Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The Government Lurches Toward a Shutdown as Congress Takes the Week Off, SEC Chair Atkins Begins to Outline Big Regulatory Overhaul, and Fed Vice Chair Bowman to Speak on Regulatory Agenda
September 22 - 26, 2025
Congress is out of session this week for Rosh Hashanah and to conduct work from their home offices. Unfortunately, being out this week has substantially increased the likelihood of a government shutdown as of September 30th (we currently estimate the odds of a shutdown at 75 percent as of today).
House and Senate Republicans and Democrat leaders really are not talking much about how to cobble together a Continuing Resolution (CR) to keep the government running and, in talking to several Democratic staffers, it is clear Democratic leaders are almost at the point of welcoming a shutdown to make clear their opposition to the politically unpopular Medicaid cuts in the One Big Beautiful Bill as well as the upcoming cancellation of Obamacare tax credits.
How long a shutdown could last is anyone's guess. The longest shutdown began on December 22nd, 2018, and lasted 35 days, concluding on January 25th, 2019. We will be updating clients on what we hear as we get close to the shutdown deadline.
Looking at last week, the big news was SEC Chair Paul Atkins' interview with Politico, where he made clear he was laying out the groundwork for a major regulatory rewrite. It appears that it will include changes to quarterly reporting, something President Trump encouraged last week. Atkins also championed moves to encourage more arbitration between investors and corporations and to move away from expensive and oftentimes frivolous class-action lawsuits.
Meanwhile, Comptroller of the Currency Jonathan Gould announced a second reorganization of the agency, reversing a reorganization led by then-acting Comptroller Rodney Hood. Industry groups cheered the move.
Also, last week, up on Capitol Hill, the House Financial Services Committee began outlining how it intends to reauthorize the Terrorism Risk Insurance Program as well as general flood insurance. The Senate Banking Committee is also expected to take on flood insurance this fall and is likely to make several changes to it. Interestingly, the National Flood Insurance Program has gone through 33 short-term reauthorizations and has not seen any changes over the past eight years. There will likely be at least another short-term extension, as the program is set to expire on September 30th.
Looking at the week ahead, a large number of Federal Reserve Board governors and many of the regional Federal Reserve Bank presidents will be out giving speeches. By our count, there are 14 speeches in total being given this week. But of particular note, Fed Chair Jay Powell is speaking on Tuesday about the economic outlook, while Fed Vice Chair for Supervision Michelle Bowman is speaking at the Kentucky Bankers Association. Bowman will also be giving another speech on Thursday in Washington on bank regulation, while her predecessor, Fed Governor Michael Barr, will be speaking on stress testing the same day, too.
And we would close out by noting the SEC has another very busy Thursday, almost as busy as last Thursday. SEC Chair Atkins will also be giving a speech on regulation. And there is going to be a big SEC webinar on large bank compliance, then a Closed Meeting, all while a number of senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.
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
· The US Senate is out of session this week for home state work.
House of Representatives
The House of Representatives is out of session this week for home district work.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, September 22, 10:00 a.m. – St. Louise Federal Reserve Bank President Alberto Musalem gives a speech on the outlook for the US economy and monetary policy at the Brookings Institution in Washington, D.C.
· Monday, September 22, 12:00 p.m. – Federal Reserve Board Governor Stephen I. Miran Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York Luncheon, New York, New York.
· Tuesday, September 23, 9:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will give a speech on the Economic Outlook at the 134th Annual Kentucky Bankers Association Convention (virtual).
· Tuesday, September 23, 9:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook before a Macro Musings podcast live recording.
· Tuesday, September 23, 12:35 p.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on the economic outlook at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, Rhode Island.
· Wednesday, September 24, 3:10 p.m. CT – San Francisco Federal Reserve Bank President Mary Daly speaks on the economic outlook before the annual Spencer Fox Eccles Convocation presented by the National Association of Corporate Directors, Utah Chapter.
