Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
Prudential Regulators To Testify in the House, Treasury Secretary Bessent Testifies Before Congress, and the SEC’s Investor Advisory Committee Discusses Semi-Annual Reporting and Proxy Voting
June 1 - 5, 2026
After the quiet of last week (nothing happened with the Memorial Day break – hence, we did not publish last week), things spring back to life this week in Washington.
The big event this week will be the prudential regulators - Federal Reserve Board Vice Chair for Supervision Michelle Bowman, Comptroller Jonathan Gould, FDIC Chairman Travis Hill, and Acting National Credit Union Administration Chairman Kyle Hauptman – testifying before the House Financial Services Committee on Thursday. We believe a big focus of questioning will be centered on issues dogging the ongoing housing bill and crypto bill. But we also have reason to believe that committee members will be focused on the Fed’s work to develop new tailoring rules for banks.
This comes after an interesting Reuters report last week detailing how banks are quietly but insistently pushing the Fed behind the scenes to lock in its new supervisory regime so it cannot be easily reversed by a potential future Democratic administration.
Also on Capitol Hill this week, Treasury Secretary Scott Bessent will be testifying in both chambers on the Treasury Department’s proposed 2027 budget. While dollars and cents will be the focus, it is also highly likely that questions will be fired off at Bessent on a host of other issues, including in the financial regulatory arena and the newly proposed $250 bill featuring President Trump’s face.
Looking back at last week, the SEC released their proposed rescission of climate-related disclosure rules. SEC Chair Paul Atkins said in a written statement: “SEC disclosure obligations should comply with the Commission’s statutory authority, be guided by materiality as the North Star, avoid the practical effect of dictating corporate behavior, and be imposed only when the expected benefits justify the likely costs and burdens.” The release has a 60-day comment period.
Finally, we would note that the Consumer Financial Protection Bureau (CFPB) sent a notice to all staff across the country that they are now expected to work out of a new office in Washington, D.C. – a move widely seen as a stealthy reduction-in-force plan.
The CFPB staffing issue has been a long-running litigation battlefield, with the Trump Administration initially reducing staff by roughly 25% (from 1,750 to 1,100). But in April 2025, the Administration attempted to cut 1,500 more staff – approximately 90% of the remaining staff – bringing it down to roughly 200. But a federal judge blocked that move, and the case has been in litigation ever since. Since then, the Administration has offered a new plan that would cut staff to 556, which the federal judge is now considering.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, June 4, 10:00 a.m. – The Senate Finance Committee will hold a hearing on the Treasury Department’s 2027 Budget. Treasury Secretary Scott Bessent will testify.
House of Representatives
· Thursday, June 4, 10:00 a.m. – The House Ways and Means Committee will hold a hearing with Treasury Secretary Scott Bessent testifying.
· Thursday, June 4, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Oversight of Prudential Regulators.” Federal Reserve Board Vice Chair for Supervision Michelle Bowman, Comptroller Jonathan Gould, FDIC Chairman Travis Hill, and Acting National Credit Union Administration Chairman Kyle Hauptman will testify.
· Thursday, June 4, 10:00 a.m. – The House Agriculture Committee will hold a meeting with Agriculture Department Secretary Brooke Rollin testifying.
Federal Department & Regulatory Agency Meetings & Events
The White House
· There are no significant events scheduled at this time.
Federal Reserve Board and Federal Reserve Banks
Speeches –
· Tuesday, June 2, 8:30 a.m. – Cleveland Federal Reserve Bank President Beth Hammack gives remarks and participates in a conversation on monetary policy co-hosted by the Cleveland Fed, the City Club of Cleveland, the Greater Cleveland Partnership, and the 50 Club of Cleveland.
· Wednesday, June 3, 9:00 a.m. – Federal Reserve Board Governor Michael S. Barr participates in a conversation event at the Community Development Bankers Association (CDBA) Peer Forum 2026, Washington, D.C.
· Saturday, June 6, 12:00 p.m. – Federal Reserve Governor Michael S. Barr speaks on supervision and regulation at the 5th DC Finance Conference, Washington, D.C.
Conferences –
· Nothing is scheduled at this time.
U.S. Treasury Department
· Thursday, June 4, 10:00 a.m. – Treasury Secretary Scott Bessent will testify before the House Ways and Means Committee.
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, June 4, 10:00 a.m. – The SEC’s The SEC's Investor Advisory Committee is holding a meeting to discuss avoiding retail confusion regarding private market assets, passive index funds, shareholder voting, fund proxy voting, and recommendations regarding quarterly vs. semi-annual reporting.
· Thursday, June 4, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Nothing significant to report.
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
· Nothing significant to report.
Farm Credit Administration
· Nothing significant to report.
Farm Credit System Insurance Corporation
· Nothing significant to report.
International Monetary Fund & World Bank
· Nothing significant to report.
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
· Wednesday & Thursday, June 3 – 4 – SIFMA will be holding its annual Anti-Money Laundering & Financial Crimes Conference in New York. US Attorney for the Southern District (and former SEC Chair) Jay Clayton will be speaking.
· Wednesday, June 3, 8:30 a.m. – 6:00 p.m. – The Institute for International Bankers holds its 2026 US Regulatory & Compliance Orientation Conference in New York.
