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.”

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 Fed Holds a Conference on Large Bank Capital Standards, Congress Passes the First-Ever Crypto Reg Bill and Tees Up More Legislation, And Will the SEC and CFTC Merge?

July 21 - 25, 2025

Washington is currently experiencing the hottest July in recorded history, peppered by what seems like almost daily massive thunderstorms. But neither beating sun nor driving rain is slowing down the financial regulatory world in the nation’s capital.  A lot is going on.

First, Congress has just passed, and President Trump signed into law, the first-ever major legislative cryptocurrency law, creating new rules for stablecoins.  It is a major victory for the crypto industry.  Additionally, the House passed on Thursday by a 294-1345 margin much broader crypto legislation, which would create a brand-new market structure for crypto.

This comes as news broke President Trump is preparing to sign an executive order soon allowing the $9 trillion US retirement market to invest in crypto as well as gold and private equity.  This would include 401(k) plans as well as pensions.

Congress was busy this past week on a number of other fronts of interest and concern to the markets.  We would first note first that the Chairman of the House Select Committee on China, Representative John Moolenaar (R-MI) and the Chair of the Senate Special Committee on Aging, Senator Rick Scott (R-FL) sent letters to the Securities and Exchange Commission (SEC0 and the head of the Public Accounting Oversight Board (PCAOB) demanding an urgent briefing on the risks posed to US investors by Chinese companies listed on US stock exchanges.  Their letter revives a debate in Congress to force the delisting of Chinese companies (which we would point out have a combined market capitalization of $1.1 trillion).  Our view is, barring a major, unseen negative turn in US-China relations, the delisting effort will peter out eventually.  But it is a serious pressure point and worth watching.

Meanwhile, Securities and Exchange Commission (SEC) Chair Paul Atkins made headlines on Thursday when he signaled his support for merging the SEC with the Commodities Futures Trading Commission (CFTC).  This is not a new idea – indeed, we remember 30+ years ago a raging debate over merging the two, which did not go well.  But these are different times as the Trump Administration is driving massive structural and budgetary changes to the federal government.   

Atkins also this past week pushed out the head of the Public Accounting Oversight Board (PCAOB), Erica Williams (who had been put there by the Biden Administration).  The move had long been expected and is seen as part of a likely consolidation of the PCAOB into the SEC in the near future.

Finally, Federal Reserve Board Chair Jay Powell continued to weather considerable criticism for the $1.5 billion renovation of the Fed’s headquarters.  In fact, Rep. Anna Paulina Luna (R-FL) said Thursday in a post on X that she is “criminally referring” Federal Reserve Chair Jerome Powell to the Justice Department to “investigate perjury” regarding the $2.5 billion renovation project. We do not think this will be taken up by Justice, but it shows how ugly the issue has become.  But something a relief valve may have emerged on Friday when the Associated Press reported the most expensive renovations were actually initially pushed for by three Trump appointees on the Commission of Fine Arts which advises the federal government on architecture. 

Looking at the week ahead, the Senate Agriculture Committee announced they will (finally) vote on the confirmation of CFTC Chair-nominee Brian Quintenz on Monday.  Quintenz then has then get a full confirmation vote by the full Senate.   Looking at the Senate calendar – which includes the Senate being out of session for all of August – this suggests to us Quintenz probably will not get that final confirmation vote until late September or sometime in October.  The Senate wheels move slowly, and the most precious commodity in the world may actually be finding time on the Senate floor schedule to get anything done.

And the big event of the week will be at the Federal Reserve, which is holding its “Integrated Review of the Capital Framework for Large Banks Conference.”   Fed Chair Powell and Vice Chair for Supervision Michelle Bowman will both speak.  The conference is a prelude to forthcoming major changes to bank capital standards, something big banks have been pushing hard for in recent years.

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, July 22, 9:45 a.m. – The Senate Finance Committee holds a markup to vote on the nominations of Joseph Barloon to be a deputy U.S. Trade Representative in the Geneva Office, and Brian Morrissey Jr., to be general counsel for the Treasury Department.

·       Tuesday, July 22, 10:15 a.m. – The Senate Finance Committee holds a hearing on the nominations of Jonathan McKernan to be a Treasury undersecretary for Domestic Finance.

