Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The Start of Week 5 of the Government Shutdown, President Trump has a New CFTC Chair Nominee, and, Aside From That, It’s Going to Be a Pretty Quiet Week
October 27 - 31, 2025
The Federal Government is entering its 5th week of being shut down. There is little movement in Congress that we can discern to figure out how to get a Continuing Resolution (CR) to fund the government and get the governmental engine running again.
At this point, we see only three key dates that could serve as a trigger for Congress to begin moving toward a deal. They are:
October 24 – This past Friday marked the first full paycheck date that federal employees (except military) will miss. This includes TSA Agents at airports and air traffic controllers (NOTE: We have been traveling in the last week and asking TSA Agents their thoughts, and it is clear we will soon start seeing them leaving their jobs for anything that gives them a paycheck – meaning, we will see significant slowdowns at airports).
November 1 – Likely early/mid next week, Open Enrollment for the Affordable Care Act (ACA) will begin, and it will show increasing annual insurance costs. Meaning, voters may become more focused and vocal on the issue Congressional Democrats are trying to force into the CR.
Late November – The House-passed Continuing Resolution expires on Nov. 21 (the Friday before Thanksgiving), and the fact that TSA workers will have missed more than a month of pay will likely result in departures of staff, causing significant delays at airports just before the Thanksgiving holiday.
Until then, there is not much going on with U.S. financial regulators. We would note that Travis Hill, the Acting Chair of the FDIC, will get his confirmation hearing this coming Friday. But only if the Senate Banking Committee holds the hearing. Last week, the Banking Committee was scheduled to hold an important hearing bringing together all the prudential regulators to talk about potential regulatory reform, but because of the shutdown, the hearing was cancelled.
Also, we would note that President Trump has nominated Mike Selig to the next Chair of the CFTC. Selig is currently the chief counsel for the Securities and Exchange Commission’s crypto task force in addition to advising SEC Chair Paul Atkins. He would replace Brian Quintenz as the nominee (as Quintenz’s nomination was somewhat mysteriously pulled by the White House just as he was about to get his confirmation hearing in the Senate Agriculture Committee).
Below are the few events we could find scheduled for the week ahead. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Thursday, October 30, 10:00 a.m. – The Senate Banking Committee holds a confirmation hearing to consider the nominations of the following individuals: Joseph Gormley to be President, Government National Mortgage Association, Department of Housing and Urban Development; Francis Cassidy to be Assistant Secretary, Department of Housing and Urban Development; Paul Hollis, to be Director of the Mint, Department of Treasury; Bryce McFerran, to be First Vice President, Export-Import Bank of the United States; and Travis Hill, to be Chairperson of the Board of Directors, Federal Deposit Insurance Corporation.
House of Representatives
· The House remains out of session until the Senate reaches a compromise on the federal budget continuing resolution.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, October 28 – 29 – The Federal Reserve Board’s Federal Open Market Committee meets on the economy and interest rates. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on Wednesday.
· Thursday, October 30, 9:55 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a pre-recorded speech at the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Tuesday, October 28, 3:20 p.m. – Comptroller of the Currency Jonathan Gould will discuss agency priorities and its influence on the future of banking and financial innovation at the Money 20/20 USA Conference in Las Vegas, Nevada.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Tuesday & Wednesday, October 28 & 29 – SIFMA holds its National Conference on the Securities Industry at New York Law School.
Think Tanks and Other Events
· Monday, October 27, 10:00 a.m. – The Brookings Institution holds an event entitled “What’s up with stablecoins after the GENIUS Act?”
· Wednesday & Thursday, October 29 - 30 – The American Enterprise Institute for Public Policy Research holds its 14th annual Housing Center Conference in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
A Government Shutdown Looms – And A Large Number of Federal Workers May be Fired, the SEC and CFTC Hold a Cooperation Roundtable, and the White House Seems To Be Looking for a New CFTC Chair
September 29 - October 3, 2025
Congress was out of session last week doing “home business” – meaning, back in their home states, talking to constituents and trying to let cooler heads prevail in hammering out a possible short-term funding deal to keep the federal government open.
