U.S. Financial Regulatory Week Ahead

Written By Francis Kelly

June 24 - 28, 2024

The Dog Days of Summer are settling into Washington, DC, and it shows this coming week.  Most federal financial regulatory agencies have little on the docket except for the Federal Reserve (see below).  The U.S. Senate is out of session until July 8 (although the House is in session this week—more on that below), and everyone is looking forward to the Fourth of July holiday.

First, we note that the Federal Reserve is scheduled to release the results of its annual stress tests on Wednesday. The results will show how 30 lenders with $100 billion in assets or more would fare under intense economic and political scenarios.

Getting back to Congress, as mentioned above, the House of Representatives is in session this week, and the House Financial Services Committee has three hearings scheduled aimed right at regulators, as their titles make clear: "Stress Testing: What's Inside the Black Box?", "Solutions in Search of a Problem: Chair Gensler's Equity Market Structure Reforms," and "Testimony of the HUD and FHFA Inspectors General" (which won't be a boring hearing and go to mismanagement claims).

We should also note that when the Senate returns the week of July 8, the Senate Banking Committee will hold a hearing on Christy Goldsmith Romero's nomination as the Chair of the Federal Deposit Insurance Corporation.  We are hearing growing opposition among Republican senators to her nomination, and our assessment at this point is that getting her confirmed will not be easy or happen quickly.

Finally, looking at the speech calendar this coming week, we will be listening closely to Federal Reserve Board Governor Michelle Bowman's speech, "Perspectives on U.S. Monetary Policy and Bank Capital Reform," at the Policy Exchange Event in London.  It will likely be another clear criticism of the Fed's proposed bank capital rules.

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

  • The Senate is out until July 8.  But when they return, the Senate Banking Committee will hold a confirmation hearing on July 11 for Christy Goldsmith Romero to be the next Chair of the Federal Deposit Insurance Corporation.

 

House of Representatives

 

Joint Committees

  • There are no hearings scheduled at this time.

 

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

  • Monday, June 24, 3:00 p.m. – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the International Journal of Central Banking Annual Research Conference 2024, Rome, Italy.

 

 

  • Tuesday, June 25, 12:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech entitled “Economic Outlook” at the Economic Club of New York  Luncheon, New York.

 

  • Tuesday, June 25, 2:10 p.m. – Federal Reserve Board Governor Michelle W. Bowman gives pre-recorded opening remarks at the Midwest Cyber Workshop hosted by the Federal Reserve Banks of St. Louis, Chicago, and Kansas City.

 

  • Friday, June 28, 12:00 p.m. – Federal Reserve Board  Governor Michelle W. Bowman patriciates in a conversation At the Ronald Reagan Presidential Foundation and Institute Leadership Council Conference (virtual).

 

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

  • Tuesday, June 25, 2:05 p.m.: SEC Chair Gary Gensler will participate in a one-on-one interview moderated by Bloomberg Businessweek Editor Brad Stone at the Bloomberg Invest Summit in New York.

  • Thursday, June 27, 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.

 

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

  • There are no significant events scheduled at this time.

 

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

  • Monday, June 24, 2:00 p.m. (East South America Time) – The Institute for International Finance holds its joint IIF-Interamerican Development Bank Tokenization Forum in São Paulo, Brazil.

  • Tuesday, June 25, 8:00 a.m. – The US Chamber of Commerce hosts former SEC Chair Jay Clayton as the keynote speaker for a conference entitled “Investors and the Markets First.”

  • Thursday, June 27, 8:00 a.m. – the Institute for International Finance holds its Global AI Update (virtual).

  • Thursday, June 27, 11:00 a.m.  – SIFMA holds a Members Briefing (virtual) entitled “The US Economic Outlook.”

  • Friday, June 28, 10:00 a.m. (Central Europe Time) – The Institute for International Finance holds its IIF/AWS Digital Resilience: Six Months to Dora in Brussels.

 

Think Tanks and Other Events

  • Monday, June 24, 8:30 a.m. – The annual OECD USCIB Tax Conference is the premier US-based event of the year for up-to-date OECD tax policy developments and business interaction. 

  • Tuesday, June 25, 9:30 a.m. – The Center for Strategic and International Studies holds a discussion on "AI (artificial intelligence) in the Field of Economic Development."

  • Tuesday, June 25, 11:00 a.m. – The Center for American Progress holds a virtual discussion on "Increasing Competition and Fairness in Food and Agricultural Markets."

  • Tuesday, June 25, 12:30 p.m. – The Tax Foundation is hosting an online discussion with Will McBride and Chris Edwards on universal savings accounts, their track record in Canada and the United Kingdom, and how they could help Americans save more. 

  • Wednesday, June 26, 4:00 p.m. – The American Enterprise Institute for Public Policy Research holds a book discussion on "Ending ESG (environmental, social and governance) and Restoring the Economic Enlightenment."

  • Wednesday, June 26, 12:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion on "The SEC and Cryptocurrency."

  • Thursday, June 27, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual book discussion entitled “The Green Frontier: Assessing the Economic Implication of Climate Action.”

 

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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