Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
The Financial Regulatory Week Ahead
August 10 - 14, 2026
The Senate Left for August, Hopes of Getting a Deal on the CLARITY Act Got Pushed Until September, And Otherwise, Washington is Collectively on Vacation
Nothing is going on this week. The Senate packed up and left for the rest of August (after shelving efforts to hammer out a deal on the ethics portion of the CLARITY Act until September, when they return). The House of Representatives has been gone for ten days already and will not be back until September, too. There are no major regulatory speeches, conferences, or other events of note this coming week.
We hope you are enjoying the quiet and are on vacation someplace fun. We have three recommended reads for you at the end – not exactly beach reading but pretty good, nonetheless.
Let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The House is in August recess until September 7th.
House of Representatives
· The House is in August recess until September 7th.
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 –
· There are no significant events scheduled at this time.
Conferences –
· There are no significant events scheduled at this time.
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, August 6, 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
· There are no significant events scheduled at this time.
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
· Tuesday & Wednesday, August 11 – 12 – SIFMA holds a virtual briefing for members on digital assets and asset management.
· Wednesday, September 9, 12:00 – 6:30 p.m. – The Institute for International Finance in conjunction with the Canadian Bankers Association holds the annual IIF-Canada Forum in Toronto.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Recommended Reads
The new era of finance needs innovation more than consensus CFTC Chair Michael Selig/The Economist
By invitation of The Economist, CFTC Chair Selig wrote an opinion piece on the future of derivative regulation. Selig writes: “For many years, international financial regulation has operated under an assumption that regulatory priorities would emerge through broad consensus among global institutions and regulators from different countries. Although international co-operation remains important, America is not in the business of importing regulatory trends designed by agencies that are considering yesterday’s markets built around limited trading hours, single exchanges and screen-based trading.”
Early Warning Signals in Private Credit? What BDC Portfolios Reveal about Emerging Risks Federal Reserve Bank of Boston
Private credit—lending by nonbank financial institutions—has grown to over $1 trillion in the United States, yet most of it remains opaque to investors and policymakers because private credit funds are not required to publish their holdings. Business development companies (BDCs) are an exception and provide a window into this segment of the credit markets. All BDCs are publicly registered investment vehicles that must file periodic reports with the Securities and Exchange Commission, including quarterly and annual filings. We analyze these disclosures to detect trends in the pricing of BDC loans, borrowers’ creditworthiness, and the industry composition of BDC loan portfolios. The key Takeaways are:
The share of BDC loans with payment-in-kind usage—borrowers deferring cash interest payments—rose from 6 percent to 10 percent from 2022 to 2026; the sharpest increases were in construction, transportation and warehousing, and wholesale trade.
BDC portfolios tend to be concentrated in certain industries: Loans to internet and software companies account for just over 20% of the median portfolio, with wide variation across lenders.
BDC lending spreads average 4 to 5 percentage points over the secured overnight financing rate (SOFR) but have decreased by close to 1 percentage point over the past two years, even as borrowers’ creditworthiness appears to have deteriorated.
While BDCs use internal models to assign value to their portfolio companies, disclosed valuation metrics predict future BDC stock returns, suggesting that public markets incorporate information from those disclosures.
Financial and Production Integration in the Macroeconomy Federal Reserve Bank of Cleveland
Abstract: This paper studies how integration between the financial sector and production networks shapes business cycle transmission. We develop a dynamic model in which banks provide asset-based financing to firms embedded in supply chains. The model highlights two margins of bank–supply chain integration with opposite macroeconomic implications. Extensive-margin integration—captured by firms’ access to banks specializing in different supply chain segments—amplifies negative banking shocks. By contrast, intensive-margin integration—captured by the diffusion of factoring and invoice discounting—attenuates banking disruptions. The model reveals that the stabilizing effects of integration dominate when firm production linkages are tight. The predictions are consistent with matched bank–firm data from Italy.
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
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.
