Federal Reserve governors meet this week to consider raising lending rates for the first time since the 2008 credit crisis, amid discussions on whether Dodd-Frank Act limits on the central bank's ability to respond to economic distress went too far -- or not far enough.

Senators Elizabeth Warren David Vitter have been invited to provide congressional perspectives on reforming the Fed's lending authority at a forum set for Wednesday at the Cato Institute, a Washington-based policy research group that champions free markets.

Massachusetts Democrat Warren and Louisiana Republican Vitter are co-sponsors of the Bailout Prevention Act of 2015, legislation that would go beyond Dodd-Frank by requiring that emergency aid be broad-based, denied to insolvent financial institutions and carry penalty interest rates. A companion bill has been introduced in the House; neither has advanced.

Dodd-Frank required that emergency loans from the Fed go toward liquidity in the overall system rather than to individual banks. The central bank has yet to implement restrictions, and officials have said they favor preserving their power to address a crisis.
14 Sep 2015
Week InAdvance
please join us...
WEDNESDAY, SEP 16
Market Practices Council Telecon
11-11:30 am
for details & call-in info...
Matthew Jones
Staff Director
mjones@association.institutionalINVESTORS.org
(202) 712-9050
save the date...
THURSDAY, SEP 24
Cyber Security Council In-Person
11am - noon ET

THURSDAY, SEP 24
CMBS Council Telecon
4-4:30 pm ET

MONDAY, SEP 28
Trading Executives Council Telecon
2-3:00 pm ET

TUESDAY, SEP 29
Derivatives Council Telecon
11am - noon ET

WEDNESDAY, SEP 30
Monthly Membership Telecon
4:30 - 5 pm ET
(Held on the last Wednesday of each month)

TUESDAY, NOV 17
2015 Fall Market Practices in-Person
Boston, Massachusetts
8:30 am to 1:30 pm ET
week in brief
WEDNESDAY, SEP 16
FOMC begins a two-day meeting to decide whether to raise the benchmark U.S. interest rate for the first time since June 2006. U.S. Sens. Elizabeth Warren, D-Mass., David Vitter, R-La., speak at Cato Institute event on revamping Fed's emergency-lending powers.

THURSDAY, SEP 17
FOMC announces September rate decision, followed by news conference with Fed Chair Janet Yellen. House Financial Services Committee holds another in its series of Dodd-Frank hearings. SEC Commissioner Michael Piwowar delivers keynote address at Georgetown Financial Markets Quality conference. House Financial Services Committee holds hearing on Dodd-Frank Act.

SATURDAY, SEP 19
Pope Francis visits Cuba through Sept. 22, prior to traveling to the U.S. for a meeting with President Obama, speeches before Congress and the United Nations General-Assembly and stops in New York and Philadelphia.
at the agencies
TUESDAY, SEP 15
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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.

TUESDAY, SEP 15
OFFICE OF THE COMPTROLLER OF THE CURRENCY
Public meeting of the Minority Depository Institutions Advisory Committee (MDIAC).

WEDNESDAY, SEP 16 -
THURSDAY, SEP 17
FEDERAL RESERVE'S FEDERAL OPEN MARKET COMMITTEE (FOMC)
Two-day meeting on interest rates.

THURSDAY, SEP 17
FEDERAL RESERVE'S FEDERAL OPEN MARKET COMMITTEE (FOMC)
Announces decision on interest rate, followed by statement. Federal Reserve chair Janet Yellen holds a news conference.

FRIDAY, SEP 18
INTERNAL REVENUE SERVICE
Public hearing on proposed rules that would consider some offshore insurers passive foreign investment companies.
  
 
on the hill
WEDNESDAY, SEP 16
SENATE JUDICIARY
Full committee hearing on "Reforming the Electronic Communications Privacy Act." Andrew Ceresney, Director, Securities and Exchange Commission's Division of Enforcement, will testify.

THURSDAY, SEP 17
SENATE BANKING, HOUSING AND URBAN AFFAIRS
Full committee hearing on the nomination of Adam Szubin to be Treasury undersecretary for terrorism and financial crimes.

