US Regulatory Research
House Financial Services Subcommittee Holds Hearing on Leveraged Lending
On 4 June, the U.S. House Committee on Financial Services’ (“House Financial Services Committee”) Subcommittee on Consumer Protections and Financial Institutions held a hearing entitled “Emerging Threats to Stability: Considering the Systemic Risk of Leveraged Lending.” Testifying at the hearing were: Erik Gerding, Professor of Law & Wolf-Nichol Fellow, University of Colorado Law School; Victoria Ivashina, Lovett-Learned Chaired Professor of Finance, Harvard Business School; Gaurav Vasisht, Senior Vice President and Director, Financial Regulation Initiatives, The Volcker Alliance; and Gregory Nini, Assistant Professor of Finance, LeBow College of Business, Drexel University. The following draft bills were considered:
o The Protecting the Independent Funding of the Office of Financial Research Act, which would (i) give the Director of the Office of Financial Research (“OFR”) sole discretion over the OFR’s annual budget and (ii) require that the budget in any given year be at least equal to FY2017 budget.
o The Leveraged Lending Data and Analysis Act, which would require the OFR, in conjunction with Financial Stability Oversight Council (“FSOC”) member agencies, to gather information on the leveraged lending and collateralized loan obligation (“CLO”) markets. The information gathering, including using subpoena power if necessary, would be intended to assess the risks to financial stability and report to Congress on these efforts.
o The Leveraged Lending Examination Enhancement Act, which would require the Federal Financial Institutions Examination Council to (i) establish uniform exam procedures for bank regulators to supervise leveraged lending activity and (ii) report to Congress on these efforts.
All of the witnesses except Nini expressed particular concern over activity in the leverage lending market. Gerding expressed support for all three bills and said, “A lack of transparent pricing means that investors and regulators cannot rely on market prices to police risk adequately, regulators must therefore work much harder to police the risk of CLO and leverage lending markets for threats to financial institutions and financial stability.” Vasisht called for (i) FSOC to withdraw its recent guidance and (ii) regulators to “reinstate the substance of the 2013 leveraged lending guidance and require the nation's systemic banks to build their capital by raising counter cyclical capital buffers and strengthening stress tests.” Nini concluded that “developments in the leveraged loan market should be monitored in the context of overall growth of corporate credit” and that he does not find the level of credit alarming at the moment.
House Financial Services Committee Holds Hearing on Export-Import Bank Reauthorization
On 4 June, the House Financial Services Committee held a hearing entitled “Promoting American Jobs: Reauthorization of the U.S. Export-Import Bank.” Testifying at the hearing were: Linda Menghetti Dempsey, Vice President, International Economic Affairs, National Association of Manufacturers; Owen Herrnstadt, Chief of Staff to the International President, International Association of Machinists & Aerospace Workers; David Hinson, Vice President, Institute for Diversity & Emerging Business, U.S. Chamber of Commerce; Roy Kamphausen, Senior Vice President for Research, The National Bureau of Asian Research; Archana Sharma, Chief Executive Officer, AKAS Tex, LLC; and Steven Wilburn, Chief Executive Officer, FirmGreen Incorporated. The witnesses discussed the importance of a strong reauthorization for the Export-Import Bank, arguing that a robust reauthorization is needed to compete with foreign Export Credit Agencies, particularly China’s. Dempsey noted that “[m]anufacturers would very strongly support a 10-year reauthorization.”
Senate Banking Committee Holds Hearing on Threats from China
On 4 June, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (“Senate Banking Committee”) held a hearing entitled “Confronting Threats from China: Assessing Controls on Technology and Investment, and Measures to Combat Opioid Trafficking.” Testifying at the hearing were: Kevin Wolf, former Assistant Secretary of Commerce for Export Administration, Department of Commerce; Scott Kennedy, Senior Adviser and Director, Center for Strategic & International Studies; and Richard Nephew, Senior Research Scholar, Center on Global Energy Policy. Wolf discussed the challenges the export control regime faces, in particular with respect to dual-use items that have commercial and military application, and applauded the Committee’s passage of the Export Control Reform Act (enacted by the last Congress). Kennedy emphasized that (i) China has had a mixed performance record on implementing its industrial policy and (ii) the U.S. strategy of relying on unilateral pressure is “causing a lot of collateral damage in the United States and elsewhere.” Nephew discussed the Fentanyl Sanctions Act, noting that although there are legitimate questions about that legislation, he believes it is a reasonable next step to address concerns regarding the supply of fentanyl into the U.S.