· Thursday, September 25, 7:20 a.m. – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before Crain's Power Lunch, "The Fed and the Economy: Trends for West Michigan"
· Thursday, September 25, 9:00 a.m. – New York Federal Reserve Bank President John Williams gives welcome remarks before the Fourth Annual International Roles of the U.S. Dollar Conference hosted by the Federal Reserve Bank of New York and the Federal Reserve Board.
· Thursday, September 25, 9:00 a.m. – Federal Reserve Bank of Kansas City President Jeff Schmid speaks about monetary policy and the economic and banking outlook at the Mid-Sized Bank Coalition of America in Dallas.
· Thursday, September 25, 10:00 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on supervision and regulation at the at the Financial Markets Quality Conference 2025, Washington, D.C.
· Thursday, September 25, 1:00 p.m. – Federal Reserve Governor Michael S. Barr participates in a conversation on bank stress testing at the Peterson Institute for International Economics, Washington, D.C.
· Thursday, September 25, 2:30 p.m. – San Francisco Federal Reserve Bank President Mary Daly participates in a conversation before the Federal Reserve Bank of San Francisco 2025 Western Bankers Forum.
· Friday, September 26, 9:00 a.m. – Richmond Federal Reserve Bank President Tom Barkin participates in a conversation with Roger Ferguson at the Peterson Institute for International Economics.
· Friday, September 26, 1:00 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a speech entitled “Approach to Monetary Policy Decision-Making” at the Cornell Club of New York, New York City, 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, September 25, 8:30 a.m. – Several senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.
· Thursday, September 25, 1:00 p.m. – The SEC will host a compliance outreach webinar for large firms regarding the 2024 adoption of amendments to Regulation S-P.
· Thursday, September 25, 2:00 p.m. – The SEC will hold a Closed Meeting.
· Thursday, September 25, 4:30 p.m. – SEC Chairman Paul Atkins will speak at the Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.
Commodities Futures Trading Commission
· Wednesday, September 24, 6:00 p.m. Seoul – Acting Chairman Caroline D. Pham will provide keynote remarks at a Global Crypto Policy Symposium: Navigating Stablecoin Regulation for the Institutional Era.
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
· Thursday, September 25, 12:00 p.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Fiscal Guardrails: Global Debt Levels and Looming Government Spending Pressures."
· Thursday, September 25, 5:30 p.m. – The Urban Institute holds a discussion on "Untangling a Complex Problem: Preserving Housing Wealth for Vulnerable Owners through Technology and Estate Planning."
Think Tanks and Other Events
· Wednesday, September 24, 2:00 p.m. – The Bipartisan Policy Center holds a hybrid event entitled “Gaming Out the GSEs’ Exit from Conservatorship: Process, Policy, and Potential Pitfalls.”
· Thursday, September 25 – The Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The Treasury Deputy Secretary Quits, A Fed Governor May Be About to Be Fired, The SEC Gets a Marine, Fed Governor Waller Will Give a Speech, and Otherwise, It’s a Dead Quiet Week Ahead
August 25 - 29, 2025
The Washington Augusts of years past no longer exist – remember those days of high temperatures and sauna-like humidity, a tomb-quiet downtown, long weekends at the beach, and no major news headlines?
As this past week showed, those days are gone as this past week showed. In the last five days, we saw the Deputy Secretary of the Treasury, Michael Faulkender, unexpectedly resign after five months on the job, a well-respected Federal Reserve Governor, Lisa Cook, facing a pretty good chance of being fired by President Trump for cause (supposed mortgage fraud after Federal Housing Finance Agency Director Bill Pulte somehow came across the documents and sent them to the Justice Department), and the Securities and Exchange Commission got a new Director of Enforcement, Meg Ryan, who is a former senior U.S. Marine Corps Judge Advocate (which my late father, who was a US Marine Corps Colonel, would surely shout “Oorah!” at the news of her appointment.)