U.S. Financial Regulatory Week Ahead
The Senate Approves A Bipartisan Housing Bill With Trump’s Controversial Provision Included, The Justice Department Appeals Powell Case, and The Fed To Vote on New Capital Rules
March 16 - 20, 2026
Congress is starting off the week with a bang – or more precisely with tornado and severe weather warnings for the greater Washington, D.C. area, resulting in the House of Representatives cancelling all votes on Monday.
Aside from that, it will be a big week for banks, as the Federal Reserve, the Comptroller of the Currency, and the FDIC boards will vote on a new bank capital rule to implement the final phase of Basel II this Thursday. Bowman previewed the proposals last week at the Cato Institute, saying bank capital rules will decrease “by a small amount” under the coming proposal.
She went on to point out that the proposal will eliminate duplicative capital calculations for the largest banks and will likely allow banks to rely solely on internal model-based risk-based capital ratios, rather than maintaining two sets of ratios (the other being the standardized approach).
Meanwhile, a federal judge squashed efforts to subpoena the Federal Reserve as part of the criminal investigation into Fed Chair Jay Powell. In a tough ruling, Judge James Boasberg said that the government has “produced essentially zero evidence to suspect Chair Powell of a crime” and called its justifications for the subpoenas so “thin and unsubstantiated” that they were simply a pretext to force Powell to cut interest rates, as Trump has repeatedly demanded.
He went on to write, “There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will.”
But the Justice Department defiantly announced that it intends to appeal the ruling. Our view is that the real impact of their decision to appeal will be on Kevin Warsh’s confirmation hearing, which we can now see will not take place until mid-summer. Senator Tom Tillis (R-NC) and a number of other senators have vowed to hold up Warsh’s confirmation until the investigation of Powell is dropped. Knowing how long appeals can take – and our guess is the Trump Administration will take this all the way to the Supreme Court – that means it will be months before Warsh gets his confirmation hearing. US Treasury officials we spoke to this past week acknowledged this and suggested that President Trump will likely name Federal Reserve Governor Stephen Miran as Acting Chair when Powell’s term as Chair expires on May 15th.
Looking at events on Capitol Hill, the Senate passed a major bipartisan housing bill last week and is now headed to the House for a vote. But a controversial provision championed – oddly enough – by both President Trump and Senator Elizabeth Warren (D-MA), blocking institutional investors from buying homes, was included. A number of House Republicans oppose the provision despite the President’s strong support for it. That is likely to significantly delay final passage.
Also last week, Commodity Futures Trading Commission Chair Michael Selig said in a speech that prediction markets are quickly becoming critical tools for everyday Americans seeking to understand current events and could serve as a check on “disinformation.” Considering how prediction markets are increasingly becoming a big part of political campaigns – in some way replacing traditional polling – we expect a lot of focus on what Selig does next to regulate them.
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 18, 2:30 p.m. – The Joint Economic Committee holds a hearing entitled “Keeping Our Promises: Labor Inflows, Maintaining Competitiveness, and Supporting an Aging Population.”
House of Representatives
· Tuesday, March 17, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Updating America’s Financial Privacy Framework for the 21st Century.”
· Wednesday, March 18, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Oversight of the Export-Import Bank.”
· Wednesday, March 18, 2:00 p.m. – The House Financial Services monetary policy task force will hold a hearing on the Treasury-Fed Accord, which separated the management of government debt from the central bank’s interest-rate decisions.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, March 17 & 18 – The Federal Reserve Board’s Federal Open Market Committee meets on interest rates. Fed Chair Jay Powell gives a press release on March 18 at 2:30 p.m. EST.
· Thursday, March 19, 10:00 a.m. – The Federal Reserve Board holds an Open Board Meeting. The agenda item is to vote on meet to vote on proposed new capital rules for small and large banks, including a re-proposal of the Basel endgame capital plan.
