.m. – The House Agriculture Commodity Markets, Digital Assets, and Rural Development Subcommittee holds a hearing on "Reauthorizing the CFTC: Stakeholder Perspectives."
US Regulatory 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.
Securities and Exchange Commission
· Thursday, July 25, 12:00 p.m. – The Securities and Exchange Commission Office of Minority and Women Inclusion holds a virtual discussion with SEC Chair Gary Gensler.
Commodities Futures Trading Commission
· Tuesday, July 23, 9:30 a.m. – CFTC Commissioner Kristin N. Johnson will deliver the keynote address at the USDA Advisory Committee in Tarrytown, New York.
FINRA
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Wednesday, July 24, 2:00 p.m. – FDIC Vice Chair Travis Hill will speak at the American Enterprise Institute for Public Policy Research discussion on "Proposed Changes in Bank Regulatory and Resolution Policies."
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· 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
There are no significant events scheduled at this time.
Think Tanks and Other Events
Wednesday, July 24, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "The Evolution of European Banking Supervision. “Claudia Buch, Chair of the European Central Bank Supervisory Board, will speak.
Wednesday, July 24, 8:00 a.m. – The Atlantic Council holds a conference entitled “The Atlantic "Shaping the Global Economy: From Food Security to Digital Transformation.”
Wednesday, July 24, 1:00 p.m. – The Federalist Society for Law and Public Policy Studies Corporations, Securities & Antitrust Practice Group holds a virtual discussion, beginning at 1 p.m., on "FTC Negative Option, Junk Fee, and Commercial Surveillance Rulemakings - Weighing Costs, Benefits and Litigation Risk in a Post-Chevron Environment."
Wednesday, July 24, 2:00 p.m. – The American Enterprise Institute for Public Policy Research holds a discussion on "Proposed Changes in Bank Regulatory and Resolution Policies." FDIC Vice Chair Travis Hill will speak.
Please let us know if you have any questions or would like to be added to our email distribution list.
The U.S. Financial Regulatory Week Ahead
June 17 - 21, 2024
This week, Washington is experiencing a notable lull, primarily due to the Juneteenth holiday falling in the middle of the week. The House of Representatives is on a break, and the Senate, although in session except on Wednesday, has a very light schedule. This quiet period provides an opportunity to reflect on the recent activities and events in the financial regulatory sector.
Most federal regulators have little to no public events or meetings scheduled for this week, either. CFTC Chair Rostin Behnam will be in Salzburg, Austria, to speak at the 2024 Salzburg Global Seminar Finance Forum. SEC Chair Gary Gensler will give a keynote speech virtually at the Accelerated Settlement in the UK Conference, which will be held in person in London.
Last week was very active, highlighted by the House Financial Services Committee and the Senate Banking Committee, each holding their semiannual Consumer Financial Protection Bureau (CFPB) review hearings. Republicans on both committees took hard swings at CFPB Director Rohit Chopra’s agenda. This came as Republicans introduced new legislation that would give Congress direct funding approval and oversight of the CFPB (currently, the agency draws its budget from the Federal Reserve).
Also last week, the House Financial Services Committee held a tough oversight hearing into the scandals tainting the Federal Deposit Insurance Corporation (FDIC) and its Chair, Marty Gruenberg. The two partners from the law firm Cleary Gottlieb, who conducted an independent investigation into the scandals, testified. Also testifying were Acting Comptroller of the Currency Michael Hsu and Johnathan McKernan, both directors of the FDIC. It was a tough hearing and showed the political split on the board. Hsu said it would be better for Gruenberg to stay until a replacement was named and confirmed by the Senate, and McKernan (a Republican) said Gruenberg should leave now.
However, these headlines were overtaken by the White House announcement of President Biden’s intention to nominate CFTC Commissioner Christy Goldsmith Romero to replace Gruenberg. But that will not quiet the calls for Gruenberg to leave now – mainly because the political odd makers do not see Romero getting confirmed anytime soon – if ever. Senator Elizabeth Warren (D-MA) cheered her nomination and called her “my kind of gal.” That is enough of a warning bell for Senate Republicans who were already aware that Romero had been strongly anti-bank during her tenure at the CFTC, usually siding with progressive groups on various policy issues. Considering it is an election year – meaning the Senate calendar is pretty short between now and November, and traditionally, little gets done anyway – we think it is a long shot for Romero to get confirmed this year.
Below is a complete listing of what is happening at the financial regulatory agencies this week and in Congress. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no financial/regulatory-related hearings scheduled at this time.
House of Representatives
· The House is not in session this week.
Joint Committees
· There are no hearings scheduled at this time.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
·Tuesday, June 18, 9:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin to participate in an MNI Webcast discussion.
Tuesday, June 18, 12:30 p.m. Central Time: St. Louis Federal Reserve Bank President Alberto Musalem will speak at the CFA Society St. Louis luncheon.
Tuesday, June 18, 12:00 p.m. Central Time: Dallas Federal Reserve Bank President Lorie Logan will participate in a moderated question-and-answer session before the Headliners Club Speaker Series in Austin, Texas.