Senate Confirms Heath Tarbert as CFTC Chairman
o Following the confirmation, CFTC Chairman J. Christopher Giancarlo issued a statement regarding Tarbert’s confirmation. Giancarlo stated: “During my time of service, it has been a priority to transform the CFTC into a 21st Century regulator for today’s digital markets. With Dr. Tarbert’s confirmation, I know the agency is in safe hands to continue this transition.”
Senate Banking Committee Holds Nomination Hearing
On 5 June, the Senate Banking Committee held a hearing to consider the nominations of Allison Lee to be an Securities and Exchange Commission (“SEC”) Commissioner and Michelle Bowman to be reappointed as a Federal Reserve (“Fed”) Governor for a full 14-year term, as well as nominations to the Department of Treasury, Department of Commerce, and Export-Import Bank. Lee discussed her experience at the SEC and received only one question, about whether an effective enforcement strategy should incorporate tough penalties to deter bad actors and punish wrongdoers. She responded that she supports strong penalties in the right case because it has the best deterrent value. Bowman received questions on the weakening of rules for banks, the BB&T-SunTrust merger, the banking of the newly decriminalized hemp sector, the Fed’s position on inter-affiliate margins, and the Fed’s payments proposal, among other things. On the question of whether an exemption from initial margin is appropriate for inter-affiliate transactions, Bowman said the Fed is very aware of the issue and is looking into it. With respect to the Fed continuing to play its role as a payment processor, Bowman said that “[i]t’s a live discussion and we’re actively in the process of considering all of the comments that we receive.”
SEC & Securities
SEC Director of Division of Trading and Markets Delivers Remarks Regarding Equity Market Structure
On 3 June, Brett Redfearn, Director of the SEC’s Division of Trading and Markets, delivered remarks at the 2019 Annual Conference of the National Investor Relations Institute in a speech entitled “The Nexus of Equity Market Structure and Investor Relations.” In his remarks, Redfearn discussed: (i) the current structure of US equity markets, which “can be characterized by two words — fragmentation and speed”; (ii) the SEC’s oversight of market structure; (iii) strengths of U.S. equity markets; (iv) SEC initiatives to improve market structure; and (v) the SEC’s agenda for market structure, which covers issues related to thinly-traded securities, the SEC’s transaction fee pilot, and market data and market access. To address illiquidity in markets for thinly traded securities, Redfearn mentioned Treasury’s recommendation to allow issuers of thinly-traded securities to suspend unlisted trading privileges for non-listing exchanges; however, Redfearn also noted possible alternative solutions such as periodic auctions and manual market making. With respect to the SEC’s transaction fee pilot, Redfearn responded to commenters’ concerns by emphasizing: (i) the inclusion of a zero rebate bucket will enable the SEC to assess the existing regulatory fee cap of 30 mils, including “any fee cap in one or more segments of the market”; and (ii) the pilot program “is intended to gather data to facilitate an empirical assessment of the effect of exchange transaction fees and rebates broadly . . . [and] will automatically sunset after one year unless the SEC affirmatively acts to extend it for an additional year.” He also noted that “nearly every institutional investor that submitted a comment supported conducting a pilot and testing a zero rebate group.” Finally, with respect to market data and market access, Redfearn articulated concerns regarding the impact of the current “two-tiered” system for smaller firms and retail investors and concluded, “I anticipate that you will hear more about these topics in the coming months.”
SEC Announces New Cybersecurity Advisor to the Chairman and New Deputy Director of the Office of Municipal Securities
On 3 June, the SEC announced that Kevin Zerrusen will serve as SEC Chairman Jay Clayton’s Senior Advisor for Cybersecurity Policy. Zerrusen left his position as Managing Director at Goldman Sachs for the SEC, having previously worked at the Central Intelligence Agency for 30 years. In his new role, Zersussen “will coordinate efforts across the agency to address cybersecurity policy, engage with external stakeholders, and help enhance the SEC’s mechanisms for assessing cyber-related risks.” Separately, on 3 June, the SEC also announced that Ahmed Abonamah has been named Deputy Director of the agency’s Office of Municipal Securities (“OMS”). Abonamah joined the SEC over three years ago from Squire Patton Boggs LLP and most recently served as senior counsel to the Director of OMS.