· Saturday, March 21, 1:30 p.m. – Federal Reserve Board Chair Jerome H. Powell gives brief acceptance remarks at the American Society for Public Administration (ASPA) Annual Conference: Paul A. Volcker Public Integrity Award Ceremony (virtual).
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, March 17, 9:00 a.m. – SEC Chair Paul Atkins will give a keynote speech and participate in a fireside chat with CFTC Chair Michael Selig at the DC Blockchain Summit.
· Thursday, March 19, 9:00 a.m. – SEC Chair Paul Atkins and the rest of the SEC Commissioners, and a number of senior SEC officials will participate in the annual two-day SEC Speaks in 2026 Conference sponsored by the Practicing Law Institute.
· Thursday, March 19, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
· Thursday, 10:00 a.m. – The FDIC Board meets to vote on proposed new capital rules for small and large banks, including a re-proposal of the Basel endgame capital plan.
Office of the Comptroller of the Currency
· Tuesday, March 17, 11:00 a.m. – Comptroller of the Currency Jonathan Gould speaks at the DC Blockchain Summit.
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
· Thursday, March 19 – the FTC holds its Annual Conference on Marketing and Public Policy.
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
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Wednesday, March 18, 10:00 a.m. – The Brookings Institution holds a conference entitled “Reimagining Homeowners Insurance Amid Growing Climate Risk.”
· Wednesday, March 18, Noon – The Exchequer Club hosts Senator Mike Rounds (R-SD), a member of the Senate Banking Committee.
· Wednesday, March 18, Noon – The Urban Institute holds a virtual discussion, beginning at 12 p.m., on "The Credit Trajectories of Microbusiness Loan Borrowers."
· Wednesday, March 18, Noon. – The RAND Corporation holds a virtual discussion entitled “America's Housing Crunch: What the Evidence Says."
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.
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
There is No End to the Government Shutdown In Sight, the Senate Banking Committee holds a Prudential Regulator Hearing, the Fed Holds Its Payments Conference, and SIFMA and ABA hold their Annual Meetings
October 20 - 24, 2025
The federal government shutdown continues into its fourth week. Our assessment is that the shutdown will go on for another two to three weeks – perhaps longer – as there seems to be little incentive or energy in Congress to settle the funding dispute. And the House of Representatives remains out of session and will remain out until a deal is cut between Republicans and Democrats in the Senate.
But there are still several important events this coming week of importance to the markets. The most important being a hearing entitled “Rightsizing Regulation” in the Senate Banking Committee, where all the major prudential regulators will testify. The hearing seems to be a prelude to the much-discussed bank regulatory reform effort the Treasury Department has been discussing over the last few months. So, this hearing may be quite worthwhile to watch.
Also this week, SIFMA and the American Bankers Association are holding their annual meetings – SIFMA’s in Washington, D.C., and the ABA’s in Charlotte, North Carolina. SEC Chair Paul Atkins will headline the SIFMA event while Comptroller of the Currency Jonathan Gould will keynote the ABA meeting.
Looking back at last week, we note a speech Atkins gave at the University of Delaware’s John Weinberg Center for Corporate Governance’s 25th Anniversary Gala. Atkins revealed he has directed the SEC staff to review Rule 14a-8, the regulation that allows a company’s shareholders to request that a proposal be included in the company’s official proxy statement for shareholders to vote on.
Also, last week, as part of the 2026 SEC budget proposal, the Public Company Accounting Oversight Board (PCAOB) proposed a 20% cut to the salaries of its board members. Currently, the PBAOB Chair makes $637,000 a year (meanwhile, the President of the United States makes $200,000 a year).
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, October 21, 10:00 a.m. – The Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development will hold a hearing entitled “Innovation in US Housing: Solutions and Policies for America’s Future.”
· Thursday, October 23, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Update from the Prudential Regulators: Rightsizing Regulation to Promote American Opportunity.” Testifying will be Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; Travis Hill, Acting Chairman, Federal Deposit Insurance Corporation; Jonathan Gould, Comptroller, Office of the Comptroller of the Currency; and Kyle Hauptman, Chairman, National Credit Union Administration.