Think Tanks and Other Events
· Tuesday, June 2, 9:30 a.m. – 12:15 p.m. – The Brookings Institution will hold a conference entitled “The Powell Years at the Fed: A Retrospective.” Former Vice Chairs for Supervision Randy Quarles and Dan Tarullo will speak as will former Fed Chairs Janet Yellen and Ben Bernanke, as well as former Vice Chairs for Monetary Policy Alan Blinder and Donald Kohn.
· Saturday, June 6 – The 5th Annual DC Finance Conference will take place at American University in Washington, D.C. Federal Reserve Board Governor Michael Barr will speak.
Please let us know if you have any questions or would like to be added to our email distribution list.
The U.S. Financial Regulatory Week Ahead
The SEC Holds Its Annual Conference on Financial Market Regulation, Warsh Teed Up for Confirmation Vote, and a Breakthrough in Crypto Legislation
May 4 - 8, 2026
Congress is out of session this week, but the regulators are remaining quite busy. The big event of the week is arguably the Milken Institute Conference, being held in Beverly Hills, California. Speaking will be a small army of CEOs, as well as SEC Chair Paul Atkins, National Economic Council Director Kevin Hassett, Treasury Secretary Scott Bessent, and a number of senior members of Congress.
Meanwhile, the SEC’s Division of Economic and Risk Analysis holds its 13th Annual Conference on Financial Market Regulation. Held in conjunction with and done in partnership with Lehigh University’s Center for Financial Services and the University of Virginia’s Darden School of Business as part of a two-day event to discuss Commission-related topics and priorities. SEC Chair Paul Atkins and Commissioners Hester Pierce and Mark Uyeda will be speaking. We suspect there will be a lot of questions on the Commission’s forthcoming proposal to let publicly traded companies cut quarterly reporting to twice a year. It is not clear yet when the SEC will release the proposal, but we expect it in the next two weeks. The draft proposal was signed off by the White House on Friday.
The Financial Stability Oversight Council will be meeting on Tuesday at the U.S. Treasury. In a press release issued Friday, the meeting will be held solely in executive session. The preliminary agenda for the executive session includes “a presentation on the Council’s Market Resilience Working Group; a presentation on the Council’s Financial Market Utilities Committee; and a discussion on stablecoins.”
One other issue, which seems to be getting bigger and more controversial by the day in Washington, is the growth of prediction markets. Just before leaving for the week, the Senate unanimously voted to ban senators and all staff from participating in prediction markets. Congress is growing increasingly concerned about abuses in the market and is pressing the Commodities Futures Trading Commission to move more aggressively to regulate them. There are more than 10 bills floating around Capitol Hill now targeting prediction markets, all aimed at tightening regulations to prohibit insider trading.
Meanwhile, there appears to be movement on cryptocurrency legislation that had been opposed by Wall Street. The dispute came down to whether digital asset exchanges should be able to pay annual percentage yields to stablecoin holders via rewards programs. The deal, negotiated by Senators Thom Tillis (R-NC) and Angela Alsobrooks (D-MD), means the landmark legislation is likely to pass when the Senate returns from its break. Banks opposed crypto firms being allowed to offer yield-like payments on stablecoins.
The Senate Banking Committee also moved on the nomination of Kevin Warsh to be the next Federal Reserve Chair. The committee voted 13-11, and the full Senate is expected to confirm Warsh the week of May 11th.
Finally, we would note that President Trump signed an executive order aimed at expanding access to retirement plans for workers who may not have access through their employer. According to The Hill, Trump’s order coincides with the launch of Saver’s Match, which offers up to $1,000 a year in matching retirement contributions for lower-income workers.
According to a Pew analysis in April 2024, 22 million Americans can benefit from the Saver’s Match, with a maximum match of $1,000 per person and $2,000 per married couple filing jointly. Joint filers who earn $41,000 or less will qualify for the maximum match rate of 50 percent. Single tax filers must earn less than $35,500, and the cap on joint filers is $71,000, in order to qualify for a full or partial match, according to Retirement Clearinghouse.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The Senate is not in session this coming week.
House of Representatives
· The House of Representatives is not in session this week.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Wednesday, May 6, 3:10 p.m. – White House Digital Assets Director Patrick Witt is interviewed at the Consensus Crypto Conference in Miami, Florida.
Federal Reserve Board and Federal Reserve Banks
· Monday, May 4, 12:50 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the Cynosure Group Spring Symposium.
· Tuesday, May 5, 10:00 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman will speak at the 2026 Women in Housing and Finance Symposium, Washington, D.C.
· Tuesday, May 5, 12:30 p.m. (UK) – Federal Reserve Board Governor Michael S. Barr speaks on banking regulation at an event with Bank of England Deputy Governor Sam Woods in Oxford, United Kingdom.
· Thursday, May 7, 2:05 p.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on “Fed 101 and policy” in a fireside chat before the 2026 Ohio CEO Summit: “Blueprints for Bold Leadership.”
· Thursday, May 7, 3:30 p.m. – New York Federal Reserve Bank President John Williams participates in moderated discussion before event organized by the Hudson Valley Pattern for Progress.
· Thursday & Friday, May 7 & 8 – The 7th Vienna Global Macro Workshop takes place at the Federal Reserve Board Headquarters in Washington, D.C.