·       Wednesday, July 23, 3:00 p.m. – The Senate Agriculture Committee will vote on the confirmation of CFTC Chair nominee Brian Quintenz as well as several nominees for the Department of Agriculture.

House of Representatives

·       Tuesday, July 22, 10:00 a.m. and Wednesday, July 23, 10:00 a.m. – The House Financial Services Committee will hold a hearing to markup various measures (17 measures in total).

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, July 22, 8:30 a.m. – The Federal Reserve Board of Governors holds it "Integrated Review of the Capital Framework for Large Banks Conference."   Federal Reserve Board Chairman Jerome Powell delivers opening remarks and at 1:00 p.m. Federal Reserve Board Vice Chairman Michelle Bowman delivers remarks.

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, July 22, 10:00 a.m. – Securities and Exchange Commission holds a meeting of the Small Business Capital Formation Advisory Committee to discuss matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.

·       Thursday, July 24, 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

·       Thursday, July 24, 10:00 a.m. – The National Credit Union Administration Board will hold a meeting.  The agenda includes A briefing on artificial intelligence; A briefing from the NCUA Ombudsman; and a briefing on the Central Liquidity Facility.

Federal Trade Commission & Department of Justice Antitrust Division

·       Thursday, July 22, 2:00 p.m. – The Justice Department's Antitrust Division; the Federal Trade Commission; the Commerce Department; and the Health and Human Services Department holds a virtual event, beginning at 2 p.m., on "Formulary and Benefit Practices and Regulatory Abuse Impacting Drug Competition."

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, July 22, 5:00 p.m. – The American Bar Association holds its 2025 Antitrust Regional Reception.

Think Tanks and Other Events

·       Monday, July 21, 8:30 a.m. – The American Enterprise Institute holds a panel discussion entitled "International Tax Cooperation and Competition: A Reset."

·       Tuesday, July 22, 9:15 a.m. – The Brookings Institution's Hutchins Center on Fiscal & Monetary Policy, Purdue University's Business School, the Brandeis International Business School's Institute of Global Finance,  the University of Texas at Austin Public Affairs School, and the University of Chicago Public Policy School's Center for Municipal Finance hold the 14th annual Municipal Finance Conference in Washington, D.C.

·       Tuesday, July 22, 12:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12 p.m., on "Litigation Update: FTC v. Meta."

·       Tuesday – Thursday, July 22 – 25 – The Center for Global Development holds its annual Bank Conference on Development Economics 2025, with the theme "Development in the Age of Populism." 

·       Wednesday, July 23, 8:00 a.m. – Axios holds a discussion on the impact of the "One Big Beautiful Bill Act" as well as what's next for the remainder of the year and heading into the 2026 midterm elections.  Senator Thom Tillis (R-NC), a member of the Senate Banking Committee, will speak.

·       Wednesday, July 23, 11:00 a.m. – The R Street Institute holds a virtual panel discussion entitled “Reconciliation Lookback: Farm Subsidy Policy and the Future of the Farm Bill.”  This will include a heavy focus on the impact on crop insurance and federal farm policy overall.

·       Wednesday, July 23, 1:00 p.m. – The Brookings Institution holds a virtual event entitled “Accelerating local climate investment amid federal uncertainty.”

·       Thursday, July 24, 11:30 a.m. – The Brookings Institution holds a rescheduled event entitled “The House Financial Services Committee Agenda: A Conversation with Representative Maxine Waters (D-CA). 

·       Thursday, July 24, 2:00 p.m. – The Cato Institute holds a forum on "Removing Barriers to Capital Formation."

·       Thursday, July 24, 3:00 p.m. – The Urban Institute holds a discussion on "The Past, Present, and Future of Credit Scores in Housing Finance."

Recommended Reading

• How Shadow Banking Reshapes the Optimal Mix of Regulation   Liberty Street Economics/Federal Reserve Bank of New York

  Decisions that are privately optimal often impose externalities on other agents, giving rise to regulations aimed at implementing socially optimal outcomes. In the banking industry, regulations are particularly heavy, plausibly reflecting a view by regulators that the relevant externalities could culminate in financial crises and destabilize the broader economy. Over time, the toolkit for regulating banks and bank-like institutions has expanded, as has banks’ restructuring of activities into shadow banking to lessen the regulatory burden. This post, based on our recent Staff Report, explores the optimal mix of prudential tools for bank regulators in a wide range of environments.

