The U.S. Financial Regulatory Week Ahead
June 23 - 27, 2025
Fed Chair Powell Testifies Before Congress, The Fed and FDIC Vote ON a Revised Leverage Ratio Proposal, and the SEC Holds A Roundtable on Executive Compensation
The Federal Reserve is going to be a beehive of activity next week. Fed Chair Jay Powell testifies before the House Financial Services Committee and then the Senate Banking Committee on monetary policy. Powell is likely to get a good share of questions about the future of bank regulation in those hearings, particularly about the Fed’s (and the FDIC’s) upcoming review and vote on Wednesday on the leverage ratio for banks. The proposal will reduce the capital buffer by up to 1.5 percent for the biggest banks.
Additionally, Fed Governors Michael Barr and Adriana Kugler will be appearing at the Kansas City Fed and then the Cleveland Fed for their annual “Fed Listens” events. Again, bank regulation is likely to be a major topic.
All this Fed action will be capped on Friday at 4:30 p.m. when the results of bank stress tests are released.
The overall future of financial regulation will also be the topic of a Brookings Institution event his week where House Financial Services Committee Chair French Hill (R-Ark) will discuss his plans for the committee policy-wise.
All this comes after a number of major legislative and regulatory moves this past week. As expected, the Senate passed the GENIUS Act, the first crypto regulatory framework bill to pass the Senate. We expect the House to pass it sometime later this summer. President Trump praised the legislation and urged the House to move quickly to hold a vote.
SEC Chair Paul Atkins, as expected, announced he was withdrawing 14 proposed rules that had been proposed by then-SEC Chair Gary Gensler. The proposed rules ranged from crypto regulation to climate disclosure to regulation and disclosure around the use of artificial intelligence.
The SEC will keep up the busy pace this week when it hosts a Roundtable on Executive Compensation – a prelude to likely new proposals scaling back executive compensation disclosure.
Finally, we would note that Elon Musk is not totally finished with Washington. The Financial Times reported this past week that users of X (Twitter) will “soon” be able to make investments or trades using the social media platform. Additionally, the company is exploring creating “X credit and X debit cards.” The FT says this is all part of Musk’s efforts to build an “everything app.” Welcome to the world of Washington financial regulation, Mr. Musk!
Below is everything we could find happening this week in Washington among the regulators:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, June 24, 3:00 p.m. – The Senate Banking Committee’s Subcommittee on Digital Assets holds a hearing entitled Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.
· Wednesday, June 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled The Semiannual Monetary Policy Report to Congress. Federal Reserve Board Chair Jay Powell will testify.
House of Representatives
· Tuesday, June 24, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled The Federal Reserve’s Semi-Annual Monetary Policy Report. Federal Reserve Board Chair Jay Powell will testify.
· Wednesday, June 25, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets.
· Thursday, June 26, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations holds a hearing entitled From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Sunday, June 22, 11:15 a.m. PST – San Francisco Federal Reserve Bank President Mary Daly participates in a monetary policy insights panel before the Western Economic Association International 100th Annual Conference.
· Monday, June 23, 3:00 a.m. EST/3:00 p.m. Prague Time – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.
· Monday, June 23, 10:00 a.m. Prague Time – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on monetary policy and banking at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.
· Monday, June 23, 2:30 p.m. – The Federal Reserve Bank of New York holds a virtual discussion with business and community leaders on "the effects that labor market conditions, inflation, and interest rates have on them.” The event is being hosted by SUNY Schenectady Community College. New York Fed President John Williams will speak along with Federal Reserve Board Governor Adriana Kugler.
· Monday, June 24, 12:10 p.m. Central Time – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Milwaukee Business Journal Mid-Year Outlook 2025.
· Tuesday, June 24, 8:15 a.m. Central Time – Cleveland Federal Reserve Bank President Beth Hammack speaks on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025.
· Tuesday, June 24, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the House Financial Services Committee.
· Tuesday, June 24, 2:00 p.m. – Boston Federal Reserve Bank President Susan Collins speaks before the “State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston.
· Tuesday, June 24, 4:00 p.m. – The Federal Reserve Bank of Kansas City holds a virtual discussion on "the current state of the agricultural economy and future prospects, part of its "Fed Listens" series. Speakers will include Federal Reserve Board Governor Michael Barr and Jeff Schmid, President and CEO of the Federal Reserve Bank of Kansas City.
· Wednesday, June 25, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the Senate Banking Committee.
· Wednesday, June 25, 2:00 p.m. – The Federal Reserve holds a meeting "to discuss proposed revisions to the Board's supplementary leverage ratio standards."
· Thursday, June 26 & 27 – The Federal Reserve Bank of Cleveland holds its 2025 Policy Summit, beginning at 9 a.m., with the theme "Building Strong and Sustainable Communities.” Cleveland Fed President Beth Hammack will give opening remarks. Federal Reserve Board Governor Michael Barr will speak on June 26th. Governor Lisa Cook will speak on June 27 at 9:15 a.m.
· Thursday, June 26, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on the economy before the New York Association for Business Economics.
· Friday, June 27, 10:00 a.m. Basel Time – New York Federal Reserve Bank President John Williams moderates a session featuring keynote remarks from Professor Carmen Reinhart at the 24th Bank of International Settlements Annual Conference.
· Friday, June 27, 4:30 p.m. – The Federal Reserve releases the results of bank stress tests.
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
Securities and Exchange Commission
· Thursday, June 26, 10:00 a.m. – The SEC will hold a Closed Meeting.
· Thursday, June 26, 1:00 p.m. – The SEC hosts a Roundtable on Executive Compensation Disclosure Requirements.
Commodities Futures Trading Commission
· Monday, June 23, 7:30 p.m. UK Time – Acting Chairman Caroline D. Pham will receive an award and deliver remarks at the UK House of Lords “100 Impact Leaders” Dinner and Award.
· Thursday, June 26, 1:10 p.m. UK Time – Acting Chairman Caroline D. Pham to participate in a fireside chat at the Citi Institute Future of Finance Forum in London.
Federal Deposit Insurance Corporation
· Thursday, June 27, 10:00 a.m. – The FDIC board will meet. They are scheduled to vote on the leverage ratio proposal.
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
· Monday, June 23, 1:30 p.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda." House Financial Services Committee Chair French Hill (R-Ark) will speak.
· Tuesday, June 24, 2:00 p.m. – The Cato Institute holds a policy forum entitled “Removing Barriers to Capital Formation.”
Please let us know if you have any questions or would like to be added to our email distribution list.