· Friday, May 8, 5:45 am. (Senegal) – Federal Reserve Governor Lisa D. Cook will give a speech entitled “Perspectives on Tokenization and Implications for the Financial System” at the Central Bank of West African States (BCEAO) Conference on Digital Assets, Dakar, Senegal.
· Friday, May 8, 1:00 p.m. – Federal Reserve Board Governor Christopher J. Waller participates on a policy panel at the Hoover Institution Monetary Policy Conference, Stanford, California.
· Friday, May 8, 7:30 p.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman participates on a policy panel at the Hoover Institution Monetary Policy Conference 2026, Stanford, California.
· Friday, May 8, 7:30 p.m. – Federal Reserve Bank of Chicago President Austan Goolsbee and Federal Reserve Bank of San Francisco President Mary Daly participate in panel before the Hoover Institution Monetary Policy Conference 2026,”Independence, Structure, and Risks Ahead for Central Banks.”
U.S. Treasury Department
· Tuesday, May 5, 10:30 a.m. – The Treasury Department holds a closed meeting of the Treasury Borrowing Advisory Committee. Agenda includes: The economy; Financial markets; Treasury financing; Debt management; and Written report of its recommendations.
· Wednesday, May 6, 2:00 p.m. – The Financial Stability Oversight Council will meet at the U.S. Treasury. The meeting will be only in executive session. The preliminary agenda for the executive session includes a presentation on the Council’s Market Resilience Working Group; a presentation on the Council’s Financial Market Utilities Committee; and a discussion on stablecoins.
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
· Monday, May 4, 1:40 p.m. ET – SEC Chairman Paul S. Atkins is participating in a session entitled “Advancing a Modern Regulatory Framework” at the Milken Institute’s Global Conference 2026.
· Thursday, May 7 & 8. – The SEC’s Division of Economic and Risk Analysis 13th Annual Conference on Financial Market Regulation takes place at the SEC Headquarters in Washington, D.C. The two-day event to discuss Commission-related topics and priorities is done in partnership with Lehigh University’s Center for Financial Services and the University of Virginia’s Darden School of Business. On May 7th, SEC Commissioner Mark Uyeda will deliver opening remarks and SEC Chief Economist Josh White will also give remarks. On May 8th, SEC Commissioner Hester Pierce will give opening remarks and SEC Chair Paul Atkins will deliver a keynote speech at 11:30 a.m.
· Thursday, May 7, 2:00 p.m. – The SEC will hold a Closed Meeting.
· Friday, May 8, 11:05 p.m. – SEC Chairman Paul S. Atkins will deliver a keynote speech at the AI+ Expo hosted by the Special Competitive Studies Project.
Commodities Futures Trading Commission
· Wednesday, May 6, 4:10 p.m. – CFTC Chairman Mike Selig participates in a fireside chat at the Consensus Crypto Conference in Miami, Florida.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Nothing significant to report.
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
· Nothing significant to report.
Farm Credit Administration
· Nothing significant to report.
Farm Credit System Insurance Corporation
· Nothing significant to report.
International Monetary Fund & World Bank
· Nothing significant to report.
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, May 7, 1:15 p.m. – The Institute for International Bankers holds its 2026 Regulatory Reporting Seminar in New York.
Think Tanks and Other Events
· Tuesday, May 5, 11:00 a.m. – The Bipartisan Policy Center holds a virtual discussion on “Housing Innovators: Building the Future of Affordable Housing.”
· Tuesday – Thursday, May 5 – 7 – the American Bankers Association holds its annual Risk and Compliance Conference in Charlotte, North Carolina.
· Wednesday, May 6, 9:00 a.m. – The Institute for International Finance holds its Annual Insurance Colloquium in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Fed Chair Powell and Vice Chair Bowman Scheduled to Speak on Economics and Regulation, Congress Heads Out For Two Weeks, and Washington Will Go Blessedly Quiet
March 30 - April 2, 2026
It is Easter and Passover week. Washington will be relatively quiet this week as Congress has headed for a two-week break and most of the regulators go quiet, too. The big event of the week will be a moderated discussion with Fed Chair Jay Powell at Harvard on Monday, and Fed Vice Chair Michelle Bowman speaking at the Consumer Bankers Association conference in San Diego on Tuesday.
The big news from last week was that the Financial Stability Oversight Council (FSOC) met and released a new proposal to revise the Biden-era rules around which nonbank financial institutions should be under FSOC supervision. This is an issue that, depending on which political party is in power, seems to go back and forth and is a perennial battle for financial services lobbyists.
While that was happening, the White House’s Office of Management and Budget signed off on the long-awaited Labor Department (DoL) regulatory proposal allowing 401(k) plans to invest in private equity and other alternative asset classes. That means DoL will likely release final guidelines in the coming week. Wall Street is, as you might expect, quite excited about the proposal.
Looking at Congress, word spread quickly that new bipartisan legislation is about to be introduced banning members of Congress, as well as the President, and staff from trading in certain prediction markets. The Preventing Real-Time Exploitation and Deception Insider Congressional Trading Act – otherwise known as the PREDICT Act – arises out of concern that politicians will use their influence to influence the markets and make money off it. This will be an interesting bill to track in the coming months.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the Easter/Passover holiday this week.