House of Representatives
· The House of Representatives is out of session. Speaker of the House Michael Johnson (R-LA) has stated the House will remain out until the government shutdown ends.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, October 21, 8:00 a.m. – 3:45 p.m. – The Federal Reserve holds its Payments Innovation Conference in Washington, D.C.
· Tuesday, October 21, 9:00 a.m. – Federal Governor Christopher J. Waller will give opening remarks at the Federal Reserve Board’s Payments Innovation Conference, Washington, D.C
· Wednesday, October 22, 4:00 p.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial inclusion at the Crossing the Credit Barrier Conference hosted by the Federal Reserve Bank of St. Louis, St. Louis, Mo. (via pre-recorded video)
· Thursday, October 23, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
· Thursday, October 23, 10:25 a.m. – Federal Reserve Governor Michael Barr will give a speech on community investment at the Novogradac 2025 Fall New Markets Tax Credit Conference, New Orleans, Louisiana.
· Friday, October 24, 2:00 p.m. – The Federal Reserve Board of Governors will hold an Open Board Meeting. The Board will consider proposals to enhance the transparency and public accountability of the Board’s stress testing framework and request comments on the scenarios for the Board’s 2026 supervisory stress test.
U.S. Treasury Department
· Monday, October 20, 10:30 a.m. – Ken Kies, Assistant Treasury Secretary for Tax Policy and Acting IRS Chief Counsel, delivers remarks on "his career path, his experience with other major tax legislation, and the challenges of juggling the Assistant Secretary and Chief Counsel positions” at the American Bar Association’s 2025 Fall Tax Meeting in Washington, D.C.
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, October 21, 8:50 a.m. – SEC Chair Paul Atkins will participate in a fireside talk with SIFMA President and CEO Ken Benstsen at the SIFMA Annual Meeting in Washington, D.C..
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 20, 8:30 a.m. – Comptroller of the Currency Jonathan Gould will discuss priorities and agency initiatives at the American Bankers Association’s Annual Convention in Charlotte, North Carolina.
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
· Monday – Tuesday, October 20 – 21 – SIFMA holds its Annual Meeting in Washington, D.C.
Think Tanks and Other Events
· Tuesday, October 20, 10:00 a.m. – The Brookings Institution will hold a hybrid event entitled “Are Geopolitics Leading to Fragmentation of the International Financial System?”
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.
US. Regulatory Week Ahead
Miran Likely to be Confirmed for Fed Seat on Monday, CFTC Nominee Points Finger at Who is Holding Up His Confirmation, SEC Has A Busy Thursday, and What Did FSOC Do Last Week?
September 15 - 19, 2025
A lot is going on this coming week in the regulatory space in Washington. The SEC is holding a roundtable, an investor advisory committee meeting, and a closed meeting on Thursday alone – and that comes the day after holding an Open Meeting to consider three new rule changes.
But first, we would note that Senate Majority Leader John Thune (R-SD) said this week he intends to hold a confirmation vote on Monday for Stephan Miran, enabling him to be seated for the Federal Reserve’s Open Market Committee meeting on Tuesday and Wednesday. Beyond wanting lower interest rates, Miran is seen as a strong supporter of Fed Vice Chair Michele Bowman’s deregulatory agenda.
While Miran’s confirmation seems set, another of President Trump’s regulatory nominees appears to be flailing – that being Brian Quintenz to be the next Chair of the Commodities Futures Trading Commission (CFTC). The Senate Agriculture Committee was set to hold a confirmation vote before the August recess, but the White House mysteriously asked the Committee to hold up, and no new vote has been scheduled. Quintenz, meanwhile, has gone on the offensive, blaming the Winklevoss twins for his confirmation being held up. Specifically, Quintenz said the brothers had reached out to President Trump to urge him to pull Quintenz’s nomination. No one has confirmed this actually happened, but it is pretty clear now that Quintenz’s nomination is in real trouble, and rumors are flying around Washington that the White House is now quietly making calls looking for a new CFTC Chair nominee.
