Week InAdvance
June 2, 2014

House members have a district work period this week as the Senate returns from a week-long recess. Much of the Senate's floor time will be taken up with debates and votes on nominations. Look for a confirmation vote on one of the CFTC's nominees, Sharon Y. Bowen. Majority Leader Harry Reid took a procedural step last month to end debate and advance Bowen's confirmation in the face of Republican opposition. Louisiana Democrat Mary Landrieu, who's facing a tough Senate re-election bid, has also opposed Bowen. Bowen is interim chair of the Securities Investor Protection Corporation, which declined to reimburse victims of convicted Ponzi schemer R. Allan Sanford. Landrieu said many of her constituents "were thrown into financial upheaval."


Off the floor, Senate Republicans and Democrats may take another stab at reaching a deal over amendments to a package of more than $80 billion of tax-break extensions. The bill was blocked May 15, 2014 on a procedural vote after Republicans demanded a chance to amend the legislation.


Officials from the Organization for Economic Cooperation and Development (OECD) will meet in Washington, D.C., today and tomorrow for the organization's annual international tax conference. Panels will focus on the organization's new international taxation initiatives and current projects and will include speakers from business, the OECD, and the U.S. government. Key topics will include transfer pricing of intangibles, country-by-country reporting, and the Foreign Account Tax Compliance Act (FATCA), among others. The full agenda can be viewed here.


At the CFTC , an advisory committee will discuss high-frequency trading, the agency's surveillance program and swap execution facilities at a meeting tomorrow. Expect a debate on whether requiring a new registration for high-speed traders would give overseers better access to information collected by exchanges including the CME Group, Inc. The agency will also consider whether additional reporting and record-keeping requirements would improve its direct surveillance of trades.


Please see below for further detail on activity in Washington this week.

Senate Banking, Housing, and Urban Affairs Committee

On Tuesday, June 3, 2014, the Senate Banking Committee will meet in executive session for a full committee markup of S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014.

Board of Governors of the Federal Reserve System

On Monday, June 2, 2014, the Board of Governors will hold a closed meeting for review and determination of the advance and discount rates to be charged by the Federal Reserve Banks.


Commodities Futures Trading Commission

On Tuesday, June 3, 2014, the CFTC's Technology Advisory Committee (along with subcommittees on Automated and High Frequency Trading and Data Standards) will meet to focus on:

  • Issues related to high-frequency trading
  • The CFTC's surveillance program
  • Swap execution facilities 

Securities and Exchange Commission

On Wednesday, June 4, 2014, the SEC will hold a closed meeting to discuss institution and settlement of injunctive actions, institution and settlement of administrative proceedings, and other matters relating to enforcement proceedings.

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