House of Representatives
· The House of Representatives is out of session this week for the Easter/Passover holiday this week.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Monday, March 30, 10:30 a.m. – Federal Reserve Board Chair Jay Powell participates in a moderated discussion at the Harvard University Principles of Economics Class, Harvard University, Cambridge, Massachusetts.
· Tuesday, March 31, 3:0 p.m. – Federal Reserve Board Governor Michael S. Barr gives a speech on Stablecoins at The Federalist Society's The GENIUS Act in Practice: Key Questions for Stablecoin Regulation (virtual)
· Tuesday, March 31, 5:10 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a speech on Small Business at CBA Live 2026, San Diego, California.
· Wednesday, April 1, 9:00 a.m. – Federal Reserve Bank of St. Louis President and CEO Alberto Musalem speaks at the American Enterprise Institute in Washington, D.C.
· Wednesday, April 1, 9:10 a.m. – Federal Reserve Board Governor Michael S. Barr gives a speech on AI and Consumer Issues at the National Fair Housing Alliance 2026 Responsible AI Symposium, Washington, D.C.
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, April 2, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
· Nothing significant to report.
Office of the Comptroller of the Currency
· Nothing significant to report.
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
Federal Trade Commission & Department of Justice Antitrust Division
· Nothing significant to report.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
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
· Monday – Wednesday, March 30 – April 1 – The Consumer Bankers Association holds its CBA Live 2026 Conference in San Diego, California.
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.
U.S. Financial Regulatory Week Ahead
The ABA and IIB Hold Their Big Annual Conferences, The Bipartisan Housing Bill Faces New Skepticism, And Fintech Firms Now Race To Become Banks
March 9 - 13, 2026
Washington will be awash with bankers this week as the American Bankers Association (ABA) and the Institute for International Bankers (IIB) both hold their annual Washington conferences simultaneously. The ABA will have a powerhouse lineup on Wednesday with Federal Reserve Vice Chair for Supervision Michelle Bowman, Comptroller of the Currency Jonathan Gould, and FDIC Chair Travis Hill speaking.
Meanwhile, on Capitol Hill, the Senate is in session, but there is nothing significant to the financial world happening this week. We would note that the White House formally submitted the nomination papers to the Senate Banking Committee for Kevin Warsh’s nomination to be the next Federal Reserve Board Chair. But with the Justice Department’s investigation into Fed Chair Kevin Warsh apparently still ongoing, the Warsh nomination is going to sit and wait, as Senator Tom Tillis (R-NC) and a number of other senators have said they will block the nomination until the investigation is stopped.
The House is out of session this week, so they can go to the Doral Resort in Florida for their Legislative Retreat, where President Trump will be speaking to them on Monday.
Also, last week, the bipartisan housing bill hit turbulence when Senator Tillis said he was withdrawing his support due to a provision that blocks private equity firms from buying single-family homes – something President Trump has championed as part of his affordability policy drive.
Tillis was joined in his opposition to the provision by the National Association of Home Builders and a number of House Republicans who had been supporting the bill, including House Financial Services Committee Vice Chair Bill Huizenga (R-MI). President Trump is adamant that the provision remain in the bill, leaving the much-wanted package in limbo about when it could get a final vote.
Finally, we would note an interesting trend in the bank regulatory world: FinTechs and crypto firms seeking banking licenses. On Wednesday, crypto firm Kraken was granted a Federal Reserve master account. And on Thursday, payment company Revolut applied for a US bank license. This follows PayPal's December application for a state banking license. We expect to see a number of other FinTechs and crypto firms doing the same in the coming year.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, March 11, 3:00 p.m. – The Senate Finance Fiscal Responsibility and Economic Growth Subcommittee holds a hearing on "The Fiscal Outlook: 2027-2036."
House of Representatives
· Friday, March 13, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight and Investigations holds a hearing entitled “Broken Promises: Failures of the Little Rock Housing Authority and the Impact on Residents.”
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Wednesday, March 11, 8:30 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman
gives a speech on supervision and regulation at the American Bankers Association Washington Summit, Washington, D.C.
· Thursday, March 12, 11:00 a.m. – Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.
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
· Monday, March 9, 1:00 p.m. – The SEC hosts the 45th Annual Small Business Forum at SEC Headquarters in Washington, D.C.
· Thursday, March 12, 10:00 a.m. – The SEC’s Investor Advisory Committee meets. Among the agenda items includes discussing public company disclosure reform, fund proxy voting, and a potential recommendation regarding the tokenization of equity securities.
· Thursday, March 12, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
Wednesday, March 11, 9:30 a.m. – FDIC Chair Travis Hill will participate in a fireside chat at the American Bankers Association Washington Summit, Washington, D.C.
Office of the Comptroller of the Currency
· Wednesday, March 11, 10:00 a.m. –Comptroller of the Currency Jonathan Gould will participate in a fireside chat at t the American Bankers Association Washington Summit, Washington, D.C.
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
· Thursday, March 12, 10:00 a.m. – The Farm Credit Administration Board meets.
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
· Monday – Wednesday, March 9 – 11 – The American Bankers Association holds its Washington Summit in Washington, D.C.
· Monday – Wednesday, March 8 – 10 – The Institute of International Bankers holds its 2026 Annual Washington Conference in Washington, D.C.