Meanwhile, Treasury Secretary Scott Bessent held a meeting of the Financial Stability Oversight Council (FSOC) last week. There were two things of note about the meeting: First, sitting in the meeting was Federal Housing Finance Authority Director William Pulte – the first sighting of Pulte in the same room with Bessent since it was reported that Bessent and he recently came close to a fist-fight at a private dinner. Bessent, having learned that Pulte had been bad-mouthing him to President Trump, threatened to punch him in the face, dared him to “step outside,” and tried to get him thrown out of the dinner. No fists were thrown at the FSOC meeting.
Instead, FSOC discussed and agreed upon priorities for the coming year, including their “intention to review its guidance related to nonbank financial company determinations under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Council’s analytic framework for financial stability risks. “ They also voted to dissolve two Biden-era committees that focused on climate change as a risk to the US financial system.
Finally, the Senate Banking Committee held an interesting hearing on deposit insurance to push legislation to expand federal government deposit guarantees. Both Committee Chair Senator Tim Scott (R-SC) and Ranking Minority Senator Elizabeth Warren (D-MA) have reportedly been discussing how to expand the deposit insurance program and seem determined to make it happen.
Below are all the other major events we are watching this coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Tuesday, September 16, 10:00 a.m. – The House Financial Services Committee will mark-up eleven separate pieces of legislation (see list HERE).
· Tuesday, September 16, 10:00 a.m. – The House Small Business Committee holds a hearing on "Pathway to Capital: The Role of SBA Lending in Supporting Main Street America."
· Tuesday and Wednesday, September 16 – 17 – The Congressional Hispanic Caucus Institute holds its leadership conference. Among the remarks being given are:
- 10:30 a.m. Representative Delia Ramirez, (D-Ill.) delivers remarks on "Affordable Housing: Public-Private Solutions for Latino Families" (Oceanic A/B)
- 10:30 a.m.: Pablo Jose Hernandez Rivera, (D-Puerto Rico), participates in a discussion on "Unlocking Growth: Stablecoins as a Catalyst for Latino Small Business Success" (Ballroom B)
· Wednesday, September 17, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Housing & Insurance will hold a hearing on the Reauthorization of the Terrorism Risk Insurance Act of 2002.
· Wednesday, September 17, 2:00 p.m. – the House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, & the Economy will hold a hearing entitled “Less Mandats. More Independence.”
· Thursday, September 18, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations will hold a hearing entitled “Fraud in Focus: Exposing Financial Threats to American Families.”
· Thursday, September 18, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, & Artificial Intelligence will hold a hearing entitled “Unlocking the Next Generation of AI in the U.S. Financial System for Consumers, Businesses, and Competitiveness.”
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, September 16 – 17 – The Federal Open Market Committee meets on interest rates.
U.S. Treasury Department
· Friday - Friday, September 12 – 18 – Secretary of the Treasury Scott K.H. Bessent will travel to the United Kingdom and Spain. While in Madrid, Secretary Bessent will meet with Spanish government counterparts to discuss the relationship between Spain and the United States. He will also meet with senior representatives from the People’s Republic of China (PRC), including Vice Premier He Lifeng, to discuss key national security, economic, and trade issues of mutual interest, including TikTok and cooperating on money laundering networks that threaten both the United States and China. Following his visit to Spain, the Secretary will visit the United Kingdom and engage with British government and private sector counterparts in London before joining President Donald J. Trump’s official State Visit with His Majesty King Charles III at Windsor Castle.
