Legislative Activity

Congress Examines A Series of Regulatory Reports

Last week, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to explore the annual report and oversight of the Department of Treasury’s Office of Financial Research (OFR) and the House Financial Services Committee probed Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on the Bureau’s Semi-Annual Report. This week, the House Financial Services Committee will also examine reports by the Federal Insurance Office (FIO) and the OFR.

This Week’s Hearings:

  • Monday, February 3: The Senate Banking Subcommittee on National Security and International Trade and Finance will hold a hearing titled, “Safeguarding Consumers’ Financial Data.”
  • Tuesday, February 4: The House Financial Services Subcommittee on Housing and Insurance will hold a hearing on “The FIO’s Report on Modernizing Insurance Regulation.”
  • Wednesday, February 5: The House Financial Services Committee will hold a hearing titled, “The Impact of the Volcker Rule on Job Creators, Part II.” Witnesses will include: The Honorable Daniel Tarullo, Governor, Board of Governors of the Federal Reserve System; The Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation (FDIC); The Honorable Tom Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC); The Honorable Mary Jo White, Chair, Securities and Exchange Commission (SEC); and The Honorable Mark Wetjen, Acting Chairman, Commodity Futures Trading Commission (CFTC).
  • Wednesday, February 5: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing on, “The Annual Report of the Office of Financial Research (OFR).”
  • Thursday, February 6: The Senate Banking Committee will meet to consider the nominations of The Honorable Wanda Felton, to be First Vice President, Export-Import Bank of the United States; Dr. Katherine M. O’Regan, to be Assistant Secretary, U.S. Department of Housing and Urban Development (HUD); and Mr. Arun Kumar, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service.
  • Thursday, February 6: The Senate Banking Committee will hold a hearing titled, “Oversight of Financial Stability and Data Security.” Witnesses will include: The Honorable Mary Miller, Under Secretary for Domestic Finance, U.S. Department of the Treasury; The Honorable Daniel Tarullo, Governor, Board of Governors of the Federal Reserve System; The Honorable Martin Gruenberg, Chairman, FDIC ; The Honorable Tom Curry, Comptroller of the Currency, OCC; The Honorable Mary Jo White, Chair, SEC; and The Honorable Mark Wetjen, Acting Chairman, CFTC.

Regulatory Activity

SEC to Hold Open Meeting

On February 5, 2014, the SEC will hold an open meeting to discuss the approval of the 2014 budget for the Public Company Accounting Oversight Board (PCAOB) and consider the related annual accounting support fee to support the Board. The Commission will also consider whether to adopt rules revising the disclosure, reporting, and offering process for asset-backed securities.

New Fed Chair Scheduled to be Sworn in Today

Incoming Federal Reserve Chair Janet Yellen is scheduled to be sworn in by the Federal Reserve today, February 4. Incoming Chair Yellen is expected to testify before the House Financial Services Committee and the Senate Banking Committee next week.