· Tuesday, March 10, 7:00 a.m. – The Institute for International Finance holds a virtual 2026 Global AI Update.
Think Tanks and Other Events
· Tuesday, March 10, 8:30 a.m. – 3:00 p.m. – The US Chamber of Commerce holds its 2026 Tax Summit.
· Tuesday, March 10, 3:00 p.m. – The Urban Institute holds a discussion on "The Future of FinTech: How Emerging Financial Technologies Are Shaping Our Financial Lives."
· Thursday, March 12, 11:00 a.m. – The Cato Institute hosts an event where Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The Senate Moves Closer to Passing Landmark Housing Legislation, and the Federal Reserve Continues to Battle the Justice Department Over the Powell Investigation
March 2 - 6, 2026
Washington is enjoying another snowy day (ok – not really, we are sick of it). But Congress is busy this week as the Senate Banking Committee votes this evening on historical bipartisan housing legislation.
The bill aims to increase affordable housing by reforming zoning, streamlining federal permitting, expanding the HOME Investment Partnerships program, and strengthening rural housing programs.
The legislation was passed by the House of Representatives in December. President Trump is expected to sign the legislation once it is passed by the Senate.
Also this week, SEC Chair Paul Atkins will be joining with CFTC Chair Michael Selig on Tuesday at the Milken Institute’s Future of Finance 2026 Conference in Washington, D.C. The conference features a powerhouse lineup of speakers, including White House Economic Advisor Kevin Hassett, House Financial Services Committee Chair Representative French Hill, and Housing and Urban Development Secretary Scott Turner.
Meanwhile, new reports suggest the ongoing criminal investigation by the Justice Department into Federal Reserve Board Chair Jay Powell for allegedly lying in testimony before the Senate Banking Committee is not going away. Politico and the Wall Street Journal reported late last week that the Federal Reserve is battling the Justice Department in federal court over a grand jury subpoena. The matter is now before a federal judge, and it is unclear when a ruling will be issued.
The entire situation has angered members of the Banking Committee – especially Republican members, including Committee Chair, Senator Tim Scott (R-SC) – who strongly dispute that Powell lied to the committee and are bewildered as to why the investigation is even taking place. Moreover, committee member Senator Tom Tillis (R-NC) has said he will block the confirmation of Federal Reserve Board Chair-nominee Kevin Warsh until the case is dismissed.
Next week, we note that both the American Bankers Association (March 9 -11) and the Institute for International Bankers(March 8 – 10) are holding their annual conferences. Washington will be awash in bankers! More in next week’s edition.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, March 4, 10:30 a.m. – The Joint Economic Committee holds a hearing on "Evaluating the U.S. Competitiveness and Investment Advantages of a Destination-Based Cash Flow Tax."
House of Representatives
· Wednesday, March 4, 10:00 a.m. – The House Financial Services Committee holds a mark-up hearing on five pieces of legislation. You can see which bills and which amendments are under consideration HERE.
· Thursday, March 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee will hold a hearing entitled “Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions.”
· Thursday, March 5, 2:00 p.m. – The House Financial Services Committee’s Capital Markets Subcommittee will hold a meeting entitled “The Role of Self-Regulatory Organizations in U.S. Markets: Examining FINRA (Financial Industry Regulatory Authority) and the MSRB (Municipal Securities Rulemaking Board)."
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Tuesday, March 3, 9:55 a.m. –New York Federal Reserve Bank President John Williams speaks before the ACU Governmental Affairs Conference 2026 organized by America's Credit Unions.
· Tuesday, March 3, 11:55 a.m. – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the 2026 Bloomberg Invest Conference.
· Thursday, March 5, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman speaks virtually at the “Navigating What’s Next: Perspective on the Economy & Innovation.”
· Friday, March 6, 1:30 p.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in “On the Safe-haven Status of the Dollar" panel before the 2026 U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business.
U.S. Treasury Department
· Friday, March 6, Noon – US Treasury Secretary Scott Bessent delivers a keynote address at the SIEPR Economic Summit at Stanford University, Stanford, California.
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
· Tuesday, March 3, 9:00 a.m. – SEC Chair Paul Atkins will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by CFTC Chairman Michael Selig, and the conversation will focus on modernizing market regulation.
· Wednesday, March 4, 1:00 p.m. – The SEC will hold a Private Market Roundtable to discuss “governance, valuation, and other considerations with the aim of promoting responsible retailization.”
· Thursday, March 5, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, March 3, 9:00 a.m. – CFTC Chair Michael Selig will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by SEC Chair Paul Atkins, and the conversation will focus on modernizing market regulation.
Federal Deposit Insurance Corporation
· Nothing significant to report.
Office of the Comptroller of the Currency
· Nothing significant to report.
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 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
· Sunday – Thursday, March 1 – 5 – The Government Affairs Conference 2026, the largest and most influential government relations conference for the credit union industry, runs through March 5th in Washington, D.C. New York Federal Reserve Bank President & CEO John Williams will speak.
Think Tanks and Other Events
· Monday, March 2, 1:00 p.m. – The New America holds a virtual discussion entitled "A Quarter of U.S. Homes Cost Under $200,000. Why Can't Families Buy Them?
· Wednesday, March 4, 11:00 a.m. – The Bipartisan Policy Center holds a discussion on "Is Homeownership Still Part of the American Dream?"
