U.S. Financial Regulatory Week Ahead
The Government Lurches Toward a Shutdown as Congress Takes the Week Off, SEC Chair Atkins Begins to Outline Big Regulatory Overhaul, and Fed Vice Chair Bowman to Speak on Regulatory Agenda
September 22 - 26, 2025
Congress is out of session this week for Rosh Hashanah and to conduct work from their home offices. Unfortunately, being out this week has substantially increased the likelihood of a government shutdown as of September 30th (we currently estimate the odds of a shutdown at 75 percent as of today).
House and Senate Republicans and Democrat leaders really are not talking much about how to cobble together a Continuing Resolution (CR) to keep the government running and, in talking to several Democratic staffers, it is clear Democratic leaders are almost at the point of welcoming a shutdown to make clear their opposition to the politically unpopular Medicaid cuts in the One Big Beautiful Bill as well as the upcoming cancellation of Obamacare tax credits.
How long a shutdown could last is anyone's guess. The longest shutdown began on December 22nd, 2018, and lasted 35 days, concluding on January 25th, 2019. We will be updating clients on what we hear as we get close to the shutdown deadline.
Looking at last week, the big news was SEC Chair Paul Atkins' interview with Politico, where he made clear he was laying out the groundwork for a major regulatory rewrite. It appears that it will include changes to quarterly reporting, something President Trump encouraged last week. Atkins also championed moves to encourage more arbitration between investors and corporations and to move away from expensive and oftentimes frivolous class-action lawsuits.
Meanwhile, Comptroller of the Currency Jonathan Gould announced a second reorganization of the agency, reversing a reorganization led by then-acting Comptroller Rodney Hood. Industry groups cheered the move.
Also, last week, up on Capitol Hill, the House Financial Services Committee began outlining how it intends to reauthorize the Terrorism Risk Insurance Program as well as general flood insurance. The Senate Banking Committee is also expected to take on flood insurance this fall and is likely to make several changes to it. Interestingly, the National Flood Insurance Program has gone through 33 short-term reauthorizations and has not seen any changes over the past eight years. There will likely be at least another short-term extension, as the program is set to expire on September 30th.
Looking at the week ahead, a large number of Federal Reserve Board governors and many of the regional Federal Reserve Bank presidents will be out giving speeches. By our count, there are 14 speeches in total being given this week. But of particular note, Fed Chair Jay Powell is speaking on Tuesday about the economic outlook, while Fed Vice Chair for Supervision Michelle Bowman is speaking at the Kentucky Bankers Association. Bowman will also be giving another speech on Thursday in Washington on bank regulation, while her predecessor, Fed Governor Michael Barr, will be speaking on stress testing the same day, too.
And we would close out by noting the SEC has another very busy Thursday, almost as busy as last Thursday. SEC Chair Atkins will also be giving a speech on regulation. And there is going to be a big SEC webinar on large bank compliance, then a Closed Meeting, all while a number of senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.
Below is a listing of all the rest of the major regulatory events in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The US Senate is out of session this week for home state work.
House of Representatives
The House of Representatives is out of session this week for home district work.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, September 22, 10:00 a.m. – St. Louise Federal Reserve Bank President Alberto Musalem gives a speech on the outlook for the US economy and monetary policy at the Brookings Institution in Washington, D.C.
· Monday, September 22, 12:00 p.m. – Federal Reserve Board Governor Stephen I. Miran Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York Luncheon, New York, New York.
· Tuesday, September 23, 9:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will give a speech on the Economic Outlook at the 134th Annual Kentucky Bankers Association Convention (virtual).
· Tuesday, September 23, 9:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook before a Macro Musings podcast live recording.
· Tuesday, September 23, 12:35 p.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on the economic outlook at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, Rhode Island.
· Wednesday, September 24, 3:10 p.m. CT – San Francisco Federal Reserve Bank President Mary Daly speaks on the economic outlook before the annual Spencer Fox Eccles Convocation presented by the National Association of Corporate Directors, Utah Chapter.
· Thursday, September 25, 7:20 a.m. – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before Crain's Power Lunch, "The Fed and the Economy: Trends for West Michigan"
· Thursday, September 25, 9:00 a.m. – New York Federal Reserve Bank President John Williams gives welcome remarks before the Fourth Annual International Roles of the U.S. Dollar Conference hosted by the Federal Reserve Bank of New York and the Federal Reserve Board.
· Thursday, September 25, 9:00 a.m. – Federal Reserve Bank of Kansas City President Jeff Schmid speaks about monetary policy and the economic and banking outlook at the Mid-Sized Bank Coalition of America in Dallas.
· Thursday, September 25, 10:00 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on supervision and regulation at the at the Financial Markets Quality Conference 2025, Washington, D.C.
· Thursday, September 25, 1:00 p.m. – Federal Reserve Governor Michael S. Barr participates in a conversation on bank stress testing at the Peterson Institute for International Economics, Washington, D.C.
· Thursday, September 25, 2:30 p.m. – San Francisco Federal Reserve Bank President Mary Daly participates in a conversation before the Federal Reserve Bank of San Francisco 2025 Western Bankers Forum.
· Friday, September 26, 9:00 a.m. – Richmond Federal Reserve Bank President Tom Barkin participates in a conversation with Roger Ferguson at the Peterson Institute for International Economics.
· Friday, September 26, 1:00 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a speech entitled “Approach to Monetary Policy Decision-Making” at the Cornell Club of New York, New York City, New York.
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
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Thursday, September 25, 8:30 a.m. – Several senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.
· Thursday, September 25, 1:00 p.m. – The SEC will host a compliance outreach webinar for large firms regarding the 2024 adoption of amendments to Regulation S-P.
· Thursday, September 25, 2:00 p.m. – The SEC will hold a Closed Meeting.
· Thursday, September 25, 4:30 p.m. – SEC Chairman Paul Atkins will speak at the Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.
Commodities Futures Trading Commission
· Wednesday, September 24, 6:00 p.m. Seoul – Acting Chairman Caroline D. Pham will provide keynote remarks at a Global Crypto Policy Symposium: Navigating Stablecoin Regulation for the Institutional Era.
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.
Federal Housing Finance Agency
· 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 System 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
· Thursday, September 25, 12:00 p.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Fiscal Guardrails: Global Debt Levels and Looming Government Spending Pressures."
· Thursday, September 25, 5:30 p.m. – The Urban Institute holds a discussion on "Untangling a Complex Problem: Preserving Housing Wealth for Vulnerable Owners through Technology and Estate Planning."
Think Tanks and Other Events
· Wednesday, September 24, 2:00 p.m. – The Bipartisan Policy Center holds a hybrid event entitled “Gaming Out the GSEs’ Exit from Conservatorship: Process, Policy, and Potential Pitfalls.”
· Thursday, September 25 – The Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.
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