Week InAdvance July 28, 2014

 

Relevant Congressional Activity  |  Relevant Agency Activity

This week in Washington, during their last scheduled week before recess, lawmakers will focus on a border supplemental, highway reauthorization and veterans' legislation.

 

A decision by the Financial Stability Oversight Council ("FSOC") on whether to label MetLife a potential threat to the financial system, subjecting the insurer to oversight by the Federal Reserve, may come as early as Thursday, when the panel has scheduled a closed meeting. The vote could, however, be delayed because the regulators haven't formally closed their review of the company.

 

On July 31, 2014, leadership changes in the House of Representatives will take effect. California Republican Kevin McCarthy will officially become House majority leader, succeeding Eric Cantor, who lost his Virginia primary election and is giving up his leadership spot on July 31, 2014. Louisiana's Steve Scalise will rise to become majority whip, replacing McCarthy.

 

On Monday, Rep. Scott Garrett (R-NJ) will hold a roundtable on an equity market structure at the Library of Congress. Participants include KCG CEO Daniel B. Coleman, SIFMA CEO Ken Bentsen, Nasdaq OMX CEO Robert Greifeld, BATS Global Markets CEO Joe Ratterman, and TD Ameritrade CEO Fred Tomczyk.

 

Please see below for further detail on these events and others in Washington this week.

RelevantCongressionalActivityRelevant Congressional Activity

 

House Financial Services Committee

On Tuesday July 29, 2014, the House Financial Services Committee will hold a full committee markup to include the following bills:

  • H.R.5018, the "Federal Reserve Accountability and Transparency Act of 2014"
  • H.R.3240, the "Regulation D Study Act"
  • H.R.3913, to amend the Bank Holding Company Act of 1956 to require agencies to make considerations relating to the promotion of efficiency, competition and capital formation before issuing or modifying certain regulations
  • H.R.4042, the "Community Bank Mortgage Service Asset Capital Requirements Study Act of 2014"
  • H.R.5148, the "Access to Affordable Mortgages Act of 2014." 

On Wednesday, July 30, 2014, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing on "Allegations of Discrimination and Retaliation and the CFPB (Consumer Financial Protection Bureau) Management Culture." Witness testimony will be given by:

  • Richard Cordray, Director, Consumer Financial Protection Bureau 

House Ways & Means Committee

On Wednesday, July 30, 2014, the House Ways & Means Subcommittee on Select Revenue Measures will hold a hearing on "Dynamic Analysis of the Tax Reform Act of 2014." The hearing will address: (1) dynamic estimates of the effects of Chairman Camp's discussion draft; (2) how dynamic analysis can help to assess the impact of tax reform; (3) what changes could be made to the draft to achieve stronger growth; and (4) what changes could be made to JCT's models, assumptions, or procedures to obtain more transparent, accurate, and robust results. 

 

Senate Banking, Housing, and Urban Affairs Committee

On Thursday, July 31, 2014, the Senate Banking Subcommittee on Financial Institutions and Consumer Protection will hold a hearing on "Examining the GAO Report on Expectations of Government Support for Bank Holding Companies." Witness testimony will be given by:

  • Dr. Lawrance Evans, Director, Financial Markets and Community Investment, U.S. Government Accountability Office
  • Dr. Deniz Anginer, Assistant Professor of Finance, Pamplin School of Business, Virginia Tech
  • Dr. Edward Kane, Professor of Finance, Boston College
  • Dr. Anat Admati, George G.C. Parker Professor of Finance and Economics, Graduate School of Business, Stanford University. 

Senate Finance Committee

On Thursday, July 31, 2014, the Senate Finance Committee will hold a "Hearing to Consider the Nominations of The Honorable Carolyn Watts Colvin" to be the Social Security Administration's Commissioner of Social Security for the term expiring January 19, 2019. Witness testimony will be given by:

  • Carolyn Watts Colvin, of Maryland
RelevantAgencyActivityRelevant Agency Activity

 

Federal Reserve System

On Tuesday, July 29, 2014, the Board of Governors of the Federal Reserve System will hold a closed meeting to discuss medium-term monetary policy issues.

 

On Tuesday and Wednesday, July 29th and 30th, 2014, the Federal Open Market Committee ("FOMC") will hold a closed meeting to discuss monetary policy.

 

Securities and Exchange Commission

On Wednesday, July 30, 2014, the SEC will hold a closed meeting to consider institution and settlement of injunctive actions, institution and settlement of administrative proceedings and other matters relating to enforcement proceedings.

 

Municipal Securities Rulemaking Board

On Wednesday, July 30th through Friday, August 1st, 2014, the MSRB will hold a board meeting to discuss the following regulatory topics: Pay-to-Play Rule for Municipal Advisors, Municipal Advisor Qualifications. Gifts Rule for Municipal Advisors, Matched Trades, and Enhancements to Pre- and Post-Trade Price Transparency.

 

Department of the Treasury

On Thursday, July 31, 2014, the Financial Stability Oversight Council ("FSOC") will hold a closed meeting to discuss non-bank financial company designations, including annual re-evaluations of the designations of certain nonbank financial companies; money market mutual fund reform; and asset management.