Please let us know if you have any questions or would like to be added to our email distribution list.
The U.S. Financial Regulatory Week Ahead
Washington Shuffles Back to Work, the Trump Administration’s Deregulatory Agenda Revs Up, and Who Will Be the Next Fed Chair?
January 5 – 9, 2026
Happy New Year! We hope you had a great holiday. We did, but let’s all admit the truth: The Monday after New Year’s is always a tough one.
It is going to be a quiet week in Washington from the financial regulatory perspective. Congress gets back to work – the Senate on Monday and the House on Tuesday. But both chambers are taking it slow this week, and there are no relevant hearings or events in the financial services, agriculture, or tax space.
The only regulators with meetings scheduled this week are the SEC (a Closed Meeting) and the Farm Credit Administration (a board meeting), both on Thursday.
And there are no major speeches by any regulators this week – except for Fed Vice Chair Michelle Bowman, who will speak virtually to the California Bankers Association’s 2026 Bank Presidents’ Seminar on banking regulation. Which brings up the question of the Trump Administration’s overall financial deregulatory agenda – when does it kick into high gear and what will it entail?
In many ways, looking back at 2025, we would argue it already is in high gear. A couple of quick examples: On the securities side of the ledger, we saw President Trump in September call for the end of quarterly reporting – something SEC Chair Paul Atkins made clear he intends to pursue. Then, in December, President Trump signed an executive order aimed at curbing proxy advisors' power, another major policy goal the SEC is going to quickly undertake.
On the banking side of the ledger, the Fed led an effort to cut capital requirements for large banks (which, according to S&P Global, led America’s six largest banks to add more than $600 billion in market value in 2025). Then the OCC announced its intent to raise the threshold for “heightened expectations” of supervision.
And now that the US Senate confirmed just before Christmas the two of the three final outstanding regulatory chairs – Michael Selig to be chair of the CFTC and Travis Hill to be chair of the FDIC – we suspect the deregulatory agenda might go into turbo-drive in 2026. But what exactly comes next seems to be a multibillion-dollar question.
All of which brings us to our final point of this week’s report: There is still one regulator who needs to be named by President Trump – the next Federal Reserve Board Chair.
From what the President has been saying, we should expect that announcement in the next two weeks. Betting markets are split between National Economic Director Kevin Hassett and former Fed Governor Kevin Warsh (Kalshi has them at 43% and 38% odds, respectively, while PredictIt has it at 41¢ to 38¢, respectively). We still think Treasury Secretary Scott Bessent is in the mix (which would make him the Donerail of the Fed Chair Horse Race – Kalshi and PredictIt have Bessent at only 2%/2¢ odds of getting it). And if you don’t know who Donerail was, he was a horse who won the Kentucky Derby in 1913 at 91 – 1 odds.
Below is the full report on (very few) financial regulatory-related events we found this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Monday, January 5 – The Senate returns from holiday recess. But there are no relevant hearings scheduled for the coming week.
House of Representatives
· Tuesday, January 6 – The House returns from holiday recess. But there are no relevant hearings scheduled for the coming week.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Wednesday, January 7, 4:10 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle Bowman gives a speech at the California Bankers Association Bank President’s 2026 Seminar (virtual).
· Friday, January 9, 9:00 a.m. – Minneapolis Federal Reserve Bank President Neel Kashkari gives welcome remarks and participates in a fireside chat before the virtual 2026 Regional Economic Conditions Conference hosted by the Federal Reserve Bank of Minneapolis.
· Friday, January 9, 9:00 a.m. – Richmond Federal Reserve Bank President Tom Barkin gives an economic outlook speech to the Maryland Bankers Association First Friday Economic Outlook Forum in Baltimore, Maryland.
U.S. Treasury Department
· Nothing significant to report.
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, January 8, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
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
· Thursday, January 8, 10:00 a.m. – the FCA Board holds its first meeting of 2026. The Agenda has yet to be released.
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
· Wednesday, January 7, 9:00 a.m. (virtual) – SIFMA holds its Private Markets Roundtable on Liquidity and Transparency.
Think Tanks and Other Events
· Wednesday, January 7, 12:00 p.m. – The Federalist Society holds a webinar entitled “Regulation and Fair Access to Banking.”
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Is a Deal to Reopen the Federal Government At Hand? The New York and Philadelphia Fed Hold Conferences, the Fed Board Finalizes Bank Supervisory Rules, and It is Veterans’ Day on Tuesday
November 10 - 14, 2025
At the time of this writing (Sunday evening), it appears there is a chance the impasse in the Senate may be broken and the federal government could be back to work on Monday. But Tuesday is Veterans’ Day – a federal holiday – so, even if the government gets back to work, not much will be happening in Washington’s regulatory world.
We would note on Wednesday and Thursday, the Philadelphia Federal Reserve Bank holds a conference on Fintech. SEC Chair Paul Atkins, Acting CFTC Chair Caroline Pham, and Acting FDIC Chair Travis Hill are scheduled to speak.
Also, the New York Federal Reserve Bank holds its Treasury Market Conference, where Treasury Secretary Scott Bessent is scheduled to speak.
And finally, the Federal Trade Commission is holding its 18th Annual FTC Microeconomics Conference. The conference, held in conjunction with the Tobin Center for Economic Policy at Yale, brings together scholars working in areas related to the FTC’s antitrust, consumer protection, and public policy missions.
