U.S. Financial Regulatory Week Ahead
Get Ready for the Fed Governor Speech-A-Palooza, SEC Chair Gensler Defends His Agenda on the Hill This Week, and the Fed Holds Its Annual U.S. Treasury Market Conference
September 23 - 27, 2024
What is Fed Governor Speech-A-Palooza, you ask? It is when Federal Reserve Board Governors give seven separate speeches in a single day – this coming Thursday. Considering there are only seven Fed Governors in total, that is a lot. The Governors collectively will cover a wide range of issues: financial inclusion, the state of the U.S. Treasury markets, Artificial Intelligence and the workforce, the economic outlook, and monetary policy. Only Fed Vice Chair Philip Jefferson and Governor Christopher Waller are not scheduled to give a public speech. For the whole week, they give a total of ten speeches or talks. Whew!
Of note, this coming week, the Fed is holding its annual U.S. Treasury Market Conference at the New York Federal Reserve. Treasury Secretary Janet Yellen and SEC Chair Gary Gensler will speak with Fed Chair Jay Powell and Fed Vice Chair Michael Barr.
Chair Gensler has a busy week ahead. He is also testifying before both the House Financial Services Committee and the Senate Banking Committee for the annual oversight hearings of the SEC. Watch for House and Senate Republicans to strongly challenge Gensler on his views of crypto regulation and hiring practices at the agency.
Looking at the past week, there are several items of note. Fed Chair Jay Powell spoke of the troubled regulatory effort to develop new capital standards. He promised that the regulator would "move as a group" to develop a new proposal—despite the draft not being completely finished, as the Fed, FDIC, and OCC are at significant odds on final details.
Also last week, the FDIC, the OCC, and the Justice Department finalized new rules that will give the agencies more power to scrutinize bank mergers – yet another chilling effect put into effect to bank mergers overall. The rules result from President Biden's executive order in 2021 calling for "revitalized merger oversight."
Finally, the Financial Stability Oversight Council (FSOC) held an unannounced meeting on Friday morning. The Council was given an update from Treasury staff on key themes in an upcoming staff progress report by the Inter-Agency Working Group on Treasury Market Surveillance. They also received an update from the Council's Climate-related Financial Risk Committee on progress over the last year on the development of risk indicators and narrative analyses to monitor climate-related financial risks. And they also voted to approve its fiscal year 2025 budget (a total of $14,783,781).
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, September 24, 10:00 a.m. – The Senate Agriculture Committee will hold a hearing on the nominations of Marcus D. Graham to be a member of the Farm Credit Administration Board, Farm Credit Administration; and Julie Brinn Siegel to be a commissioner of the Commodity Futures Trading Commission.
· Wednesday, September 25, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "Oversight of the U.S. Securities and Exchange Commission." SEC Chair Gary Gensler will testify.
· Wednesday, September 25, 10:00 a.m. – The Senate Budget Committee holds a hearing on "The Costs of Inaction: Economic Risks from Housing Unaffordability."
House of Representatives
· Tuesday, September 24, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Oversight of the Securities and Exchange Commission." SEC Chair Gary Gensler will testify.
· Wednesday, September 25, 10:00 a.m. – The House Financial Services Financial Institutions and Monetary Policy Subcommittee holds a hearing on "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."
· Thursday, September 26, 10:00 a.m. – The House Financial Services Housing and Insurance Subcommittee will hold a hearing entitled “Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, September 24, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman
Economic Outlook and Monetary Policy at the Kentucky Bankers Association Annual Convention.
· Wednesday, September 25, 4:00 a.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the Economic Outlook at the Harvard Kennedy School, Cambridge, Massachusetts.
· Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Adriana D. Kugler participates in a Fireside chat on Financial Inclusion with President Susan M. Collins, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual)
· Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a discussion on the “Economic Outlook and Monetary Policy” at the Mid-size Bank Coalition of America Board of Directors Workshop.
· Thursday, September 26 - The Federal Reserve Bank of New York holds its 2024 U.S. Treasury Market Conference. Scheduled speakers include Brian Smith, deputy assistant Treasury secretary for federal finance, Fed Chairman Jerome Powell, Fed Vice Chair for Supervision Michael Barr, Treasury Secretary Janet L. Yellen, and SEC Chair Gary Gensler.
· Thursday, September 26, 10:30 a.m. – Federal Reserve Board Governor Lisa Cook participates in a roundtable discussion entitled “Artificial Intelligence and Workforce Development” at the Roundtable Discussion with Community Stakeholders, hosted by the Federal Reserve Bank of Cleveland and Columbus State Community College, Columbus, Ohio.
· Thursday, September 26, 1:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr participates in a fireside chat on financial inclusion with Minneapolis President Neel Kashkari, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual).
· Thursday, September 26, 6:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech on Artificial Intelligence and the Labor Force at the Ohio State University President and Provost’s Diversity Lecture and Cultural Arts Series, Columbus, Ohio.
· Friday, September 27, 1:15 p.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a conversation at the Alabama Bankers Association Bank CEO Meeting, Birmingham, Alabama.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Tuesday, September 24, 9:00 a.m. – The SEC holds its Securities Enforcement Forum Central 2024 in Chicago.
· Wednesday, September 26 – SEC Chair Gary Gensler will speak at the 10th Annual U.S. Treasury Market Conference in New York.
· Thursday, September 26, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, September 23, 2:40 p.m. – CFTC Commissioner Caroline D. Pham will be featured in a fireside chat, “Preparing for Digital Transformation: The Role of Regulation,” at the Global Blockchain Business Council’s (GBBC) 7th Annual Blockchain Central at the United Nations General Assembly (UNGA).
· Monday, September 23, 4:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at the API/ClearPath Carbon Innovation Forum in New York.
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
· Thursday, September 19, 10:00 a.m. – The NCUA holds a board meeting.
Federal Trade Commission & Department of Justice Antitrust Division
· Thursday, September 19, 11:00 a.m. – The FTC will hold an Open Commission Meeting. The Commission will hear a staff presentation on the Social Media and Video Streaming Services 6(b) Orders and a staff presentation on the Rule on the Use of Consumer Reviews and Testimonials.
· Thursday, September 19, 1:00 p.m. – The FTC will hold an informal hearing on the Proposed Amendments to the Energy Labeling Rule.
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
· Sunday – Wednesday, September 22 – 25 – The Investment Company Institute holds its 2024 Tax and Accounting Conference in Boca Raton, Florida.
· Thursday & Friday, September 26-27 – SIFMA Holds their “Future of Asset Management North America” Conference in New York.
· Thursday, September 26, 9:00 a.m. – The Institute for International Finance holds an online event entitled Policy Implications of the 2024 U.S. Elections: Financial Regulation.
· Thursday, September 26, 10:00 a.m. – The Futures Industry Association holds an online seminar entitled “The CFTC’s Evolving Disclosure Requirements.”
· Thursday, September 26 – SIFMA holds its Global Tax Reporting Symposium in New York.
Think Tanks and Other Events
· Monday, September 23, 2:30 p.m. – The Brookings Institution holds a discussion on "Making housing more affordable: Issues at stake in the 2024 election."
· Wednesday, September 25, 10:30 a.m. – The Brookings Institution’s Hamilton Project will hold a webinar entitled “Taking on Tax: Modernizing Partnership Taxation.”
· Thursday, September 26, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "The Economic Effects of Trump's Plans for tariffs, Deportations, and the Fed."
· Thursday, September 26 , 9:00 a.m. - The Atlantic Council GeoEconomics Center holds its Transatlantic Forum on GeoEconomics on "Next Frontiers in Finance, Technology, and Energy."
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