We suspect there will be a legal battle over whether President Trump can actually fire Fed Governor Cook, but it is also likely to be a messy fight as she will have to explain how she listed two separate properties as her primary residence on two separate mortgage applications submitted 15 days apart.
We are not quite sure why Deputy Secretary Faulkender is stepping down, but it leaves Treasury Secretary Scott Bessent with the top three roles either empty or with staff serving in acting roles (the Senate has not yet confirmed anyone to serve as Undersecretary for International Affairs or Undersecretary for Domestic Finance).
Looking at the week ahead, Federal Reserve Governor Christopher Waller will be giving a speech in Miami on the economic outlook, CFTC Acting Chair Caroline Pham is giving a couple of speeches in Tokyo, and the SEC will be holding a Closed Meeting. That’s it. So – theoretically – it should be a very quiet week ahead. But considering how the first three weeks of August have gone, we would not bet on it.
But here’s to hoping for a quiet week ahead, heading into the Labor Day weekend, the end of summer, and the return of Congress on September 2nd. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the August recess and will return on September 2.
House of Representatives
· The House is out of session for the August recess and will return on September 2.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Thursday, August 28, 6:00 p.m. – Federal Reserve Board Governor Christopher J. Waller will give a speech on the economic outlook at the Economic Club of Miami Dinner, Miami, Fla.
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 28, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, August 26, 12:55 p.m. (Tokyo) – CFTC Acting Chairman Caroline D. Pham will speak on “Writing the Rules for Cross-Border Web3: Regulatory Framework for Global Digital Assets” and then later participate in a fireside chat, “The Regulatory Reset: America's New Framework for Digital Assets” at Asia’s Leading Web3 Conference.
· Wednesday, August 27, 2:00 p.m. (Tokyo) – CFTC Acting Chairman Caroline D. Pham will speak on “How to Shape the Regulations & Policies for the Next Era of Web3” at the Blockchain Leaders’ Summit Tokyo 2025.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
It’s All About Wyoming This Week
August 18 - 22, 2025
‘The time has come’ for rates cuts”
– Federal Reserve Board Chair Jay Powell speaking at the Jackson Hole Economic Symposium, August 23, 2024
Washington will be quiet this week as Congress remains out of session for the August recess and the bulk of lobbyists are on vacation, too. Instead, all the action will be in Wyoming this week – specifically, in Jackson Hole as the Kansas City Federal Reserve Bank hosts the annual Jackson Hole Symposium.
All eyes and ears will be on Federal Reserve Board Chair Jay Powell’s economic outlook speech on Friday, with markets wondering: Will Powell repeat the above quote from his 2024 speech at the Symposium, cuing up a likely rate cut at September’s Federal Open Market Committee?
But that’s not all that is taking place around Jackson Hole this week: On the sidelines of the Economic Symposium will be the Wyoming Blockchain Symposium 2025. There is scheduled to be something of a “who’s who” of regulators and members of Congress. Notably, Securities and Exchange Commission Chair Paul Atkins will participate in a fireside chat discussing all things crypto, and Federal Reserve Vice Chair for Supervision Michelle Bowman will be giving a speech entitled “Fostering New Technology in the Banking System.”
Also speaking will be Senate Banking Committee Chair Tim Scott (R-SC) – who is going to be quarterbacking this fall the legislative aspects of President Trump’s recently released digital financial technology strategy – and Senator Cynthia Lummis (R-WY) who chairs the Senate Banking Subcommittee on Digital Assets (and is known on Capitol Hill as the “Crypto Queen,”) as well as Tyler Williams who is Counselor to Treasury Secretary Scott Bessent on digital asset issues.
And that is about it for this coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
The Senate is out of session for the August recess and will return on September 2.
House of Representatives
The House is out of session for the August recess and will return on September 2.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday, August 19, 2:10 p.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech entitled “Fostering New Technology in the Banking System” at the Wyoming Blockchain Symposium 2025, Teton Village, Wyoming.