Looking at the major events of last week, the Federal Reserve released its annual Financial Stability Report. Reading through it, the major themes and concerns are policy uncertainty around global trade, geopolitical risk, and the risk of central bank independence.
Also, last week, the Fed finalized plans to rewrite how it evaluates the nation’s largest financial institutions. The new ratings system will make it easier for them to achieve a “well-managed” rating, which will likely enable them to expand their product and service offerings.
The Fed also received a letter this past week from twelve members of the Senate Banking Committee, authored by Chair Tim Scott (R-SC) and Senator Mike Rounds (R-SD), supporting the Board’s work to finalize a Basel III rulemaking. You can access the letter HERE.
We will update you if a deal to reopen the federal government is struck later this evening or early tomorrow morning. In the meantime, below is the full report of the (few) financial regulatory-related events we could find happening this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The U.S. Senate is scheduled to be out of session this week for the Veterans’ Day holiday.
House of Representatives
· The House of Representatives continues to be out of session as long as the Senate fails to pass a resolution to reopen the federal government. Should the Senate pass a resolution this weekend, the House is scheduled to be out of session for the Veterans’ Day holiday.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Wednesday, November 12, 12:00 p.m. – National Economic Council Director Kevin Hassett speaks at the Economic Club of Washington, D.C.
Federal Reserve Board and Federal Reserve Banks
· Tuesday, November 11, 10:25 a.m. – Federal Reserve Board Governor Michael S. Barr speaks on artificial intelligence and innovation at the Singapore FinTech Festival, Singapore.
· Wednesday, November 12, 10:20 a.m. – Federal Reserve Board Governor Christopher Waller speaks on payments at the 9th Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia in Philadelphia, Pennsylvania.
· Wednesday & Thursday, November 12 – 13 – The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference. SEC Chair Paul Atkins, Acting CFTC Chair Caroline Pham, and Acting FDIC Chair Travis Hill are scheduled to speak.
· Wednesday & Thursday, November 12 & 13 – The Federal Reserve Bank of New York holds the 2025 U.S. Treasury Market Conference. Treasury Secretary Scott Bessent and SEC Commissioner Mark Uyeda are scheduled to speak.
· Wednesday, November 12, 12:30 p.m. – Federal Reserve Board Governor Stephen I. Miran participates in a conversation at the University of Cambridge Judge Business School, Cambridge, United Kingdom.
U.S. Treasury Department
· Wednesday, November 12, 10:45 a.m. – Treasury Secretary Scott Bessent is scheduled to speak at the New York Federal Bank’s 2025 U.S. Treasury Market Conference.
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
· Wednesday, November 12, 10:45 a.m. – SEC Chair Paul Atkins speaks at the Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
Commodities Futures Trading Commission
· Wednesday, November 12, 4:20 p.m. – Acting CFTC Chair Caroline Pham speaks at The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
Federal Deposit Insurance Corporation
· Thursday, November 13, 9:00 a.m. – Acting FDIC Chair Travis Hill speaks at The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
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
· Thursday & Friday, November 13 & 14 – The Federal Trade Commission's Bureau of Economics and the Tobin Center for Economic Policy at Yale University will host the 18th Annual FTC Microeconomics Conference in Washington, D.C. This event will bring together scholars working in areas related to the FTC’s antitrust, consumer protection, and public policy missions.
Farm Credit Administration
· Thursday, November 13, 10:00 a.m. – The FCA Board meets. The agenda is forthcoming.
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
· Wednesday – Friday, November 12/13/14 – The American Agricultural Bankers Conference takes place in St. Louise, Missouri.
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.
U.S. Financial Regulatory Week Ahead
The Start of Week 5 of the Government Shutdown, President Trump has a New CFTC Chair Nominee, and, Aside From That, It’s Going to Be a Pretty Quiet Week
October 27 - 31, 2025
The Federal Government is entering its 5th week of being shut down. There is little movement in Congress that we can discern to figure out how to get a Continuing Resolution (CR) to fund the government and get the governmental engine running again.
At this point, we see only three key dates that could serve as a trigger for Congress to begin moving toward a deal. They are:
October 24 – This past Friday marked the first full paycheck date that federal employees (except military) will miss. This includes TSA Agents at airports and air traffic controllers (NOTE: We have been traveling in the last week and asking TSA Agents their thoughts, and it is clear we will soon start seeing them leaving their jobs for anything that gives them a paycheck – meaning, we will see significant slowdowns at airports).
November 1 – Likely early/mid next week, Open Enrollment for the Affordable Care Act (ACA) will begin, and it will show increasing annual insurance costs. Meaning, voters may become more focused and vocal on the issue Congressional Democrats are trying to force into the CR.
Late November – The House-passed Continuing Resolution expires on Nov. 21 (the Friday before Thanksgiving), and the fact that TSA workers will have missed more than a month of pay will likely result in departures of staff, causing significant delays at airports just before the Thanksgiving holiday.
Until then, there is not much going on with U.S. financial regulators. We would note that Travis Hill, the Acting Chair of the FDIC, will get his confirmation hearing this coming Friday. But only if the Senate Banking Committee holds the hearing. Last week, the Banking Committee was scheduled to hold an important hearing bringing together all the prudential regulators to talk about potential regulatory reform, but because of the shutdown, the hearing was cancelled.