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, September 17, 10:00 a.m. – The SEC will hold an Open Meeting to consider three items:
1. Amending Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date;
2. Acceleration of Effectiveness of Registration Statements of Issuers with Certain Mandatory Arbitration Provisions, and;
3. Amend its Rules of Practice relating to procedures governing Commission review of staff actions made pursuant to delegated authority in connection with the determination of the effectiveness of a registration statement or the qualification of a Regulation A offering.
· Thursday, September 18, 9:15 a.m. – the SEC will hold a Roundtable on Trade-Through Prohibitions.
· Thursday, September 18, 10:00 a.m. – The SEC will hold a meeting of the Investor Advisory Committee. They will discuss reconsideration of the eligibility criteria and regulatory treatment of foreign private issuers. The committee will also discuss a potential recommendation regarding retail investor access to private market assets.
· Thursday, September 18, 12:30 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday and Tuesday, September 15 & 16 – On Monday, CFTC Acting Chairman Caroline D. Pham will speak at a fireside chat on “Instability as a Catalyst - Fintech’s Role in a Global Interconnected Economy” and participate in a panel discussion titled “Are Digital Assets Fundamentally Transforming the Ecosystem of Financial Markets?” On Tuesday, she will speak at a fireside chat on “Instability as a Catalyst - Fintech’s Role in a Global Interconnected Economy” and participate in a panel discussion titled “Are Digital Assets Fundamentally Transforming the Ecosystem of Financial Markets?” at Money 20/20 Middle East.
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.
Federal Housing Finance Agency
· Tuesday, September 17, Noon – FHFA Director William Pulte will speak at the Exchequer Club in Washington, D.C.
National Credit Union Administration
· Thursday, September 18, 10:00 a.m. – The NCUA board will hold a meeting to receive a briefing on the Share Insurance Fund.
Federal Trade Commission & Department of Justice Antitrust Division
· Tuesday, September 17, 9:00 a.m. – The FTC will hold a Closed Meeting.
Farm Credit Administration
· Thursday, September 11, 10:00 a.m. – The FCA Board will meet to receive a report on Quarterly Economic Conditions and Farm Credit System Conditions and Performance.
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 – Tuesday, September 15 – 17 – The American Bankers Association holds its Bank Marketing Conference in New Orleans, Louisiana.
· Monday, September 16, 2:00 p.m. – SIFMA will hold its Women’s Leadership Forum in New York.
Think Tanks and Other Events
· Thursday, September 18, 10:00 a.m. – The American Enterprise Institute for Public Policy Research holds a discussion on the release of the Progressive Policy Institute's annual report "Investment Heroes 2025: The Shape of the AI-Enabled Economy."
· Thursday, September 18, 2:30 p.m. – The Brookings Institution will hold a hybrid event entitled “The Importance of Credible Government Economic Data to Business”
Please let us know if you have any questions or would like to be added t
U.S. Regulatory Week Ahead
The Senate Finalizes Its Crypto Market Structure Bill, The SEC and CFTC Announce A Roundtable on “Regulatory Harmonization,” and Fed Governor-Nominee Miran's Surprise Announcement
September 8 - 12, 2025
Washington got back to work last week, and from what we are seeing and hearing, it is going to be a very busy fall in the Nation’s Capital.
The move toward formalizing market structure legislation for crypto took another big step this past week. Senate Republicans finalized their draft crypto market structure bill, which appears to have a number of differences from the House version passed with a substantial bipartisan vote in July. While the Senate version explicitly divides duties between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), the Senate draft gives new authorities to the CFTC.
Senate Banking Committee Chair Tim Scott (R-SC) is hoping to get the bill passed through committee this fall and, hopefully, reconciled with the House version by Christmas.
Also, this past week, the SEC and CFTC announced they are going to hold a roundtable on “regulatory harmonization.” Seeing the two regulators playing well together is always a good thing but the announcement also set off a new buzz of speculation in Washington that perhaps this is a prelude to a possible merger between the two agencies, all part of a larger regulatory revamp expected by the Trump Administration in the coming months.