Wednesday – Saturday, August 21 – 23 – The Federal Reserve Bank of Kansas City hosts the Jackson Hole Economic Policy Symposium at the Teton Village, Wyoming. The theme of this year’s Symposium is “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.” You can access all papers presented at the Symposium HERE.
Wednesday, August 20, 11:00 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the topic of payments at the Wyoming Blockchain Symposium 2025, Teton Village, Wyoming.
Friday, August 22, 10:00 a.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on entitled “The Economic Outlook and Framework Review” at the 2025 Jackson Hole Economic Policy Symposium, Moran, Wyoming.
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, August 19, 1:00 p.m. ET – SEC Chair Paul Atkins will participate in a fireside chat at SALT’s Wyoming Blockchain Symposium in Jackson Hole, Wyoming.
Thursday, August 21, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
There are no significant events scheduled at this time.
Think Tanks and Other Events
Monday – Thursday, August 18 – 21 – The SALT’s Wyoming Blockchain Symposium will be held in Jackson Hole, Wyoming. The speakers include SEC Chair Paul Atkins, Federal Reserve Board Vice Chair for Supervision Michelle Bowman, Senate Banking Committee Chair Tim Scott (R-SC), and Federal Reserve Board Governor Christopher Waller.
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.
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.
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 Votes to Overturn Biden-Era banker Merger Rules As the OCC Streamlines Merger Review Process, Stable Coin Legislation Fails in the Senate, and Will Bowman Be Confirmed This Week?
May 12 - 16, 2025
When it comes to bank regulation and streamlining of financial regulation in Washington, it seems its “everything, everywhere, all at once.” This past week saw the Senate approve a Congressional Review Act resolution overturning a strict Biden-era rule on bank mergers. This came as the Office of the Comptroller of the Currency announced they were streamlining the process for the review of bank mergers.
This came as Treasury Secretary Scott Bessent testified before the House of Representatives this past week, criticizing his predecessors for losing focus on core risks to the industry.
Back to the Senate for a moment: We note the somewhat chaotic failure of what was considered a likely stablecoin bill as Democrats came out to oppose the legislation over perceived benefits to the Trump family because of their involvement in the crypto industry. The defeat was a stinging defeat for the crypto industry, but we believe the fight is not over and the Senate is likely going to try again to bring it up for a vote in the near future.
The coming week is going to be just as busy on bank merger policy. Most notably, we point to a hearing in the House Financial Services Committee on Wednesday entitled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”
We are also watching to see if the Senate holds a final confirmation hearing this week (to be scheduled still) for Federal Reserve Governor Michelle Bowman to become the new Vice Chair for Supervision and Jonathan Gould to be the new Comptroller of the Currency (we will keep you updated as soon as we see any definitive scheduling in the Senate).
There are a number of important meetings and speeches to watch at the SEC and from Fed Governors this week, which we detail below. Here you go! Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
Thursday, May 14, 10:00 a.m. – The Senate Finance Committee holds a hearing on Trade in Critical Supply Chains.
House of Representatives
·Wednesday, May 14, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Housing & Insurance holds a hearing entitled “Expanding Choice and Increasing Supply: Housing Innovation in America.”
Wednesday, May 14, 10:00 a.m. – The House Small Business Economic Growth, Tax, and Capital Access Subcommittee holds a hearing on "Investing in America: How Private Equity Empowers Main Street."
Wednesday, May 14, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions holds a hearing entitled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”
Thursday, May 14, 2:30 p.m. – The Senate Small Business and Entrepreneurship Committee holds a hearing on "Financing America's Manufacturing and Industrial Boom."
Thursday, May 15, 10:00 a.m. – The House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity will hold a hearing entitled “Examining Treasury Market Fragilities and Preventative Solutions.”