Also, we would note that President Trump has nominated Mike Selig to the next Chair of the CFTC. Selig is currently the chief counsel for the Securities and Exchange Commission’s crypto task force in addition to advising SEC Chair Paul Atkins. He would replace Brian Quintenz as the nominee (as Quintenz’s nomination was somewhat mysteriously pulled by the White House just as he was about to get his confirmation hearing in the Senate Agriculture Committee).
Below are the few events we could find scheduled for the week ahead. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Thursday, October 30, 10:00 a.m. – The Senate Banking Committee holds a confirmation hearing to consider the nominations of the following individuals: Joseph Gormley to be President, Government National Mortgage Association, Department of Housing and Urban Development; Francis Cassidy to be Assistant Secretary, Department of Housing and Urban Development; Paul Hollis, to be Director of the Mint, Department of Treasury; Bryce McFerran, to be First Vice President, Export-Import Bank of the United States; and Travis Hill, to be Chairperson of the Board of Directors, Federal Deposit Insurance Corporation.
House of Representatives
· The House remains out of session until the Senate reaches a compromise on the federal budget continuing resolution.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, October 28 – 29 – The Federal Reserve Board’s Federal Open Market Committee meets on the economy and interest rates. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on Wednesday.
· Thursday, October 30, 9:55 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a pre-recorded speech at the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting.
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
· 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
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Tuesday, October 28, 3:20 p.m. – Comptroller of the Currency Jonathan Gould will discuss agency priorities and its influence on the future of banking and financial innovation at the Money 20/20 USA Conference in Las Vegas, Nevada.
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 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
· Tuesday & Wednesday, October 28 & 29 – SIFMA holds its National Conference on the Securities Industry at New York Law School.
Think Tanks and Other Events
· Monday, October 27, 10:00 a.m. – The Brookings Institution holds an event entitled “What’s up with stablecoins after the GENIUS Act?”
· Wednesday & Thursday, October 29 - 30 – The American Enterprise Institute for Public Policy Research holds its 14th annual Housing Center Conference in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
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.
Wednesday, October 1, 10:00 a.m. – The Senate Finance Committee will hold a hearing to examine how to tax digital assets.
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
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
Commodities Futures Trading Commission
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
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.
U.S. Financial Regulatory Week Ahead
The White House Releases Digital Financial Technology Report, Fed Governor Kugler Steps Down, the SEC Takes a Road Trip While the Rest of Washington Goes on Vacation
August 4 - 8, 2025
Congress is gone until early September, and lawyers, lobbyists, and public affairs experts are streaming out of the Capital for vacation. There is not a lot going on this week in the financial regulatory space other than Federal Reserve Vice Chair for Supervision Michelle Bowman speaking at the Kansas Bankers Association.
But last week ended up being a blockbuster of regulatory activity before vacations started. First, the White House released its long-awaited report “Strengthening American Leadership in Digital Financial Technology.” The report is chock-full of orders for the SEC and CFTC to begin the process of further refining the crypto regulatory world and recommendations for Congress to move on legislation.
The report came on the heels of a major speech by SEC Chair Paul Akins launching a new initiative at the SEC seeking to update the financial markets and its structure. Dubbed “Project Crypto” the overall will touch all aspects of the financial markets the SEC regulates.
But we also saw at the CFTC another setback for Chair-nominee Brian Quintenz’s confirmation – this time being the White House asking the Senate Agriculture Committee to hold up on a committee confirmation vote for unexplained reasons. A variety of wild reasons are being pointed to being the cause ranging from the Winklevoss twins complaining about Quintenz to President Trump to forces inside leading emails putting Quintenz in a bad light (the best read-out of the situation can be found in July 31 edition of Capitol Account – still by the far the best in-depth regulatory source you can find out there.). Whatever the reason, Quintenz is not likely going to get confirmed until late September or sometime in October at the earliest.
Also last week, Federal Reserve Board Governor Adriana Kugler announced her intention to step down from the Fed five months early. This gives President Trump the opportunity to put one more friendly vote on the Fed. What we are waiting for is to see if another Fed Governor steps down soon, too. We have reason to believe another has raised his hand inside the Fed to Chair Jay Powell. When that resignation comes, we do not know. But it is coming.
As we said above, there really is not much going on this week in Washington, as you can see below. We hope you have a great week.
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the August recess and will return on September 1.
House of Representatives
· The House is out of session for the August recess and will return on September 2.
Federal Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Wednesday, August 6, 2:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech on the U.S and Global Economy at A Central Bank Perspective on the Evolving Global Landscape Conference (virtual). Boston Federal Reserve President Susan Collins will also speak.
· Thursday, August 7, 10:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic's takes part in a virtual fireside chat during a session with the Florida Institute of CFOs.
· Saturday, August 9, 12:15 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will speak at the Kansas Bankers Association (KBA) CEO and Senior Management Summit and Annual Meeting, Colorado Springs, Colorado.
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
· August 4 – December 5 – The SEC’s Crypto Task Force begins holding regional roundtables around the country to hear from representatives of crypto-related projects that have 10 or fewer employees and are less than two years old.
· Thursday, August 7, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
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.
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.
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