• The Dodd-Frank Act at 15: Has It Worked?       Paul Kupiec/American Enterprise Institute

  In testimony before the House Financial Services Committee on July 15, AEI Scholar Pau Kupiec argued that “Judging the Dodd-Frank Act by its own preamble, the Act is a failure. Notwithstanding the many complex and intrusive provisions of the Act, the financial system experienced a systemic banking crisis in March 2023. Widespread bank runs were averted when the federal government was forced to take measures to bailout the banking system.”  Kupiec, who is the former Director of Research at the FDIC, goes on to say that “…the Financial Stability Oversight Council (FSOC) has little ability to detect and mitigate actual risk created by so-called systemically important financial institutions or unregulated markets.”

• Spotting Financial Crisis’s Early     MacroXX Substack

  Economists have long debated whether financial crises can be foreseen. While this question is not new, a notable study from March 2021 provides clear evidence that crises can often be predicted—typically triggered by rapid credit growth alongside sharp increases in asset prices.  Harvard researchers Robin Greenwood, Samuel Hanson, Andrei Shleifer, and Jakob Sørensen showed that financial crises aren’t just freak accidents—they often build up in plain sight.  According to this study, financial crises can be forecasted by examining past credit growth in businesses and households using relatively simple models. 

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 Fed Votes to Move Ease Rating Requirements for “Well Managed” Banks, Just as the Renovation and Bee Controversy Heats Up, Gould Gets Confirmed as Comptroller, and Two Major Crypto Bills Make Major Strides

July 14 - 18, 2025

It may be the middle of summer in Washington, but it remains a busy time here in the nation’s capital for Congress and regulators. 

On Tuesday, the House of Representatives is poised to pass two major pieces of legislation and send one of them to President Trump’s desk to be signed into law.  The first bill will regulate so-called Stable Coins. President Trump has indicated he will sign the legislation.  The second bill would create a crypto market structure bill and will be sent to the Senate. 

The House Financial Services Committee is holding more hearings this coming week, looking at the impact of Dodd-Frank, which was passed into law 15 years ago.  Talking to Congressional staff, it is all part of a prelude to likely new deregulatory legislation in the coming months. It also provides some cover to the SEC and CFTC to look at deregulatory moves, as well.

Meanwhile, the Senate confirmed Jonathan Gould as Comptroller of the Currency last week and is getting ready for a confirmation hearing for Travis Hill as the next Chair of the Federal Deposit Insurance Corporation (FDIC). 

As all this was happening, the Federal Reserve voted last week to move forward with a proposed regulation adjusting the supervisory rating framework, something that is likely to make it easier for banks to merge.  Currently, any bank that loses its “well-managed” status can be limited in its ability to undertake certain activities, such as mergers and acquisitions, as well as in investing in other companies involved in certain financial activities.

But that was the good news out of the Fed for the week.  Fed Chair Jay Powell continues to be under growing fire for an ongoing renovation of the Federal Reserve headquarters.  More Republican members of Congress and supporters of President Trump are beginning to argue the supposed mismanagement of the project, which reportedly includes lavish remodeling of the headquarters and the building of beehives on the Fed grounds, as a “cause” for which President Trump can fire Powell.  We are dubious it will get to that point and believe it is all part of a larger effort to pressure Powell to move on lowering interest rates at the next Federal Open Market Committee meeting. 

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, July 15, 3:00 p.m. – The Senate Agriculture Committee holds a hearing entitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.’

House of Representatives

·       Tuesday, July 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead”  You can read the Committee Staff Background Memo HERE.

·       Wednesday, July 16, 9:00 a.m. – The House Ways and Means Oversight Subcommittee holds a hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."

·       Wednesday, July 16, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions holds a hearing entitled “U.S. Policy on Investment Security.”

·       Wednesday, July 16, 2:00 p.m. – The House Agriculture General Farm Commodities. Risk Management, and Credit Subcommittee holds a hearing on "Financing Farm Operations: The Importance of Credit and Risk Management.

·       Wednesday, July 16, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "HOME 2.: Modern Solutions to the Housing Shortage."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, July 15 - The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.

·       Tuesday, July 15, 9:15 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).

·       Tuesday, July 15, 12:45 p.m. – Federal Reserve Board Governor Michael Barr will give a speech entitled “expanding financial inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.