Thursday, May 15, 10:00 a.m. – The House Appropriations Financial Services and General Government Subcommittee holds a hearing on "Oversight Hearing - The U.S. Federal Trade Commission."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, May 12, 10:25 a.m. (Dublin, Ireland) – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the economic outlook at the National Association for Business Economics and the Central Bank of Ireland’s International Economic Symposium, Central Bank of Ireland, Dublin, Ireland.
Wednesday, May 14, 5:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller will speak that the Award Ceremony for the Winners of the 2nd Edition of the Bank Al-Maghrib Prize for Economic and Financial Research, Rabat, Morocco.
Wednesday, May 14, 9:10 a.m. EST – Federal Reserve Board Vice Chair Philip N. Jefferson gives a speech on the economic outlook at the Annual Conference of Second District Directors and Advisors (virtual).
Thursday, May 15, 8:40 a.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on “Framework Review” at the Thomas Laubach Research Conference, Washington, D.C.
Thursday, May 15, 2:05 p.m. – Federal Reserve Board Governor Michael S. Barr will give opening remarks (pre-recorded) at the 2025 Northeast/Mid-Atlantic Small Business Credit Symposium, hosted by the Federal Reserve Banks of New York, Cleveland, Philadelphia, Boston, and Richmond.
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.
Small Business Administration
There are no significant events scheduled at this time.
Securities and Exchange Commission
Monday, May 12, 1:00 – 5:30 p.m. – The SEC holds a Crypto Task Force Roundtable entitled “Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet.”
Thursday, May 15, 11:30 a.m. – SEC Deputy Director of Enforcement Kate Zoladz and several other SEC officials will speak at the Securities Enforcement Forum West 2025 Conference in Los Angeles, California.
Thursday, May 15, 1:00 p.m. – The 12th Annual Conference eon Financial Market Regulation, co-hosted by the SEC’s Division of Economic and Risk Analysis, Lehigh University’s Center for Financial Services, and the University of Virginia’s Darden School of Business will be held at the SEC Headquarters.
Thursday, May 15, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
Wednesday, May 14, 3:30 a.m. EST/9:30 a.m. Amsterdam time – CFTC Commissioner Christy Goldsmith Romero will speak on a panel titled “Economic and Market Outlook” at the International Swaps and Derivatives Association’s Annual General Meeting in Amsterdam, Netherlands.
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
May 13 – 15 – FINRA holds its Annual Conference in Washington, D.C.
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
Wednesday, May 8, 10:00 a.m. – The Farm Credit Administration Board of Directors will meet to hear a report on Farm Credit System Funding Conditions.
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.
Trade Associations & Think Tank Events
Trade Associations
·Monday – Wednesday, May 12 – 14 – SIFMA holds its Anti-Money Laundering & Financial Crimes Conference in Washington, D.C.
May 13 – 14 – The American Bankers Association holds its American Mortgage Conference in Charleston, South Carolina.
Wednesday, May 14 – The Institute for International Bankers holds its 2025 Information Security and Operational Reliance Conference in New York.
Think Tanks and Other Events
·Monday, May 12, 2:00 p.m. – The Federalist Society holds a virtual fireside chat with Elizabeth Odette, the National Association of Attorney Generals Task Force Chair and Minnesota Assistant Attorney General on the States and Antitrust Policy.
Tuesday, May 13, 11:30 a.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion on "A Conversation with FTC (Federal Trade Commission) Bureau Directors."
Wednesday, May 14, Noon – The Exchequer Club hosts SEC Commissioner Mark Uyeda.
Recommended Reading
Wall Street Journal: Fannie and Freddie May Foment Another Crisis
Hoover Institution Fellows John Cochrane and Stanford Professor Amit Suru point out in an op-ed in the Wall Street Journal that the two government-sponsored enterprises which failed in the 2008-2009 financial crisis are now bigger and riskier than ever. Combined Freddie and Fannie back more than 60% of new mortgages, versus roughly 44% before the 2008 meltdown. They argue there needs to be more market competition and less reliance on government run entities like these two giants.
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