The deadline is midnight Tuesday, and as of this writing, we would suggest there is an 80 percent chance a shutdown will happen. But what comes next appears unprecedented: The White House’s Office of Management and Budget has sent federal departments and agencies a memo outlining how they intend to fire large numbers of federal workers instead of furloughing them. Congressional Democrats absolutely do not want to see that happen and are now feeling pressure to cut a deal. But we do not see a deal coming together that quickly – so, this could be quite a big week for Washington.
While all this is going on, the Securities and Exchange Commission and Commodities Futures Trading Commission are holding a “Joint Roundtable on Regulatory Harmonization Efforts.” For those old, grizzled former SEC and CFTC officials (like me), this is a bit of a shock as the two agencies have held each other at arm’s length for, well, decades. The two regulators have resisted doing anything that could suggest “harmonization” between them because that could suggest a merger (there have been many battles have been fought over this idea over the last 40 years).
Looking at what we learned in the past week, there were numerous reports that the White House is now vetting Milbank, Tweed partner Josh Sterling to be the new CFTC Chair. It remains quite a mystery as to why the White House is backing away from Brian Quintenz as the nominee. Quintenz has already had his confirmation hearing before the Senate Agriculture Committee, and beyond the Winklevoss Twins apparently complaining about him to President Trump, there have been no real complaints or problems with his nomination.
Below is a listing of all the rest of the major regulatory events in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
Tuesday, September 30, 10:30 a.m. – The Senate Banking Committee will consider the nominations of Benjamin Hobbs and Ronald Kurtz to both be Assistant Secretaries of Housing and Urban Development, Chris Pilkerton to be Assistant Secretary for Investment Security, and Jonathan Burke to be Assistant Secretary for Terrorist Financing, both of the Department of the Treasury.
Wednesday, October 1, 10:00 a.m. – The Senate Finance Committee will hold a hearing to examine how to tax digital assets.
House of Representatives
The House of Representatives may or may not be out of session this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, September 29, 7:30 a.m. EST – Federal Reserve Board Member Christopher Waller will give a speech on payments at the Sibos 2025 Conference in Frankfurt, Germany.
Monday, September 29, 8:00 a.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in a policy panel before the hybrid "Inflation: Drivers and Dynamics Conference 2025" hosted by the European Central Bank (ECB), the Center for Inflation Research, and the Federal Reserve Bank of Cleveland.
Monday, September 29, 1:30 p.m. – St. Louis Federal Reserve Bank President Alberto Musalem speaks before the event, "The Past, Present and Future of the Federal Reserve".
Monday, September 29, 1:30 p.m. – New York Federal Reserve Bank President John Williams participates in a conversation organized by the Rochester Institute of Technology.
Monday, September 29, 6:00 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic moderates a conversation on Atlanta's economy, air travel, and leadership as part of the Atlanta Fed Leading Voices Series.
Tuesday, September 30, 6:00 a.m. EST – Federal Reserve Board Vice Chair Philip Jefferson will give a speech on Monetary Policy Frameworks and the US Economic Outlook at the Bank of Finland International Monetary Policy Conference in Helsinki, Finland.
Tuesday, September 30, 12:30 p.m. -- Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Federal Reserve Bank of Chicago Midwest Agriculture Conference: Midwest Agriculture and Trade Uncertainty.
Tuesday, September 30, Noon – Boston Federal Reserve Bank President Susan Collins makes remarks at the Council on Foreign Relations’ C. Peter McColough Series on International Economics in New York.
Thursday, October 2, 6:10 p.m. – Dallas Federal Reserve Bank President Lorie Logan participates in a moderated conversation before the UT Evolving Energy and Policy Landscape Conference.
Friday, October 3, 6:05 a.m. EST -- New York Federal Reserve Bank President John Williams gives a keynote before the Klaas Knot Farewell Symposium organized by De Nederlandsche Bank (DNB)
Friday, October 3, 1:40 p.m. – Federal Reserve Vice Chair Philip Jefferson will give a speech on the US Economic Outlook and the Fed’s Monetary Policy Framework at the Drexel Economic Forum in Philadelphia, Pennsylvania.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
Commodities Futures Trading Commission
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
There are no significant events scheduled at this time.
Think Tanks and Other Events
There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The 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.
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.
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