We may get some hints on that regulatory revamp on Wednesday when Treasury Secretary Scott Bessent convenes a Financial Stability Oversight Council (FSOC) meeting. The announced agenda is pretty long, but regulatory reform is a key theme throughout it.
Finally, we would note that while the ongoing battle between President Trump and Federal Reserve Board Governor Lisa Cook over whether he can fire her or not is now firmly bogged down in federal court, Council of Economic Advisors Chair Stephen Miran had is confirmation hearing to serve out the term of Federal Reserve Board Governor Adriana Kugler (which ends in January). But Miran surprised senators and just about everyone else by announcing he intends to hold onto his job as CEA Chair while serving at the Federal Reserve – a move which has further stirred up the battle over the independence of the Federal Reserve.
We expect the Senate Banking Committee will likely vote out Miran’s nomination this coming week or the following week (at the latest), and he will get a full Senate confirmation vote by the end of September, which means he will be serving as Fed Governor for four months before the term expires.
This coming week, the Senate Banking Committee will hold a hearing on the state of deposit insurance and what needs to be reformed, while the House Financial Services Committee holds three hearings, the most noteworthy being an oversight hearing of FinCEN, and where efforts to curtail money laundering are going.
Below are all the major events we are watching this coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, September 10, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Evaluating Perspectives on Deposit Insurance Reform.”
· Wednesday, September 10, 10:00 a.m. – The Senate Finance Committee holds a hearing on the nominations of Jonathan Greenstein to be a deputy Treasury undersecretary; and Donald Korb to be chief counsel for the Internal Revenue Service and an assistant general counsel in the Treasury Department.
House of Representatives
· Tuesday, September 9, 10:00 a.m. the House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing entitled “Evaluating the Financial Crimes Enforcement Network” with FinCEN Director Andrea Gacki testifying.
· Tuesday, September 9, 2:00 p.m. – The House Financial Services Committee will hold a hearing entitled “Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience”. They will also consider eight pieces of legislation for mark-up.
· Wednesday, September 10, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Proxy Power and Proposal Abuse: Reforming Rule 14a-8 to Protect Shareholder Value.” They will also consider a number of bills associated with this topic.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
U.S. Treasury Department
· Wednesday, September 10, 4:15 p.m. – Treasury Secretary Scott Bessent will convene a meeting of the Financial Stability Oversight Council at the Treasury Department. According to a Treasury press release, the preliminary agenda will include “The preliminary agenda for the executive session includes an update on the Council’s focus and priorities; a briefing on a recent interagency financial market infrastructure cybersecurity tabletop exercise; the Council’s 2025 annual report; and the Council’s fiscal year 2026 budget.* The preliminary agenda for the open session includes an update on banking supervision and regulatory reforms; votes to rescind the charters of two Council committees focused on climate-related financial risk; and a vote on the Council’s fiscal year 2026 budget.” You can watch the meeting via this link (HERE).
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, September 10, 8:50 a.m. –SEC Commissioner Hester Pierce will discuss digital assets at the CoinDesk Policy and Regulation Conference hosted by Morgan Lewis in Washington, D.C.
· Thursday, September 11, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, September 8, 1:40 p.m. UK time – Acting Chairman Caroline D. Pham will speak at the All-Party Parliamentary Group on Blockchain Technologies International Roundtable on “Best Practices in Digital Assets Policy & Regulation.”
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Wednesday, September 10, 9:15 a.m. – Comptroller of the Currency Jonathan Gould will discuss digital assets at the CoinDesk Policy and Regulation Conference hosted by Morgan Lewis in 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, September 11, 10:00 a.m. – The FCA Board will meet to receive a report on Quarterly Economic Conditions and Farm Credit System Conditions and Performance.
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, September 8 – 10 – The Investment Company Institute holds its ETF Conference in Nashville, Tennessee.
· Tuesday, September 9, 9:00 a.m. – The Institute for International Finance holds an online event entitled Improving Supervisory Effectiveness - Assessing Concerning Trends in Bank Supervision.
