U.S. Financial Regulatory Week Ahead

Written By Francis Kelly

A Government Shutdown Looms – And A Large Number of Federal Workers May be Fired, the SEC and CFTC Hold a Cooperation Roundtable, and the White House Seems To Be Looking for a New CFTC Chair

September 29 - October 3, 2025

Congress was out of session last week doing “home business” – meaning, back in their home states, talking to constituents and trying to let cooler heads prevail in hammering out a possible short-term funding deal to keep the federal government open. 

The deadline is midnight Tuesday, and as of this writing, we would suggest there is an 80 percent chance a shutdown will happen.  But what comes next appears unprecedented: The White House’s Office of Management and Budget has sent federal departments and agencies a memo outlining how they intend to fire large numbers of federal workers instead of furloughing them.  Congressional Democrats absolutely do not want to see that happen and are now feeling pressure to cut a deal.  But we do not see a deal coming together that quickly – so, this could be quite a big week for Washington.

While all this is going on, the Securities and Exchange Commission and Commodities Futures Trading Commission are holding a “Joint Roundtable on Regulatory Harmonization Efforts.”   For those old, grizzled former SEC and CFTC officials (like me), this is a bit of a shock as the two agencies have held each other at arm’s length for, well, decades.  The two regulators have resisted doing anything that could suggest “harmonization” between them because that could suggest a merger (there have been many battles have been fought over this idea over the last 40 years).

Looking at what we learned in the past week, there were numerous reports that the White House is now vetting Milbank, Tweed partner Josh Sterling to be the new CFTC Chair.  It remains quite a mystery as to why the White House is backing away from Brian Quintenz as the nominee.  Quintenz has already had his confirmation hearing before the Senate Agriculture Committee, and beyond the Winklevoss Twins apparently complaining about him to President Trump, there have been no real complaints or problems with his nomination.

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

  • Tuesday, September 30, 10:30 a.m. – The Senate Banking Committee will consider the nominations of Benjamin Hobbs and Ronald Kurtz to both be Assistant Secretaries of Housing and Urban Development, Chris Pilkerton to be Assistant Secretary for Investment Security, and Jonathan Burke to be Assistant Secretary for Terrorist Financing, both of the Department of the Treasury.

 

 

House of Representatives

  • The House of Representatives may or may not be out of session this week.

 

 

Federal Department & Regulatory Agency Meetings & Events

 

Federal Reserve Board and Federal Reserve Banks

 

  • Monday, September 29, 7:30 a.m. EST – Federal Reserve Board Member Christopher Waller will give a speech on payments at the Sibos 2025 Conference in Frankfurt, Germany.

     

  • Monday, September 29, 8:00 a.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in a policy panel before the hybrid "Inflation: Drivers and Dynamics Conference 2025" hosted by the European Central Bank (ECB), the Center for Inflation Research, and the Federal Reserve Bank of Cleveland.

  • Monday, September 29, 1:30 p.m. – St. Louis Federal Reserve Bank President Alberto Musalem speaks before the event, "The Past, Present and Future of the Federal Reserve".

  • Monday, September 29, 1:30 p.m. – New York Federal Reserve Bank President John Williams participates in a conversation organized by the Rochester Institute of Technology.

  • Monday, September 29, 6:00 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic moderates a conversation on Atlanta's economy, air travel, and leadership as part of the Atlanta Fed Leading Voices Series.

  • Tuesday, September 30, 6:00 a.m. EST – Federal Reserve Board Vice Chair Philip Jefferson will give a speech on Monetary Policy Frameworks and the US Economic Outlook at the Bank of Finland International Monetary Policy Conference in Helsinki, Finland.

  • Tuesday, September 30, 12:30 p.m. -- Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Federal Reserve Bank of Chicago Midwest Agriculture Conference: Midwest Agriculture and Trade Uncertainty.

  • Tuesday, September 30, Noon – Boston Federal Reserve Bank President Susan Collins makes remarks at the Council on Foreign Relations’ C. Peter McColough Series on International Economics in New York. 

  • Thursday, October 2, 6:10 p.m. – Dallas Federal Reserve Bank President Lorie Logan participates in a moderated conversation before the UT Evolving Energy and Policy Landscape Conference.

  • Friday, October 3, 6:05 a.m. EST -- New York Federal Reserve Bank President John Williams gives a keynote before the Klaas Knot Farewell Symposium organized by De Nederlandsche Bank (DNB)

  • Friday, October 3,  1:40 p.m.  – Federal Reserve Vice Chair Philip Jefferson will give a speech on the US Economic Outlook and the Fed’s Monetary Policy Framework at the Drexel Economic Forum in Philadelphia, Pennsylvania.

 

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

 

Commodities Futures Trading Commission

 

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

  • There are no significant events scheduled at this time.

 

Think Tanks and Other Events

  • There are no significant events scheduled at this time.

  

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly
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