Tag Archives: sec

Financial Regulatory Reform in the Spotlight as Financial Regulators Fill in the Trump Administration

Legislative Activity House Financial Services Committee to Hold Markup of CHOICE Act on Tuesday After much anticipation, House Financial Services Committee Jeb Hensarling (R-TX) introduced the Financial CHOICE Act of 2017 (CHOICE Act) last week following a contentious hearing on the bill. Unsurprisingly, the hearing revealed partisan differences over the effectiveness of the Dodd-Frank Wall … Continue Reading

Financial Services Regulatory Reform Ramps Up

Legislative Activity Senate Banking, House Financial Services Committees Set Sights on Financial Services Regulatory Reform With the first 100 days of the Trump Administration largely behind them, financial services lawmakers are beginning to move forward with their review of and efforts to reform the financial services sector. During the Senate Banking Committee’s hearing last week, Chairman … Continue Reading

Financial Services Regulatory Reform Poised to Move Ahead

Legislative Activity Lawmakers Moving Forward with Financial Services Reforms House Financial Services Chairman Jeb Hensarling (R-TX) has indicated that he plans to reintroduce his replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) – the CHOICE Act – but in various bills to give at least some provisions a greater likelihood of being enacted. Chairman … Continue Reading

Financial Services Nominees in the Spotlight as Agencies Under Scrutiny

Legislative Activity Senate Committees to Consider Labor, SEC Nominations This Week; House Has Full Slate of Hearings After Examining Flood Insurance and the Fed Last Week This week, two Senate committees will consider the nominations of President Trump’s picks to lead the Department of Labor (DOL) and the Securities and Exchange Commission (SEC). On Wednesday, … Continue Reading

Zinke, Perry, Pruitt Proceed Out of Committee; Congress Continues to Use CRA to Invalidate Environmental Rules

Legislative Activity Nomination Proceedings The Senate Energy and Natural Resources Committee has advanced the nominations of Rep. Ryan Zinke (R-MT) to be Secretary of Interior and Governor Rick Perry to be Secretary of Energy. Notwithstanding the boycott by the Democratic members of the committee, the Senate Environment and Public Works Committee advanced the nomination of … Continue Reading

Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance

Legislative Activity President Trump Orders Review of Financial Regulations Last Friday, February 3, President Trump issued an Executive Order related to financial services regulatory reform (generally) and an Executive Memorandum specifically targeting the Department of Labor’s (DOL) Fiduciary Rule. The Executive Order on Core Principles for Regulating the United States Financial System directs the Secretary … Continue Reading

House and Senate Financial Services Lawmakers Kick-Off the 115th Congress; Regulators Tackle Debt Collection, Insurance, and FinTech

Legislative Activity New Year, New Look for Senate Banking and House Financial Services Committees With the new Congress officially under way, both the Senate Banking and House Financial Services Committees have announced new Committee members. Joining Chairman Mike Crapo (R-ID) on the Senate Banking Committee are fellow Republican Senators David Perdue (R-GA), Thom Tillis (R-NC), … Continue Reading

Major Changes to Dodd-Frank Ahead?; SEC, CFTC, FDIC to Meet

Legislative Activity Is Dodd-Frank on the Chopping Block Next Congress? With President-Elect Donald Trump in the White House and Republicans in control of both the House and Senate, we believe there is a real possibility for a significant overhaul of financial services regulation in the 115th Congress – especially if future Chairman of the Senate … Continue Reading

Financial Services Reform Efforts Slow Moving, as Lawmakers Turn to Fight on Terrorism Financing; SEC to Hold Open Meetings

Legislative Activity Lawmakers Press on with Financial Services Reform Efforts On June 23, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled a discussion draft of legislation aimed at replacing the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The legislation, Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (Financial CHOICE Act), … Continue Reading

Hensarling to Release Dodd-Frank Replacement as House to Vote on Puerto Rico Bill; CFPB, Federal Reserve Propose Long-Awaited Rulemakings

Legislative Activity Hensarling to Release Plan to Replace Dodd-Frank House Financial Services Committee Chairman Jeb Hensarling (R-TX) is set to unveil details about the Republican plan to replace the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) with a “pro-growth” alternative during a speech to the Economic Club of New York on Tuesday, … Continue Reading

Senate Banking Focuses on China, Iran; CFPB Takes on Mandatory Arbitration Clauses as the Administration Focuses on Financial Transparency

Legislative Activity Senate Banking Sets Its Sights Overseas In the coming weeks, the Senate Banking Committee will turn its focus to a number of international-related financial services issues. First, on Tuesday, May 10, the Committee will hold a hearing to evaluate the financial risks of China. Additionally, toward the end of the month, the Committee … Continue Reading

Fiduciary Rule and Puerto Rico in Focus for Financial Services Lawmakers; SEC, CFTC, FDIC to Hold Meetings

Legislative Activity Congressional Republicans Place DOL’s Fiduciary Rule in Crosshairs Last week, on April 19, just one day after Senate Republicans introduced a resolution to disapprove and nullify the Department of Labor’s (DOL) Fiduciary Rule, House Republicans introduced a companion resolution also targeting the rulemaking. Two days later, on April 21, the House Education and … Continue Reading