· Tuesday, September 9 – The Institute for International Bankers holds its 2025 Financial Crimes Conference in New York.
Think Tanks and Other Events
· Tuesday, September 9, 1:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 1:30 p.m., on "State-Level Remedies for the Housing Crisis."
· Thursday, September 11, 9:30 a.m. – The Cato Institute holds an online event entitled “Right-Sizing Financial Regulation.” House Financial Services Committee Chair, Representative French Hill (R-Ark), is scheduled to speak at 1:45 p.m.
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
President Trump’s Big Week in Financial Services: Opens Up 401(k)’s Investments, Signs an Executive Order on Debanking, Names a New Fed Governor, and Meets Wall Street CEOs to Get Advice on Privatizing the GSEs
August 11 - 15, 2025
We warned you it would not be a quiet August in Washington. Despite Congress and most Washington movers and shakers being on vacation, President Trump was very busy on a number of financial fronts. On Thursday, he signed an Executive Order (EO) to allow 401(k)s to invest in private equity, cryptocurrency, and real estate. That EO instructs the Department of Labor and the Securities and Exchange Commission to provide guidance to employers and plan administrators on such investments.
The President quickly followed that up with another EO directing bank regulators to look into whether banks discriminate on political and religious grounds that lead to them “debanking” clients – something that happened to Trump after the January 6th riot on Capitol Hill.
We also learned this week that the President met with Bank of America CEO Brian Moynihan and Citi CEO Jane Fraser to get their ideas on how to privatize the two giant government-sponsored enterprises (GSEs), Freddie Mac and Fannie Mae. The House Financial Services Committee let it be known this past week that they intend to take up legislation in early 2026 to refloat both entities, which were taken over by the US government after the 2008 financial crisis.
And to top it all off, the President was able to name a new Federal Reserve Board Governor following the resignation of Governor Andriana Kugler. Trump named the current Chair of the Council of Economic Advisors, Stephen Miran, to fill her seat (which is set to expire in January). While the addition of Miran to the Federal Reserve Board will not necessarily tip the balance of governors voting for a rate cut - Miran won’t be confirmed by the Senate in time for the September Federal Open Markets Committee (FMOC) meeting – it will tip the balance on any votes the Fed Board makes on regulatory issues. The FMOC is composed of all seven members of the Board of Governors and the President of the New York Fed, plus four rotating regional Fed governors. But when the Fed votes on any regulatory issues – like the recent large bank capital rule – it is only the seven-member board of governors casting votes. Long story short: Miran’s joining the board is a big win for Vice Chair Michelle Bowman as she will have a majority of support as she moves to reshape and reform the larger financial regulatory architecture.
The only other big news of the week was that a federal judge ruled the Federal Reserve exceeded its authority on setting limits on debt card interchange fees – a victory for merchants that had opposed the banks and the Fed on the rule. Undoubtedly, this is headed to the appellate court and then probably the Supreme Court.
So what is going to happen this coming week? Right now, there is really not much on the calendar among the regulators other than the Farm Credit System Insurance Corporation holding a board meeting. And the House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institution Subcommittee is holding a field hearing in Riverside, Ohio, on “Securing the Supply Chain.”
And that is about it. 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. However, the House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee field hearing on "Securing the Supply Chain: The Defense Production Act in Focus." The hearing is being held at the National Museum of the United States Air Force in Riverside, Ohio.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
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
· 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
· Thursday, August 14, 10:00 a.m. – The FCA Board will hold a meeting to review the Annual Report on the Farm Credit System’s Young, Beginning, and Small Farmers and Ranchers Mission Performance. They will also get a brief on the Report on Startup Costs for New Farmers and Ranchers.
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
· Wednesday, August 12, 10:00 a.m. – The Heritage Foundation is holding a panel discussion entitled “The Future of Farming: Exploring a Pro-Health, Pro-Farmer Agenda.”
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