U.S. Financial Regulatory Week Ahead

Jun 29

Will Congress Pass OBBBA By Independence Day? Otherwise, Washington Is Going To Be Very Quiet This Week

June 30 - July 4, 2025

It is Independence Day on Friday, and that means not much is happening this week in Washington, other than the massive, marathon wrestling match taking place in Congress to move forward with passage of The One Big Beautiful Bill Act (OBBBA). President Trump has demanded that Congressional Republican leaders get a final package to his desk by July 4th for his signature. Will they do it? It is going to be close, but as of this writing, the Senate is about to vote on their bill and send it to the House. Our view is the House will ultimately take what the Senate sends them (or face the wrath of Trump). But it will be very close.

Otherwise, it will be a very quiet week in Washington, as none of the major regulators have any important meetings or policy speeches scheduled.

Looking at what happened last week, it was a busy one for the Federal Reserve. Fed Chair Jay Powell appeared before the House Financial Services Committee and then the Senate Banking Committee. Then the Fed published the results of the annual stress tests – all the major banks passed as expected. This came on the heels of the Fed, along with the FDIC, issuing a new proposal to modify the Enhanced Supplementary Leverage Ratio Standards. Additionally, the Fed announced it will hold a conference on large bank capital requirements on July 22.

Returning to Congress for a moment, we learned that the Senate will take up the GENIUS Act, creating a market structure for the cryptocurrency market, sometime in September when they return from the August recess. And speaking of crypto: the Federal Housing Finance Agency has directed the two mortgage giants, Freddie Mac and Fannie Mae, to develop proposals to consider a borrower’s crypto holdings as part of the underwriting process, which could be quite a shift for the housing market going forward.

We hope you have a wonderful 4th of July. And to our Canadian readers, we wish you a great Canada Day on Monday, as we celebrate our respective independence and liberty. Below are the very few events we could find happening this week in Washington among the regulators:

U.S. Congressional Hearings

U.S. Senate

· There are no hearings scheduled this week in advance of the Independence Day holiday.

House of Representatives

· There are no hearings scheduled this week in advance of the Independence Day holiday.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Monday, June 30, 8:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook and monetary policy before an MNI Livestreamed Connect Video Conference.

· Tuesday, July 1, 9:30 a.m. GMT - Federal Reserve Board Chair Jay Powell participates on a policy panel at the European Central Bank Forum on Central Banking 2025 in Sintra, Portugal.

· Monday, June 30, 11:00 a.m. – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Aspen Ideas Festival 2025.

U.S. Treasury Department