Lawmakers Tackle Puerto Rico, CFTC; FSOC to Meet on Asset Managers

Legislative Activity Senate Agriculture Committee Votes to Reauthorize CFTC Following a Senate Appropriations hearing last week to review the FY17 Budget Requests for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), on Thursday, April 14, the Senate Agriculture Committee voted 11-9, to reauthorize the CFTC. Though the timing of Senate … Continue Reading

House Lawmakers to Vote on Dodd-Frank, Other Financial Services Bills; Puerto Rico Remains Key Priority

Legislative Activity House Lawmakers to Mark-Up, Vote Various Financial Services Bills This week, on Wednesday, April 13, the House Financial Services Committee is set to mark-up various bills that would significantly alter the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), including legislation that would repeal the government’s orderly liquidation authority, as well … Continue Reading

Congress to Receive CFPB Semi-Annual Report; SEC, Other Nominees See Movement As Financial Services Regulators Make Final Push

Legislative Activity Financial Services Committee Sets Its Sights on the CFPB This week, on Wednesday, March 16, the House Financial Services Committee will hold a hearing for Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to provide his Semi-Annual Report to Congress.  Among a myriad of topics likely to be raised during the hearing, much … Continue Reading

House Divided on Fiduciary Rule, Puerto Rico; CFTC Likely to Proceed on Positions Limits Despite Industry Objections

Legislative Activity Lawmakers Still Divided on Labor’s Fiduciary Rule With the Department of Labor’s (DOL) Fiduciary Rule now with the Office of Management and Budget and being prepared for release in final form later this spring, last week Speaker of the House Paul Ryan (R-WI) emphasized his opposition to the proposal, noting that he is … Continue Reading

Financial Services Lawmakers Set Agenda for 2016 and Look for a Solution to Puerto Rico’s Debt Crisis; CFPB, SEC, OFR All Hold Meetings

Legislative Activity House Financial Services Committee Sets Agenda for the Year Ahead As Senate Banking Committee Largely Silent Following the recent House Financial Services Committee retreat, we expect financial services lawmakers – at least in the House – to begin moving forward with their 2016 policy agenda. Among their priorities for this year (many of … Continue Reading

Fiduciary Rule Still in Focus, As Financial Services Lawmakers Consider Importance of Short-Term Credit Availability

Legislative Activity House Committees Mark-Up Fiduciary Rule Legislation as Senators Introduce Companion Bills With the Department of Labor (DOL) having recently submitted its Fiduciary Rule to the Office of Management and Budget (OMB) – officially beginning the countdown before DOL’s proposal is released in final form – last week, the House Ways and Means and … Continue Reading

Puerto Rico, Fiduciary Rule At Front of Agenda; FSOC, OFR to Hold Fifth Annual Conference as SEC Considers Equity Market Structure Issues

Legislative Activity Congress Turns Focus to Puerto Rico Debt Crisis This week, House lawmakers are set to hold a hearing on Puerto Rico’s debt crisis, which is likely to kick off several weeks’ worth of debate on the matter. Importantly, in accordance with House leadership, lawmakers are expected to move legislation addressing the Commonwealth’s fiscal … Continue Reading

Senate Panel to Consider Changes to Investment Visa Program

Legislative Activity Senate Panel to Consider Changes to Investment Visa Program This week, the Senate Judiciary Committee will hold a hearing to consider changes to the EB-5 Regional Center Program.  This program is designed to bolster the U.S. economy by incentivizing investment by foreign individuals.  So-called “regional centers” pool EB-5 funds for investment in projects.  In … Continue Reading

Congress Takes Up Financial Services Bills; SEC Expected to Move Forward with Several Regulations

Legislative Activity Senate to Consider “Audit the Fed” Legislation as House Takes Up Another Bill on Terrorism Financing This week, Congress is set to take up two financial services bills. First, on Tuesday, January 12, following continued concern regarding the need for improved congressional oversight of the Federal Reserve, the Senate will take up S. … Continue Reading

FSOC, Fiduciary Rule in Focus for Financial Services Lawmakers; SEC to Hold Open Meeting

Legislative Activity Financial Services Lawmakers to Focus on FSOC, Hold Markup This week, the House Financial Services Committee will hold an oversight hearing on the Financial Stability Oversight Council (FSOC). Notably, eight of the ten voting members will be present to testify. This hearing follows continued discussion about potential reforms to the agency, which many … Continue Reading

House Financial Services Committee to Hold Mark-Up; Several Agencies Propose, Finalize Various Rules

Legislative Activity House Lawmakers to Mark-Up FSOC-Related Bills On Tuesday, November 3, the House Financial Services Committee will hold a mark-up of various bills, including legislation targeting the Financial Stability Oversight Council (FSOC).  Specifically, lawmakers will consider legislation to: (1) bring the FSOC within the normal appropriations process; (2) make Council meetings more open and … Continue Reading

House Financial Services Committee Puts Spotlight on Housing; DOL to Make Changes to Fiduciary Rule

Legislative Activity Housing Policy in Spotlight as HUD Turns 50 This week the House Financial Services Committee will focus the majority of its attention on housing policy, as part of a look at the Department of Housing and Urban Development’s (HUD) fifty-year anniversary.  Financial services lawmakers will hold two hearings: one looking at the role … Continue Reading
LexBlog