Hensarling to Remain Chairman as Monetary Policy and Short-Term Financing Issues Taken Up by the Committee
Last week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) was elected to his third term as Chairman. After being considered for Treasury Secretary in the Trump Administration, Chairman Hensarling will remain a crucial part of Republican efforts to reform the financial services regulatory landscape. Subcommittee chairmanships are expected to be announced in the coming weeks.
Looking ahead, on Wednesday, December 7, the Subcommittee on Monetary Policy and Trade will hold a hearing to examine how the Federal Reserve departed from conventional monetary policy and how it can facilitate an orderly return to a conventional balance sheet, as well as how monetary policies can reliably support economic growth going forward. Separately, the Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing to discuss how regulations are impacting short-term financing.
This Week’s Hearings:
- Wednesday, December 7: The House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing titled “Unconventional Monetary Policy”
- Thursday, December 8: The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing titled “The Impact of Regulations on Short-Term Financing”
OCC Makes Landmark FinTech Announcement; Mutual Savings Association Advisory Committee to Meet
Last week, Comptroller of the Currency Thomas Curry announced that the Office of the Comptroller of the Currency (OCC) will extend limited purpose banking charters to financial technology (FinTech) companies. FinTech firms will now be eligible to become national banks, although will not be required to do so. The OCC also released a white paper detailing guidelines for FinTech firms applying for the limited purpose charters. The agency will accept comments on the principles laid out in the white paper until January 15, 2017.
Separately, on Thursday December 8, the OCC’s Mutual Savings Association Advisory Committee will meet to advise the OCC on regulatory changes or other steps the agency may be able to take to ensure the continued health and viability of mutual savings associations, as well as to discuss other issues of concern to existing mutual savings associations.
SEC’s Dodd-Frank Investor Advisory Committee to Meet
On Thursday December 8, the Securities and Exchange Commission’s (SEC) Dodd-Frank Investor Advisory Committee will meet to discuss investor protection priorities for 2017. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) established the new Investor Advisory Committee to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and initiatives to protect investor interests and to promote investor confidence and integrity of the securities marketplace. Dodd-Frank authorizes the Committee to submit findings and recommendations for review and consideration by the SEC.