·       Wednesday, July 16, 9:15 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.

·       Wednesday, July 16, 10:00 a.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.

·       Wednesday, July 16, 6:30 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.

·       Thursday, July 17, 10:00 a.m. – Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.

·       Thursday, July 17, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).

·       Thursday, July 17, 6;30 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.

U.S. Treasury Department

·       There are no significant events scheduled at this time.

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Thursday, July 17, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, July 15, 10:00 a.m. – The FDIC Board will meet in open session. The agenda includes a proposed amendment to FDIC Guidelines for Appeals of Material Supervisory Determinations; Notice of Proposed Rulemaking regarding Adjusting and Indexing Part 363 and Certain Other FDIC Regulatory Thresholds; Request for Information regarding Industrial Banks and Industrial Loan Companies and Their Parent Companies.  Additionally, the Board will vote on a Notice of Proposed Rulemaking regarding Community Reinvestment Act Regulations, a Notice of Proposed Rulemaking regarding Establishment and Relocation of Branches and Offices, a Notice regarding Parent Companies of Industrial Banks and Industrial Loan Companies; Withdrawal of Proposed Rule, and a Notice regarding Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.

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

·       Thursday, July 17 – The American Bankers Association holds its Women Lead Symposium (virtual).

Think Tanks and Other Events

·       Wednesday, July 16, Noon – The Exchequer Club of Washington, D.C. will host Senator Elizabeth Warren (D-MA) as their luncheon speaker.

·       Thursday, July 17, 11:30 a.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda” with House Financial Services Committee’s Ranking Democrat, Representative Maxine Waters (D-CA).

Recommended Reading

• AI’s role in credit is growing, are things moving too fast?     Federal Reserve Bank of Boston The Future of Finance Podcast

  People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried.  AI will lie unless you tell it not to. It will collude on pricing with other AI. Experts say those are a couple reasons why we need to proceed with caution and better understand potential hazards.   For additional background on this subject, read an outline of the keynote speech at the 68th Economic Conference by UC-Berkeley professor Adair Morse, “AI Innovation for Credit: Frontiers of Benefits & Red Flags.” Watch a recording of the speech.

• Reporting FinCEN’s Suspicious Activity, Again        Cato Institute

  The Financial Crimes Enforcement Network (FinCEN) has released its 2024 “Year in Review” report, and things are not looking good. Once again, the agency has highlighted lackluster statistics in an attempt to justify financial surveillance in the United States.  Let’s start at the top and work our way down. Under the Bank Secrecy Act, banks and other financial institutions are required by law to report customers under certain circumstances. According to FinCEN, more than 27.5 million reports were filed in 2024 (Table 1). That’s roughly 75 thousand reports a day.
  

• Banking Analytics: The Growing Connection between Bank and Nonbank Sectors    Federal Reserve Bank of St. Louis

  In the first quarter of 2025, U.S. banks held $1.14 trillion in loans outstanding to the nonbank financial sector. This sector consists of nondepository financial institutions (NDFIs), which engage in credit intermediation, asset management, market-making and other financial services in the economy. This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy. 

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The U.S. Financial Regulatory Week Ahead

June 23 - 27, 2025

Fed Chair Powell Testifies Before Congress, The Fed  and FDIC Vote ON a Revised Leverage Ratio Proposal, and the SEC Holds A Roundtable on Executive Compensation

The Federal Reserve is going to be a beehive of activity next week.  Fed Chair Jay Powell testifies before the House Financial Services Committee and then the Senate Banking Committee on monetary policy. Powell is likely to get a good share of questions about the future of bank regulation in those hearings, particularly about the Fed’s (and the FDIC’s) upcoming review and vote on Wednesday on the leverage ratio for banks.  The proposal will reduce the capital buffer by up to 1.5 percent for the biggest banks.

Additionally, Fed Governors Michael Barr and Adriana Kugler will be appearing at the Kansas City Fed and then the Cleveland Fed for their annual “Fed Listens” events.  Again, bank regulation is likely to be a major topic.

All this Fed action will be capped on Friday at 4:30 p.m. when the results of bank stress tests are released.

The overall future of financial regulation will also be the topic of a Brookings Institution event his week where House Financial Services Committee Chair French Hill (R-Ark) will discuss his plans for the committee policy-wise.

