Legislative Activity

Senate Banking Committee Favorably Reports GSE Reform Bill to Senate Floor

On May 15, the Senate Banking Committee voted 13-9 to favorably report the Housing Finance Reform and Taxpayer Protection Act of 2013 (S. 1217), to the Senate floor.  However, as mentioned in previous coverage, despite being reported out of Committee, it remains uncertain whether Senate Majority Leader Harry Reid (D-NV) will bring the bill up for a floor vote this year.  Additionally, S. 1217 differs from the version of GSE reform proposed in the House.

This Week’s Hearings:

  • Tuesday, May 20: The House Financial Services Committee will hold a hearing titled, “Examining the Dangers of the FSOC’s Designation Process and its Impact on the U.S. Financial System.”
  • Tuesday, May 20: The House Financial Services Subcommittee on Housing and Insurance will hold a hearing titled, “Legislative Proposals to Reform Domestic Insurance Policy.”
  • Wednesday, May 21: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part II.”
  • Wednesday, May 21: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “Legislative Proposals to Improve Transparency and Accountability at the CFPB.”
  • Thursday, May 22: The Senate Banking Subcommittee on Housing, Transportation, and Community Development will hold a hearing titled, “Bringing Our Transit Infrastructure to a State of Good Repair.”

Regulatory Activity

FSOC to Hold Asset Management Conference

On Monday, May 19, the Financial Stability Oversight Council (FSOC) will hold an asset management conference to help inform the ongoing assessment by the FSOC of risks to U.S. financial stability.  The conference will consist of three panels: (1) Investment Risk Management by Asset Management Firms; (2) Asset Management and Risks Across the Broader Financial System; and (3) Operational Issues and Resolvability.  Representatives from various institutions including PIMCO, State Street, BlackRock, Fidelity, and Citadel, will participate as panelists.

CFTC to Hold GMAC Meeting

On Wednesday, May 21, the Commodity Futures Trading Commission (CFTC) will hold a meeting of its Global Markets Advisory Committee (GMAC).  The meeting will consist of two panels and will focus on issues related to the CFTC’s coordination with foreign regulators on the oversight of foreign-based swap clearinghouses and foreign swap execution facilities (SEFs).  The first panel will discuss issues related to the regulatory treatment of foreign-based swap clearinghouses that the CFTC finds are subject to comparable, comprehensive supervision and regulation by the appropriate government authorities in the home countries of such clearinghouses.  The second panel will discuss issues related to the regulatory treatment of foreign SEFs that the CFTC finds are subject to comparable, comprehensive supervision and regulation by the appropriate government authorities in the home countries of such facilities.