Tuesday, June 18, 1:00 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on “The Economic Outlook and Monetary Policy” at the Peterson Institute for International Economics in Washington, D.C.
Thursday, June 20, 6;30 p.m. – Richmond Federal Reserve Bank President Thomas Barkin to speak before the Risk Management Association in Richmond, Virginia.
U.S. Treasury Department
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, June 20 – 9:30 a.m. – SEC Chair Gary Gensler will give a virtual keynote followed by Q&A at the Accelerated Settlement in the UK Conference, which is being held in London.
Commodities Futures Trading Commission
Tuesday, June 18, 9:00 a.m. (Austria) – CFTC Chairman Rostin Behnam will participate in a fireside chat at the 2024 Salzburg Global Seminar Finance Forum being held in Salzburg, Austria.
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
Thursday, June 20, 12:30 p.m. – The Federal Trade Commission holds a Closed Meeting.
Farm Credit Administration
There are no significant events scheduled at this time.
The Federal Financial Institutions Examination Council
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
Thursday, June 20 – SIFMA co-hosts with E&A their annual Broker-Deal Symposium in New York.
Think Tanks and Other Events
Monday and Tuesday, June 17 & 18 – The American Enterprise Institute for Public Policy Research, and the University of Florida College of Law hold a discussion on "Complexities, Discontinuities, and Unintended Consequences of U.S. International Tax Rules: Options for Change.” On Tuesday, they will hold two panels of particular interest to market participants entitled “Foreign-Derived Intangible Income Benefit" followed by one entitled "Taxation of Income from Controlled Foreign Corporations Stock: Sections 1248 and 245A"
Tuesday, June 18, 9:00 a.m. – The Brookings Institution holds an event entitled “Outcomes-based financing: Possibility and promise in global health.” They will discuss the use of impact bonds and other forms of outcomes-based financing.
Tuesday, June 18, 12:00 p.m. – The Exchequer Club of Washington will host Jo Ann Barefoot, CEO and Co-Founder of the Alliance for Innovate Regulation.
Wednesday, June 19, 6:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a debate on "Is the Wealth Tax Constitutional?"
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
June 10 - 14, 2024
This coming week will be another busy week for the financial regulatory world in Washington. Congress is working its way through the 2025 appropriations process, and that means we will see SEC Chair Gary Gensler and CFTC Chair Rostin Benham testifying in defense of their budgetary requests before the Senate Appropriations Committee. All this is important, but our view is there is little chance Congress will get all the funding bills done before the November election and or the end of the year, punting it to the new Congress in January.
But the big event this week will be in the House Financial Services Committee. Committee Chair Patrick McHenry (R-NC) has called for a hearing to examine the recent independent investigatory report on the FDIC's out-of-control culture under FDIC Chair Martin Gruenberg. While Gruenberg has said he will resign as soon as the Senate confirms a replacement, he also knows there is virtually no chance of that happening by the end of this year. Now, incredibly, he is refusing to show up to testify before the Financial Services Committee. In his place, two FDIC Directors, Acting Comptroller of the Currency Michael Hsu and FDIC Director Jonathan McKernan, along with the two external lawyers who conducted the investigation, will testify.
This is an extraordinary event in many ways. Many observers we have spoken to cannot remember seeing any agency or department head who has been shown to both tolerate such a poisonous culture and was also explicitly engaged in it defy calls to step down immediately and now refuse to answer questions from the congressional committee with direct oversight of his agency. In a word, Gruenberg seems to have gone rogue. Expect a lot of fireworks this week and massive new pressure for him to step down immediately.
Both the Senate Banking Committee and the House Financial Services Committee will host the annual "Consumer Financial Protection Bureau Semi-Annual Report to Congress" Events. CFPB Director Rohit Chopra, who is also an FDIC Director, will be the key witness at both hearings. Given the context, he will likely face numerous questions about Gruenberg's situation.
Below is a complete listing of what is happening at the financial regulatory agencies this week and in Congress. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
Wednesday, June 12, 9:45 a.m. - The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress." CFPB Director Rohit Chopra will testify.
Wednesday. June 12, 10:00 a.m. - The Senate Finance Committee holds a hearing on "Youth Residential Treatment Facilities: Examining Failures and Evaluating Solutions."
Wednesday, June 12, 10:00 a.m.: The Senate Budget Committee will hold a hearing on "Making Wall Street Pay Its Fair Share: Raising Revenue, Strengthening Our Economy."
Thursday, June 13, 10:00 a.m. – The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.” SEC Chair Gary Gensler and CFTC Chair Rostin Benham will testify.
House of Representatives
Wednesday, June 12, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture." Acting Comptroller of the Currency Michael Hsu, FDIC Director Jonathan McKernan, and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify. FDIC Chair Martin Gruenberg is refusing to testify.
Thursday, June 13, 10:00 a.m. – The House Financial Services Committee holds a hearing “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” CFPB Director Rohit Chopra will testify.
Thursday, June 13, 10:00 a.m. – The House Budget Committee will hold a hearing on “Medicare and Social Security: Examining Solvency and Impact to the Federal Budget.” Paul Spitalnick, Chief Actuary for the Centers for Medicare and Medicaid Services, and Stephen Goss, Chief Actuary for the Social Security Administration, will testify.