All this comes after a number of major legislative and regulatory moves this past week.  As expected, the Senate passed the GENIUS Act, the first crypto regulatory framework bill to pass the Senate.  We expect the House to pass it sometime later this summer.   President Trump praised the legislation and urged the House to move quickly to hold a vote.

SEC Chair Paul Atkins, as expected, announced he was withdrawing 14 proposed rules that had been proposed by then-SEC Chair Gary Gensler.   The proposed rules ranged from crypto regulation to climate disclosure to regulation and disclosure around the use of artificial intelligence. 

The SEC will keep up the busy pace this week when it hosts a Roundtable on Executive Compensation – a prelude to likely new proposals scaling back executive compensation disclosure.

Finally, we would note that Elon Musk is not totally finished with Washington.  The Financial Times reported this past week that users of X (Twitter) will “soon” be able to make investments or trades using the social media platform.  Additionally, the company is exploring creating “X credit and X debit cards.”  The FT says this is all part of Musk’s efforts to build an “everything app.”  Welcome to the world of Washington financial regulation, Mr. Musk!

Below is everything we could find happening this week in Washington among the regulators:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, June 24, 3:00 p.m. – The Senate Banking Committee’s Subcommittee on Digital Assets holds a hearing entitled Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.

·       Wednesday, June 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled The Semiannual Monetary Policy Report to Congress.  Federal Reserve Board Chair Jay Powell will testify.

House of Representatives

·       Tuesday, June 24, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled The Federal Reserve’s Semi-Annual Monetary Policy Report.  Federal Reserve Board Chair Jay Powell will testify.

·       Wednesday, June 25, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets.

·       Thursday, June 26, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations holds a hearing entitled From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Sunday, June 22, 11:15 a.m. PST – San Francisco Federal Reserve Bank President Mary Daly participates in a monetary policy insights panel before the Western Economic Association International 100th Annual Conference.

·       Monday, June 23,  3:00 a.m. EST/3:00 p.m. Prague Time – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

·       Monday, June 23, 10:00 a.m. Prague Time – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on monetary policy and banking at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

·       Monday, June 23, 2:30 p.m. – The Federal Reserve Bank of New York holds a virtual discussion with business and community leaders on "the effects that labor market conditions, inflation, and interest rates have on them.”  The event is being hosted by SUNY Schenectady Community College.  New York Fed President John Williams will speak along with Federal Reserve Board Governor Adriana Kugler.

·       Monday, June 24, 12:10 p.m. Central Time – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Milwaukee Business Journal Mid-Year Outlook 2025.

·       Tuesday, June 24, 8:15 a.m. Central Time – Cleveland Federal Reserve Bank President Beth Hammack speaks on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025.

·       Tuesday, June 24, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the House Financial Services Committee.

·       Tuesday, June 24, 2:00 p.m. – Boston Federal Reserve Bank President Susan Collins speaks before the “State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston.

·       Tuesday, June 24, 4:00 p.m. – The Federal Reserve Bank of Kansas City holds a virtual discussion on "the current state of the agricultural economy and future prospects, part of its "Fed Listens" series.  Speakers will include Federal Reserve Board Governor Michael Barr and Jeff Schmid, President and CEO of the Federal Reserve Bank of Kansas City.

·       Wednesday, June 25, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the Senate Banking Committee.

·       Wednesday, June 25, 2:00 p.m. – The  Federal Reserve holds a meeting "to discuss proposed revisions to the Board's supplementary leverage ratio standards."

·       Thursday, June 26 & 27 – The Federal Reserve Bank of Cleveland holds its 2025 Policy Summit, beginning at 9 a.m., with the theme "Building Strong and Sustainable Communities.”  Cleveland Fed President Beth Hammack will give opening remarks. Federal Reserve Board Governor Michael Barr will speak on June 26th.  Governor Lisa Cook will speak on June 27 at 9:15 a.m.

·       Thursday, June 26, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on the economy before the New York Association for Business Economics.

·       Friday, June 27, 10:00 a.m. Basel Time – New York Federal Reserve Bank President John Williams moderates a session featuring keynote remarks from Professor Carmen Reinhart at the 24th Bank of International Settlements Annual Conference.

·       Friday, June 27, 4:30 p.m. – The Federal Reserve releases the results of bank stress tests.