THURSDAY, SEP 17
HOUSE FINANCIAL SERVICES
Full committee hearing on "The Dodd-Frank Act Five Years Later: Are We More Free?"

THURSDAY, SEP 17
HOUSE FINANCIAL SERVICES
Subcommittee on Monetary Policy and Trade hearing on "Strengthening U.S. Leadership in a Turbulent Global Economy." Treasury Undersecretary Nathan Sheets will testify.

THURSDAY, SEP 17
HOUSE FINANCIAL SERVICES
Subcommittee on Monetary Policy and Trade hearing on "Strengthening U.S. Leadership in a Turbulent Global Economy."

THURSDAY, SEP 17
HOUSE SMALL BUSINESS
Subcommittee on Economic Growth, Tax and Capital Access hearing on "Financing Main Street: How Dodd-Frank is Crippling Small Lenders and Access to Capital." Industrial Bank president and CEO Doyle Mitchell Jr. is among those scheduled to testify.
across the globe
WEDNESDAY, SEP 16 -
THURSDAY, SEP 17
AMSTERDAM, NETHERLANDS
4th OECD Forum on Tax and Crime.
other events
MONDAY, SEP 14 -
THURSDAY, SEP 17
WASHINGTON DC
NAFCU (National Association of Federal Credit Unions) Congressional Congress. Speakers include House Financial Services Committee Chairman Jeb Hensarling (R-Tex.) and Treasury Financial Crimes Enforcement Network Director Jennifer Shasky-Calvery. 

WEDNESDAY, SEP 16
FRIDAY, SEP 18
American Institute of Certified Public Accountants National Conference on Banks and Savings. Fannie Mae Chief Economist Douglas Duncan and SEC Chief Accountant James Schnurr speak on Friday.

WEDNESDAY, SEP 16
WASHINGTON DC
Exchequer Club: Discussion with FDIC Vice Chairman Thomas Hoenig.

WEDNESDAY, SEP 16
WASHINGTON DC
Cato Institute and Americans for Financial Reform policy forum, "Reforming the Federal Reserve's Rescue Authority." Speakers include Senator David Vitter (R-LA) and Senator Elizabeth Warren (D-MA).

WEDNESDAY, SEP 16 - 
THURSDAY, SEP 17
LAS VEGAS, NEVADA
11th Annual SEC Reporting & FASB Forum for Mid-sized & SmallerCompanies. Topics include the future of SEC reporting, new capital-raising options for small companies and the renewed focus on auditor independence.

THURSDAY, SEP 17
NEW YORK CITY
2015 ISDA (International Swaps and Derivatives Association) Annual North America Conference. Commodity Futures Trading Commission member Sharon Y. Bowen is set to be the keynote speaker.

THURSDAY, SEP 17
WASHINGTON DC
Georgetown University's Center for Financial Markets and Policy's "Financial Markets Quality" conference. Speakers include SEC Commissioner Michael Piwowar, BATS Global Markets Inc. CEO Christopher Concannon, and Nasdaq President Adena Friedman.

THURSDAY, SEP 17 - 
FRIDAY, SEP 18
DALLAS, TEXAS
18th National Forum on Residential Mortgage Litigation & Regulatory Enforcement. Speakers include Jedd Bellman, assistant commissioner of the Office of the Maryland Commissioner of Financial Regulation, Howard Lindenberg, managing associate general counsel at Freddie Mac, and Christopher Tuite, assistant U.S. attorney for the middle district of Florida.

SUNDAY, SEP 20 - 
TUESDAY, SEP 22
WASHINGTON DC
MBA's (Mortgage Bankers Association) Regulatory Compliance Conference 2015. Speakers include Bryan Greene, general deputy assistant secretary of the Department of Housing and Urban Development's office of fair housing and equal opportunity, Mary Pfaff of the Conference of State Bank Supervisors, and Federal Housing Finance Agency General Counsel Alfred Pollard.