Week InAdvance: October 6, 2014

 

Relevant Congressional Activity  |  Relevant Agency Activity

All eyes are on today's meeting of the Financial Stability Oversight Council ("FSOC") after Metlife's announcement Friday that it would formally contest the FSOC's designation of the insurer as a "systemically important" firm that should be subject to additional regulatory supervision by the Federal Reserve

Also this week, the International Monetary Fund ("IMF") and the World Bank will hold their annual meetings in Washington, D.C., and the IMF will release its global economic outlook. Finance ministers and central bankers from the Group of 20 ("G-20") economies will also gather in the U.S. capital to discuss ways to bolster the global economy. Click here for a full schedule of this week's IMF and World Bank events in Washington.

On Monday, Oct. 6, the President will meet with top U.S. financial regulators at the White Houseto discuss the economy and progress on the implementation of Wall Street reform rules, according to the Wall Street Journal. White House officials declined to confirm who would attend the meeting, but sources quoted in the Journal said Fed chair Janet Yellen and Comptroller of the Currency Thomas Curry will be there.

On Wednesday, Oct. 8, the Fed will release minutes of its Sept. 16-17 meeting of the Federal Open Market Committee ("FOMC"). At that meeting, policy makers maintained a commitment to keep interest rates near zero for a "considerable time" after the central bank completes asset purchases.

On Thursday, Oct. 9, Fed Governor Daniel Tarullo will join other leading public and private sector experts at the 2014 Bretton Woods Committee International Council Meeting to explore progress on coordinating and implementing reforms to enhance global economic growth prospects and improve financial stability.

Please see below for further detail on these and other events this week. 

RelevantCongressionalActivityRelevant Congressional Activity

 

The Senate and the House are out of session.
 

 

RelevantAgencyActivityRelevant Agency Activity


 

Financial Stability Oversight Council

On Monday, Oct. 6, Treasury Secretary Lew will preside over a meeting of the FSOC. The agenda will include both an executive and an open session. The preliminary agenda for the executive session includes a discussion of designating non-bank financial companies as SIFIs and a discussion of the FSOC's ongoing work on asset management. The preliminary agenda for the open session includes a presentation by the Treasury's Office of Financial Research ("OFR") regarding progress on and next steps for the FSOC's 2014 annual report recommendations on data gaps and data quality. The open session will be webcast beginning at 3:15 pm today.

Board of Governors of the Federal Reserve System

On Monday, Oct. 6, the Fed will hold a closed meeting for review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve banks.

Commodity Futures Trading Commission

On Thursday, Oct. 9, the CFTC's Global Markets Advisory Committee ("GMAC") will hold a public meeting to focus on issues related to clearing Non-Deliverable Forwards ("NDFs") and the digital currency bitcoin.

Securities and Exchange Commission

On Thursday, Oct. 9, the SEC's Dodd-Frank Investor Advisory Committee will hold a closed meeting regarding a recommendation on the definition of accredited investor, an update on possible recommendations of the Market Structure Subcommittee on settlement cycle, institution and settlement of injunctive actions, institution settlement of administrative proceedings, a litigation matter, and other matters relating to enforcement proceedings.

 

 

Other Activity In Washington 

Tuesday, Oct. 7

Treasury Secretary Jack Lew will deliver remarks at the Peterson Institute for International Economics on the state of the global economy and a recent trip to the G-20 finance ministerial meetings in Australia, ahead of the IMF and World Bank fall meetings in Washington.

Thursday, Oct. 9

European Central Bank ("ECB") President Mario Draghi will speak on Europe and global central banking at the Brookings Institution's Hutchins Center on Fiscal and Monetary Policy. His remarks will be followed by a conversation between Draghi and Stanley Fisher, vice chair of the Federal Reserve Board.

Fed Governor, Daniel Tarullo, will join a panel on "regulatory reform" at the 2014 Bretton Woods Committee International Council Meeting. Other topics to be discussed include resilience and risks within the global economy; the state of global economic policy coordination and implementation to drive strong, sustainable and balanced global growth; harmonization and implementation of global financial regulation; improvements and remaining challenges in addressing systemic risks (e.g. too-big-to-fail); and roles and risks of non-bank financial firms and activities. Other speakers include:

  • Stefan Ingves, Chairman of the Executive Board and Governor, Sveriges Riksbank and Chairman, Basel Committee on Banking Supervision
  • Colm Kelleher, President of Institutional Securities and CEO, Morgan Stanley International
  • Don Kohn, Senior Fellow, Brookings Institute and Former Vice Chairman, Federal Reserve System Board of Governors
  • Christine Lagarde, Managing Director, International Monetary Fund
  • Barbara Novick, Vice Chairman, Blackrock
  • William R. Rhodes, Senior Advisor, Citi
  • Lawrence H. Summers, Charles W. Eliot University Professor, Harvard University
  • Gillian Tett, US Managing Editor, Financial Times
  • Jean-Claude Trichet, Honorary Governor, Banque de France
  • Axel A. Weber, Chairman of the Board, UBS AG

Friday, Oct. 10

The Institute of International Finance ("IIF") will hold its annual meeting in Washington on Friday and Saturday. Attendees include leading bankers, investors, insurers, and policymakers from around the world. Speakers include:

  • Mohamed El-Erian, chief economic adviser, Allianz SE
  • James Gorman, chief executive officer, Morgan Stanley
  • Daniel Tarullo, Federal Reserve governor
  • Jason Furman, chairman of the White House's Council of Economic Advisers
  • Ma Jun, chief economist of the People's Bank of China
  • Raghuram Rajan, India central bank governor
  • Douglas Flint, chairman, HSBC Holdings Plc