U.S. Regulatory Week Ahead
September 4 - 8, 2023
Summer vacations are finished, the kids are back to school, and Washington is roaring back to life this week. The Senate is back in session (the House comes back on September 11th). There are a number of meetings and events of note this week.
But first, we would note that last week, the FDIC’s Board of Directors held an Open Meeting to consider five resolutions dealing with long-term debt requirements, new filings for institutions with $100 billion or more in total assets, and approval of new procedures for approving the resolution and sale of midsized and large banks. You can read the FDIC’s full proposals and background memorandums HERE.
We are also watching the lawsuit brought by a consortium of hedge fund, private equity, and venture capital trade associations against the Securities and Exchange Commission for their newly adopted rule on regulating private funds. Our friends at Capitol Account (there is a paywall, but as avid readers ourselves, we strongly encourage you to subscribe – it’s worth every penny) point out that Gene Scalia is the lead lawyer on the case. And knowing Gene’s track record in court, previously bringing suits against the SEC and other regulators, our betting money is on the plaintiffs.
Below is our listing of major events in Washington this coming week. It is going to get more and more busy in the coming weeks and months, and we hope we can help you keep on top of it all. Let us know if you have any questions.
U.S. Congressional Hearings
September 7, 2023, 10:00 a.m.: The Senate Banking Committee holds a hearing on "Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers." The witnesses will be Douglas Heller, Director of Insurance at the Consumer Federation of America, and Jerry Theodorou, Policy Director for finance, insurance, and trade at the R Street Institute.
The House of Representatives is out of session but returns to work on Tuesday, September 11th.
US Regulatory Meetings & Events
U.S. Treasury Department
US Treasury Secretary Janet Yellen will travel with President Biden to New Delhi, India, to participate in the G20 Leaders’ Summit through September 10.
U.S. Federal Reserve Board
September 7, 2023 – 4:55 p.m.: Fed Governor Michelle W. Bowman will participate in a panel entitled “The Future of Money and Consumer Protection” At the Federal Reserve Bank of Philadelphia Seventh Annual Fintech Conference, Philadelphia, Pennsylvania.
September 8, 2023 – 9:00 a.m.: Vice Chair for Supervision Michael S. Barr will give a speech on payment innovations at the Federal Reserve Bank of Philadelphia Seventh Annual Fintech Conference, Philadelphia, Pennsylvania.
Office of the Comptroller of the Currency
Nothing of significance is scheduled for this coming week.
Federal Deposit Insurance Corporation
Nothing of significance is scheduled for this coming week.
Securities and Exchange Commission
September 6, 2023 – 10:00 a.m.: The SEC will hold an open meeting to consider whether to adopt a proposed amendment to the National Market System Plan Governing the Consolidated Audit Trail (“CAT NMS Plan”) to implement a revised funding model (“Executed Share Model”) for the consolidated audit trail (“CAT”) and to establish a fee schedule for CAT fees for the self-regulatory organizations that are participants to the CAT NMS Plan in accordance with the Executed Share Model.
September 7, 2023, 2:00 p.m.: The SEC will hold a closed meeting.
NOTE: SEC Chair Gary Gensler is scheduled to testify before the Senate Banking Committee on September 12th. He is also now scheduled also scheduled to testify before the House Financial Services Committee on Sept. 27th.
Commodities Futures Trading Commission
Friday, September 8, 2023 – 11:30 – 12:30 p.m., The Grand Hyatt, Nashville, TN: Commissioner Summer K. Mersinger will participate in a fireside chat at the National Association of Federal Equity Receivers Annual Conference.
Federal Trade Commission
September 5 – 1:00 p.m. – 4:15 p.m.: The FTC co-holds the first of three workshops with the Department of Justice’s Antitrust Division on their 2023 Draft Merger Guidelines. The workshop will consist of two panels:
Panel 1: Evolving Approaches to Raising Rivals’ Costs and Vertical Mergers from the 2020 Vertical Merger Guidelines(VMG) to the Draft Merger Guidelines
Panel 2: Evolving Approaches to Mergers Between Rivals from the 2010 Horizontal Merger Guidelines (HMG) to the Draft Merger Guidelines
Farm Credit Administration
Nothing of significance is scheduled for this coming week.
Trade Associations & Think Tank Events
Think Tanks
September 6, 2023, 9:00 a.m. – 10:00 a.m.: The Peterson Institute for International Economics, 9:00 a.m. – 10:00 a.m.: Is limited liability the best regime for banks?
September 7, 2023, 9:00 a.m.: The U.S. Chamber of Commerce’s Center for Capital Market Competitiveness holds a discussion on "European Union Corporate Disclosure Requirements” at the U.S. Chamber. Speakers include Dalia Blass, Partner at Sullivan & Cromwell; Sonja Gibbs, Managing director and head of sustainable finance at the Institute of International Finance; Emmanuel Faber, Chair of the International Sustainability Standards Board; David Woodcock, Partner at Gibson Dunn; Peter Matheson, Managing director of international policy and advocacy at the Securities Industry and Financial Markets Association Dan Crowley, Partner at K&L Gates.
September 7, 2023, 9:30 a.m.: The CATO Institute holds a conference entitled “Staying Ahead of the Curve: Crypto Regulation and Competitiveness.” Speakers include:
— 9:35 a.m.: Sen. Bill Hagerty (R-Tenn.) delivers remarks
— 10:15 a.m.: Panel discussion on "Stablecoins, the Dollar and Regulation"
— 11:45 a.m.: Panel discussion on "Crypto Regulatory Uncertainty and U.S. Competitiveness"
— 2 p.m.: Panel discussion on "Regulating Open-Source Financial Technology"
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