The U.S. Financial Regulatory Week Ahead
A Quiet Week in Washington, The Senate Gets Set to Pass the GENIUS Act but Also Blocks An Effort to Bar Fed Paying Interest Rates on Bank Reserves, and SEC Chair Atkins Staffs Up
June 16 - 20, 2025
The Juneteenth holiday on Thursday, the Federal Reserve’s Open Market Committee meetings on Tuesday and Wednesday, and the House of Representatives being out of session this week have ensured it will be a very quiet week in Washington.
But the Senate is in session, and they are feverishly working away at trying to hammer out their version of the One Big Beautiful Bill Act (OBBA). The Senate Finance Committee is expected to release the tax portion it has drafted, and we will all be watching for any changes that impact investment vehicles, such as pass-throughs and investment savings accounts.
Also this week, the Senate is likely to pass the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on Tuesday, aimed at giving the crypto industry legal and regulatory clarity. Passage in the House is likely in the coming months.
Looking at what happened last week and staying with the US Senate, it was interesting to see Senate Republicans block an effort by Senator Ted Cruz (R-TX) to move legislation that would bar the Federal Reserve from paying interest on reserves to banks as a way to help pay for OBBA. Cruz argued that doing so would cut $1.1 trillion from the federal budget over ten years. The proposal sent minor waves of panic through the banking community but was quickly snuffed out by Senate Banking Committee Chair Tim Scott (R-SC).
Also this past week, SEC Chair Paul Atkins announced a number of senior appointments. Among those named are Akin Gump partner Brian Daly to serve as the new Director of the Investment Management, Jamie Selway, a partner at Sophron Advisors, to serve as Directo of Trading and Markets, Kurt Hohl as the Chief Accountant, and Erik Hotmire as Chief External Affairs Officer and Director of the Office of Public Affairs.
Other than two speeches by Housing and Urban Development Secretary Scott Turner (who may speak about the future of Freddie Mac and Fannie Mae), there really is not much going on this week. Below is everything we could find happening:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· The House of Representatives is out of session this coming week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday & Wednesday, June 17 & 18 -- The Fed’s Open Market Committee meets on interest rates.
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.
Department of Housing and Urban Development
· Thursday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
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.
FINRA
· 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.
Farm Credit Insurance Corporation
· 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.
Small Business Administration
· 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
· Tuesday, June 17 , 2:00 p.m. – The Brookings Institution will hold an event entitled “Beyond profit: How blockchain technology can be used for the public good.”
· Wednesday, June 18, 9:00 a.m. – 5:00 p.m. – the Bipartisan Policy Center’s 2025 Terwilliger Center Summit on Housing Supply Solutions takes place in Washington, D.C. U.S. Housing and Urban Development Secretary Scott Turner will speak, as will a number of US senators, mayors, and CEOs.
· Wednesday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.
Recommended Reading
· Bloomberg: Banks Want Staff Back at the Office. There Aren’t Enough Desks — HSBC and JPMorgan are among lenders taking extra space to deal with shortages.
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