U.S. Financial Regulatory Week Ahead
Washington Slowly Creeps Back to Work
August 26 - 30, 2024
For much of the US, schools are back in session, and most folks have wrapped up their summer holidays. But in Washington, next week is the last week of summer holidays. Which means it will still be mostly quiet around town and at the regulatory agencies. The only regulatory activity we can find is the Securities and Exchange Commission (SEC) holding an open meeting and the Federal Trade Commission (FTC) holding an administrative court hearing about horse racing. But as the last week showed, Washington is slowly getting back to work and getting revved up for a busy fall.
Perhaps the significant event last week was not in Washington but in Texas, where a federal judge blocked the FTC’s sweeping ban on noncompete agreements. The ruling slammed the FTC, saying, “In sum, the Rule is based on inconsistent and flawed empirical evidence, fails to consider the positive benefits of non-compete agreements, and disregards the substantial body of evidence supporting these agreements.” The FTC is likely to appeal the ruling, but it does not look good that the FTC will ultimately succeed – as most observers predicted when the FTC first launched into this effort.
Meanwhile, the FDIC announced the hiring of a former federal prosecutor to oversee the agency’s efforts to root out the toxic workplace culture exposed in an independent report earlier this year. Carrie Cohen, who currently is the co-chair of the investigations and white-collar practice at the law firm of Morrison Foerster and is a former Assistant District Attorney in the Southern District of New York, was hired by the board. Her hiring triggered a new round of Congressional Republicans to demand the immediate resignation of current FDIC Chair Marty Gruenberg (who continues to refuse to resign until a replacement is confirmed by the Senate – which probably won’t happen until 2025).
Finally, we saw Federal Reserve Board Vice Chair for Supervision Michael Barr speak about the constant battle banks and regulators are waging against cyberattacks and technology failures. Barr said such attacks are increasingly growing as threats: “There is a lot of work to do. It is a constant process, a constant battle as the technology changes.”
We expect the week of September 1st (Labor Day) we will see a significant pick up of events. Until then, enjoy the relative quiet! Below is the listing of events among regulators in the coming week:
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the month of August and returns to work on September 9.
House of Representatives
· The House is out of session for the month of August and returns to work on September 9.
US Regulatory and Administrative Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Wednesday, August 28, 1:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller gives a speech on payments at the Global Fintech Festival 2024, Mumbai, India.
Thursday, August 29, 2:30 p.m. CT – Atlanta Federal Reserve Bank President Raphael Bostic to give an "Introduction to the Federal Reserve and an Economic Outlook" presentation before a Georgia Tech Scheller College of Business Management of Financial Institutions class.
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
Wednesday, August 28, 10:00 a.m. – The SEC will hold an Open Meeting. They will consider adopting amendments to reporting requirements on Forms N-PORT and N-CEN.
Thursday, August 29, 2:00 p.m. – the SEC will hold 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
Thursday, August 29, 9:30 a.m. – The Federal Trade Commission holds an evidentiary hearing before an Administrative Law Judge on Horseracing Integrity and Safety Authority.
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
Monday, August 26, 2:00 p.m. – The Urban Institute holds a virtual discussion, beginning at 2 p.m., on "Identifying Solutions to Address Wealth Inequities: A Conversation with Government, Business, and Nonprofit Leaders.
Tuesday, August 27, 2:00 p.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Reforming the HCV (Housing Choice Voucher) Program Through Direct Rental Assistance."
Wednesday, August 28, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "The Bank-Sovereign Nexus in Developing and Emerging Economies."
Thursday, August 29, 12:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12:30 p.m., on "Understanding the Regulatory Landscape for Private Fund Advisers."
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