U.S. Financial Regulatory Week Ahead

May 19

Tax and Crypto Bills Moving Again, SEC Speaks 2025 Set to Showcase Atkins Agenda, and the CFTC Empties Out

May 19 - 23, 2025

We thought it would be a quiet(ish) week last week, so we took off for a little R&R. Boy, were we wrong. It was a jam-packed week in the Washington regulatory world and this coming week looks to be just as busy in advance of Memorial Day.

Looking at the major events this coming week, we are watching both the start-and-stop-and-start again motion of both the Reconciliation bill in the House of Representatives and the Crypto legislation in the Senate. Both are – for now – moving forward again. The Reconciliation bill, which has a number of important tax provisions for the financial sector (including a provision maintaining the tax-exempt status of credit unions as well as the preservation of carried interest and the creation of something called “MAGA Accounts” which allow opening $1,000 tax-advantaged investment accounts for every newborn baby with a Social Security number). House Speaker Michael Johnson (R-LA) is hoping for a vote by the end of the week before Congress goes out for the Memorial Day recess next week, but it is going to be a very close vote. And even if it passes, the Senate is likely to make a lot of changes to the bill.

The Senate is set to consider landmark cryptocurrency legislation this week. A procedural vote is expected by Wednesday, with a likely final vote later in the week. Senate Democrats, who blocked an earlier version of the bill, seem to be coming around to a new draft that was circulated last week.

Also on the Hill this week, the House Financial Services Committee is holding a two-day legislative markup extravaganza. By our count, more than 25 stand-alone pieces of legislation will be marked up and more than 25 amendments will also be debated and voted on. See below for details of what Chair French Hill (R-AK) has teed up for the committee to consider.

Turning to the regulators, it seems as if the Commodities Futures Trading Commission (CFTC) is, well, emptying out. Rapidly. Acting CFTC Chair Caroline Pham said last week she is planning on stepping down once Brian Quintenz is confirmed as the new chair (there is no timeframe on when that will happen). Commissioner Christy Goldsmith Romero also announced she is leaving on May 31, as is Commissioner Summer Mersinger, who is set to become the new CEO of the Blockchain Association. Her last day at the CFTIC is also May 31. That means Acting Chair Phan will be the sole member of the Commission until Quintenz is confirmed. And President Trump has not nominated anyone else to fill the other commission vacancies.

Over the Federal Reserve, Chair Jay Powell announced he is planning on a 10 percent cut to Fed staff, including through voluntary resignations, over the next several years.

There are a lot of Fed speeches this coming week, many taking place at the Atlanta Federal Reserve Bank’s Annual Financial Markets Conference. For more details on the conference and everything else we are tracking this coming week, here is the full list of what is happening:

U.S. Congressional Hearings

U.S. Senate

· Thursday, May 22, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled Securing America: Key Authorities Under the Defense Production Act.

House of Representatives

· Tuesday, May 20, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Day One: Markup of Various Measures - more than 25 pieces of legislation and more than 25 amendments to other pieces of legislation.

· Tuesday, May 20, 10:00 a.m. – SEC Chair Paul Atkins will testify before the House Appropriations Committee. The topic of the hearing is “Oversight Hearing of the U.S. Securities and Exchange Commission.”

· Wednesday, May 21, 10:00 a.m. – the House Financial Services Committee will hold a hearing entitled Day Two: Markup of Various Measures – seeking to wrap up anything they did not finish yesterday.

Federal Department & Regulatory Agency Meetings &Events

Federal Reserve Board and Federal Reserve Banks

· Sunday – Wednesday, May 18 – 21 – The Atlanta Federal Reserve Bank holds its annual Financial Markets Conference. This year’s theme is “Financial Intermediation in Transition: How Will Policy Adopt?” A number of Federal Reserve senior staff and industry leaders will be speaking at the conference.

· Monday, May 19, 7:45 a.m. – New York Federal Reserve Bank President John Williams speaks on the US economic outlook at the Mortgage Bankers Association Secondary and Capital Markets Conference in New York.

· Monday, May 19, 7:30 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

· Monday, May 19, 8:45 a.m. – Federal Reserve Board Vice Chair Phillip Jefferson speaks at the Federal Reserve Bank of Atlanta Financial Markets Conference in Fernandina Beach, Florida.

· Monday, May 19, 12:30 p.m. Central Time – Dallas Federal Reserve Bank President Lorie Logan gives prepared remarks during “Policy Session 2: The Increasing Role of Nonbank Institutions in the Treasury and Money Markets" at the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

· Monday, May 19, 12:30 p.m. Central Time – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the Minnesota Young American Leaders Program (MYALP) at the University of Minnesota.

· Tuesday, May 20, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on growth in rural communities before the "Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.

· Tuesday, May 20, 8:00 a.m. Central Time – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome back remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

· Tuesday, May 20, 12:00 p.m. Central Time – St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy in a moderated conversation before the Economic Club of Minnesota.

· Tuesday, May 20, 5:00 p.m. – Federal Reserve Board Governor Adriana Kugler gives the commencement address at the Spring 2025 Berkeley Economics Commencement Ceremony (virtually).

· Wednesday, May 22, 11:00 a.m. Central Time – Richmond Federal Reserve Bank President Thomas Barkin participates in a “Fed Listens" event as part of the “Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.

· Wednesday, May 22, 1:00 p.m. Central Time – New York Federal Reserve Bank President John Williams gives keynote before Monetary Policy Implementation Workshop: “Unwinding Large Central Bank Balance Sheets" hosted by the Federal Reserve Bank of New York.

· Friday, May 23, 12:00 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech on financial stability at the 7th Annual Women in Macro Conference, cosponsored by New York University's Graduate School of Arts and Science, New York University's Stern School of Business, and the University of Chicago's Becker Friedman Institute (Virtual).

· Sunday, May 25, 2:40 p.m. – Federal Reserve Board Chair Jay Powell gives the commencement address at Princeton University.

U.S. Treasury Department