Joint Committees
Wednesday, June 12, 3:00 p.m.: The Joint Economic Committee will hold a hearing on "Made in America: The Boom in U.S. Manufacturing Investment."
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday & Wednesday, June 11-12 – The Federal Open Market Committee holds a closed meeting to discuss the economy and interest rates. There will be a press conference held by Fed Chair Jay Powell on June 12 at 2:30 p.m.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Housing and Urban Development
Thursday, June 13, 1:00 p.m. - The Housing and Urban Development Department will hold a virtual meeting of the Housing Counseling Federal Advisory Committee for presentations and discussion among HCFAC members.
Securities and Exchange Commission
Thursday, June 13, 10:00 a.m. – SEC Chair Gary Gensler will testify before The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.”
Thursday, June 13, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
Thursday, June 13, 10:00 a.m. – CFTC Chair Rostin Behnam will testify before The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing “A Review of the President’s Fiscal Year 2025 Budget Requests for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.”
FINRA
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
Thursday, June 12, 10:00 a.m. – FDIC Chair Martin Gruenberg has been called to testify (and is refusing to attend) the House Financial Services Committee holds a hearing entitled "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture." Acting Comptroller of the Currency Michael Hsu, FDIC Director Jonathan McKernan and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify.
Office of the Comptroller of the Currency
Wednesday, June 12, 10:00 a.m. – Acting Comptroller of the Currency Michael Hsu will testify before the House Financial Services Committee at a hearing entitled "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture." Also testifying will be FDIC Director Jonathan McKernan and two partners from Cleary Gottlieb Steen & Hamilton, the law firm that conducted the inquiry into the agency’s workplace troubles, are scheduled to testify.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, June 13, 10:00 a.m. – The Farm Credit Administration holds a meeting for a quarterly report on economic conditions and farm credit system condition and performance and a semiannual report on Office of Examination operations.
The Federal Financial Institutions Examination Council
Wednesday, June 12, 10:00 a.m. – The Federal Financial Institutions Examination Council holds a virtual meeting of the Appraisal Subcommittee for FY2024 ASC budget reprogramming request and FY2024 notice of funding availability for the Appraisal Foundation.
International Monetary Fund & World Bank
Monday, June 10, 2:00 p.m. – The World Bank and The Atlantic Council hold a discussion on "From competition to competitiveness: Unlocking growth and productivity in Latin America and the Caribbean." Participants include World Bank Chief Economist for Latin America and the Caribbean William Maloney, World Bank Deputy Chief Economist for Latin America and the Caribbean Marcela Melendez, Andrea Budelmann, Partner at Butelmann Consultores, Maria-Leticia Ossa Daza, Partner at Paul Weiss, Juan Carlos Lopez , Chief correspondent at CNN en Espanol, and Santiago Levy , Former deputy minister of the Ministry of Finance and Public Credit of Mexico and Brookings Institution nonresident senior fellow will speak.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Tuesday & Wednesday, June 11 -12 – SIFMA holds its Diversity and Inclusion Leadership Summit in New York.
Tuesday – Friday, June 11 – 14 – The American Bankers Association holds its Risk and Compliance Conference in Seattle, Washington.
Tuesday, June 11, 10:00 a.m. – The Institute for International Finance holds an online event, “Peru’s Economic and Policy Outlook.” The event will be conducted in Spanish.
Think Tanks and Other Events
·Tuesday, June 11, 9:30 a.m. – The Bipartisan Policy Center's Center for Housing Policy holds its 2024 Summit on Housing Supply Solutions.
Tuesday, June 11, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "China's Experience of Promoting Venture Capital Investment."
Friday, June 14, 9:30 a.m. – The Brookings Institution holds a conference on "The Federal Reserve's Review of Its Monetary Policy Framework." Former Federal Reserve Chair Ben Bernanke, senior economic studies fellow at the Brookings Institution, delivers welcoming remarks for an afternoon session. Also, Former Federal Reserve Vice Chair Donald Kohn, chair in international economics and senior economic studies fellow at the Brookings Institution, participates in a panel discussion
Please let us know if you have any questions or would like to be added to our email distribution list.
The Future of TikTok in America: My Interview in Handelsblatt
April 20, 2024
I was delighted to be interviewed this week by Handelsblatt, the leading German newspaper, about the U.S. Congress’ legislative move to ban TikTok.
The legislation now looks assured of passage following the House of Representatives passing a new version to meet the demands of key Senators. A final vote in the Senate is likely on Tuesday, April 23, but it could be delayed by a week.
Is this really the end for TikTok in the U.S.? Not immediately. While the legislation now about to be passed dealt with some of the potential legal issues, look for ByteDance (the parent company of TikTok) to immediately go to the U.S. Federal Court to overthrow the legislation, likely on an argument that it violates the First Amendment rights of both the company and its users. That all but assures a prolonged - perhaps multi-year - battle before TikTok disappears from users’ screens.
You can read the interview HERE (and unless you speak or read German, you might want to use Google Translate or another system to read it!).
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