U.S. Financial Regulatory Week Ahead

Written By Francis Kelly

March 4 - 8, 2024

This coming week will be momentous in the Washington regulatory world as the SEC finally unveils its long-awaited climate disclosure rules on Wednesday.  The new rules are designed to require corporations to disclose their carbon footprint in SEC filings.  Climate activists and the Biden Administration view these rules as the cornerstone of their climate strategy, while corporations dread the likely enormous scope of the reporting requirements and accompanying liabilities.

But in recent weeks, SEC Chair Gary Gensler appears to have scaled back the draft requirements, worrying climate activists he may have watered them down too much.  Whatever emerges Wednesday, business organizations are almost certain to file federal lawsuits challenging the proposals.  And considering the SEC’s track record in federal court under Chair Gensler, the betting line is not in the SEC’s favor (we are still trying to figure out when Congress gave the SEC authority to regulate carbon emissions – isn’t that the Environmental Protection Agency’s job?  Just asking…).

Also, this week, Federal Reserve Board Chair Jay Powell will give his semi-annual Monetary Policy Report before the House Financial Services Committee (on Wednesday) and the Senate Banking Committee (on Thursday).  Powell will undoubtedly be asked tough questions about the Fed’s proposed bank capital rules, which seem increasingly imperiled by opposition from a growing variety of critics – including two Fed Governors (Christopher Waller and Michelle Bowman), who have been quite outspoken in their criticism of the proposal.

Also this week, we will be listening closely as Federal Reserve Board Vice Chair for Supervision Michael Barr, Acting Comptroller of the Currency Michael J. Hsu, and FDIC Chairman Martin J. Gruenberg The 2024 National Interagency Community Reinvestment Conference where they will be defending the new Community Reinvestment regulations – which are also the target of a major lawsuit from banking and industry advocacy groups.  

Finally, it will be worth paying close attention to the Federal Trade Commission’s workshop entitled “Private Capital, Public Impact: An FTC Workshop on Private Equity in Health Care.” Department of Justice Assistant Attorney General for Antitrust Jonathan Kanter will also participate likely signals antitrust action by both regulators against the PE world, a longtime target of Progressive Democratic Senators led by Senator Elizabeth Warren (D-MA).

Below are all the significant public events we are looking at in the coming week:

Below are all the significant public events we are looking at in the coming week:

U.S. Congressional Hearings 

U.S. Senate

 

 

US Regulatory Meetings & Events

Interagency Meetings/Events

 

  • Wednesday & Thursday, March 6 & 7: Federal Reserve Board Chair Jay Powell delivers the Semiannual Monetary Policy Report to Congress before the House Financial Services Committee (Wednesday) and Senate Banking Committee (Thursday) - see above for each testimony video link.

Federal Reserve Board and Federal Reserve Banks

  

U.S. Treasury Department

  • No significant events are scheduled at this time.

  

Securities and Exchange Commission

 

Commodities Futures Trading Commission

 

  • Wednesday, March 6, 10:00 a.m. – The CFTC Global Markets Advisory Committee will meet.  They will discuss increased liquidity in U.S. Treasury markets and the upcoming transition to T+1 securities settlement. Additionally, Financial Stability Board Secretary General John Schindler will address the Committee to discuss Basel III.

 

  

FINRA

  • No significant events are scheduled at this time.

  

Federal Deposit Insurance Corporation

  

Office of the Comptroller of the Currency

  

The Consumer Financial Protection Bureau

  • Friday, March 8, 1:00 p.m. – The CFTC’s Spring 2024 Credit Union Advisory Council meets virtually. 

 

National Credit Union Administration

·       No significant events are scheduled at this time.

 

Federal Trade Commission & Department of Justice Antitrust Division

 

  • Wednesday, March 6, 9:00 a.m. – 5:00 p.m. – The FTC hosts its 8th Annual PrivacyCon 2024.  The conference brings together a diverse group of stakeholders, including researchers, academics, industry representatives, consumer advocates, and government regulators, to discuss the latest research and trends related to consumer privacy and data security. 

  

Farm Credit Administration

  • No significant events are scheduled at this time.

 

Farm Credit System Insurance Corporation

  • No significant events are scheduled at this time.

 

Import/Export Bank

  • No significant events are scheduled at this time.

     

World Bank

  • No significant events are scheduled at this time.

 

 

Trade Associations & Think Tank Events

 

Trade Association Events/Public Events

 

 

Think Tank Events

 

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

Francis Kelly
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