U.S. Treasury Department

·       There are no significant events scheduled at this time.

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

Securities and Exchange Commission

·       Thursday, June 26, 10:00 a.m. – The SEC will hold a Closed Meeting.

·       Thursday, June 26, 1:00 p.m. – The SEC hosts a Roundtable on Executive Compensation Disclosure Requirements.

Commodities Futures Trading Commission

·       Monday, June 23, 7:30 p.m. UK Time – Acting Chairman Caroline D. Pham will receive an award and deliver remarks at the UK House of Lords “100 Impact Leaders” Dinner and Award.

·       Thursday, June 26, 1:10 p.m. UK Time – Acting Chairman Caroline D. Pham to participate in a fireside chat at the Citi Institute Future of Finance Forum in London.

Federal Deposit Insurance Corporation

·       Thursday, June 27, 10:00 a.m. – The FDIC board will meet.  They are scheduled to vote on the leverage ratio proposal.

Office of the Comptroller of the Currency

·       There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events 

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       Monday, June 23, 1:30 p.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda."  House Financial Services Committee Chair French Hill (R-Ark) will speak.

·       Tuesday, June 24, 2:00 p.m. – The Cato Institute holds a policy forum entitled “Removing Barriers to Capital Formation.”

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The U.S. Financial Regulatory Week Ahead

A Quiet Week in Washington, The Senate Gets Set to Pass the GENIUS Act but Also Blocks An Effort to Bar Fed Paying Interest Rates on Bank Reserves, and SEC Chair Atkins Staffs Up

June 16 - 20, 2025

The Juneteenth holiday on Thursday, the Federal Reserve’s Open Market Committee meetings on Tuesday and Wednesday, and the House of Representatives being out of session this week have ensured it will be a very quiet week in Washington.

But the Senate is in session, and they are feverishly working away at trying to hammer out their version of the One Big Beautiful Bill Act (OBBA).  The Senate Finance Committee is expected to release the tax portion it has drafted, and we will all be watching for any changes that impact investment vehicles, such as pass-throughs and investment savings accounts.

Also this week, the Senate is likely to pass the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on Tuesday, aimed at giving the crypto industry legal and regulatory clarity.  Passage in the House is likely in the coming months. 

Looking at what happened last week and staying with the US Senate, it was interesting to see Senate Republicans block an effort by Senator Ted Cruz (R-TX) to move legislation that would bar the Federal Reserve from paying interest on reserves to banks as a way to help pay for OBBA.  Cruz argued that doing so would cut $1.1 trillion from the federal budget over ten years.  The proposal sent minor waves of panic through the banking community but was quickly snuffed out by Senate Banking Committee Chair Tim Scott (R-SC).

Also this past week, SEC Chair Paul Atkins announced a number of senior appointments.  Among those named are Akin Gump partner Brian Daly to serve as the new Director of the Investment Management, Jamie Selway, a partner at Sophron Advisors, to serve as Directo of Trading and Markets, Kurt Hohl as the Chief Accountant, and Erik Hotmire as Chief External Affairs Officer and Director of the Office of Public Affairs.

Other than two speeches by Housing and Urban Development Secretary Scott Turner (who may speak about the future of Freddie Mac and Fannie Mae), there really is not much going on this week. Below is everything we could find happening:

U.S. Congressional Hearings 

U.S. Senate

·       There are no significant events scheduled at this time.

House of Representatives

·       The House of Representatives is out of session this coming week.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

Tuesday & Wednesday, June 17 & 18 -- The Fed’s Open Market Committee meets on interest rates. 

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

·       Thursday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.

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

Office of the Comptroller of the Currency

·       There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       Tuesday, June 17 , 2:00 p.m. – The Brookings Institution will hold an event entitled “Beyond profit: How blockchain technology can be used for the public good.”

·       Wednesday, June 18, 9:00 a.m. – 5:00 p.m. – the Bipartisan Policy Center’s 2025 Terwilliger Center Summit on Housing Supply Solutions takes place in Washington, D.C.  U.S. Housing and Urban Development Secretary Scott Turner will speak, as will a number of US senators, mayors, and CEOs.

·       Wednesday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.

Recommended Reading 

·       Bloomberg: Banks Want Staff Back at the Office. There Aren’t Enough Desks — HSBC and JPMorgan are among lenders taking extra space to deal with shortages.

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