Legislative Activity

Representative Garrett Introduces FSOC Transparency Legislation

On Thursday, April 3, House Financial Services Subcommittee on Capital Markets Chairman Scott Garrett (R-NJ) introduced legislation to increase transparency at the Financial Stability Oversight Council (FSOC).  The legislation would allow all members of the Commissions and Boards represented in FSOC to participate in meetings and vote.  The legislation would also allow members of Congress on the committees overseeing FSOC to attend all FSOC meetings.

This Week’s Hearings:

  • Tuesday, April 8: The Senate Agriculture Committee will hold a vote on the following CFTC nominations: Timothy Massad (as Chairman), Sharon Bowen, and Chris Giancarlo.
  • Tuesday, April 8: The Senate Banking Committee will hold a nomination hearing on Ms. Nani A. Coloretti, of California, to be Deputy Secretary of the U.S. Department of Housing and Urban Development.
  • Tuesday, April 8:  The House Financial Services Committee will hold a hearing titled, “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.”
  • Wednesday, April 9: The House Financial Services Committee will hold a hearing titled, “Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies.”

Regulatory Activity

Governor Stein to Step Down From Federal Reserve

On Thursday, April 3, Jeremy C. Stein submitted his resignation as a member of the Board of Governors of the Federal Reserve System, effective May 28.  During his time on the Board, Mr. Stein served on the Committee on Bank Supervision and Regulation.  He also served as co-chair of the Financial Stability Board’s Official Sector Steering Group on reforming interest-rate benchmarks, which was charged with developing alternative reference rates and transitioning strategies in light of LIBOR issues.

FDIC, Federal Reserve to Hold Open Board Meetings

On Tuesday, April 8, the Federal Deposit Insurance Corporation (FDIC) will hold an open meeting of its Board of Directors.  Among other items, the FDIC will discuss its Notice of Proposed Rulemaking on Regulatory Capital Rules: Regulatory Capital, Proposed Revisions to the Definition of Eligible Guarantee.

Similarly, on Tuesday, April 8, the Board of Governors of the Federal Reserve will hold an open board meeting.  Among other items, the Board will consider: a draft interagency final rule implementing enhanced supplementary leverage ratio standards for large, interconnected U.S. banking organizations.

SEC to Hold Meeting of Investor Advisory Committee

On Thursday, April 10, the Securities and Exchange Commission (SEC) will hold a meeting of its Investor Advisory Committee.  In addition to remarks from commissioners and investor advocates, the Committee will seek recommendations from the Investor as Purchaser Subcommittee regarding crowd-funding regulations.