Legislative Activity

Regulators to Testify on Capitol Hill

This week, Janet Yellen, Chair of the Board of Governors of the Federal Reserve, will appear before the House Financial Services and Senate Banking Committees to provide the Board’s semiannual monetary policy report to Congress.  The House Financial Services Committee will also hold an additional hearing to discuss transparency and accountability at the Federal Reserve. Separately, the Senate Banking Committee will also be focused on oversight of the Consumer Financial Protection Bureau (CFPB), with CFPB Director Richard Cordray set to provide the agency’s semiannual report.

This Week’s Hearings:

  • Tuesday, July 14: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled “Fed Oversight: Lack of Transparency and Accountability.”
  • Wednesday, July 15: The House Financial Services Committee will hold a hearing titled “Monetary Policy and the State of the Economy.”
  • Wednesday, July 15: The Senate Banking Committee will hold a hearing titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”
  • Thursday, July 16: The Senate Banking Committee will hold a hearing titled “The Semiannual Monetary Policy Report to the Congress.”

Regulatory Activity

SEC to Host Investor Advisory Committee Meeting, Compliance Outreach Program

On Thursday, July 16, the Securities and Exchange Commission (SEC) will hold a meeting of its Investor Advisory Committee to discuss, among other things: (1) background checks as a means to address elder financial abuse, which may include a recommendation; (2) the Department of Labor’s Fiduciary Rule proposal; (3) shareholder rights; (4) investment management and the disclosure of fees and risks in fund products.

Earlier in the week, on Thursday, July 14, the SEC and the Financial Industry Regulatory Agency (FINRA) will co-host a compliance outreach program targeted at broker-dealers.  The program will review, among other items: (1) cybersecurity; (2) anti-money laundering; and (3) firm and branch supervision.

CFTC to Host Public Roundtable

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight will hold a public roundtable on Wednesday, July 15, to discuss the Commodity Exchange Act’s trade execution requirement and the process of making Made Available to Trade (MAT) determinations. Specifically, the roundtable will discuss: (1) approaches to mandatory exchange trading in various jurisdictions; (2) academic perspectives on, and data-based assessment of, MAT; and (3) industry analysis of the MAT process.