SEC Announces Enforcement and Investor Education Initiatives Aimed at Teachers and Military Service Members
On 3 June, the SEC announced two new initiatives aimed at teachers and military service members that will “build on the Commission’s past efforts and [will] focus additional enforcement and investor education resources on behalf of teachers, veterans, and active duty military personnel stationed domestically and abroad.” The Enforcement Division’s Retail Strategy Task Force will lead these initiatives to “increase proactive outreach to these groups to educate them about savings and investment, investment fees and expenses, retirement programs specific to educators and service members, and the red flags of investment fraud.”
SEC Announces New Appointments
On 3 June, the SEC announced that (i) Kevin Zerrusen will serve as Chairman Clayton’s Senior Advisor for Cybersecurity Policy and (ii) Ahmed Abonamah has been named Deputy Director of the agency’s Office of Municipal Securities. On 4 June, the SEC announced that Marshall Gandy has been named Co-National Associate Director of the Investment Adviser/Investment Company examination program in its Office of Compliance Inspections and Examinations. On 6 June, the SEC announced a new Director for its Fort Worth office: David Peavler.
SEC Chairman Clayton Delivers Remarks at Mid-Atlantic Regional Conference
On 4 June, SEC Chairman Clayton delivered a keynote address at the Mid-Atlantic Regional Conference in Washington, DC. Clayton’s remarks focused on recent legal decisions impacting the SEC’s enforcement efforts and how the SEC’s collection of data from market participants can strengthen its enforcement and examination efforts. Specifically, Clayton highlighted four recent legal developments affecting the SEC, including: (i) the Supreme Court’s decisions in Kokesh v. SEC, Lucia v. SEC, and Lorenzo v. SEC, and (ii) the DC Circuit Court’s decision in The Robare Group, Ltd. v. SEC. Clayton noted that the Division of Enforcement estimated that the Kokesh decision, which held that SEC claims for disgorgement are subject to a five-year statute of limitations, led to the loss of approximately $900 million in disgorgement in cases filed during fiscal year 2018. Clayton also noted that (i) many of the approximately 200 proceedings that had to be reassigned to new administrative law justices following the Lucia decision, have now been “substantially resolved,” but (ii) the remaining administrative proceedings “may require substantial litigation resources going forward.” With respect to the collection of market participants’ data, Clayton emphasized the importance of strengthening security safeguards in the SEC’s systems, particularly considering a 2016 intrusion of the SEC’s EDGAR system.
SEC Adopts “Retail Best Interest” Rulemaking Package
On 5 June, the SEC voted to adopt a package of rulemakings and interpretations designed to enhance retail investors’ protections in dealing with broker-dealers and investment advisers. The rulemaking package consisted of: (i) Regulation Best Interest (“Reg BI”); (ii) the Form CRS Relationship Summary; (iii) an interpretation of investment advisers’ fiduciary duty; and (iv) an interpretation of “solely incidental” in relation to the broker-dealer exclusion of the Advisers Act of 1940 (“Advisers Act”). Reg BI requires broker-dealers to act in the “best interest” of a retail customer when making recommendations and enhances the broker-dealer standard of conduct beyond existing suitability obligations by clarifying that a broker-dealer may not put its financial interests ahead of the interests of a retail customer when making recommendations regarding a securities transaction, investment strategy, or account recommendation. To that end, Reg BI imposes certain disclosure, care, compliance, recordkeeping, and conflict of interest requirements on broker-dealers. At the beginning of an investment adviser or broker-dealer’s relationship with a client, they will also be required to furnish the Form CRS Relationship Summary, which provides retail investors with information regarding the nature of their relationship with the firm. The SEC also (i) reaffirmed and clarified “duty of care” and “duty of loyalty” aspects of advisers’ fiduciary obligations and (ii) formalized its interpretation of the broker-dealer exemption under the Advisers Act (i.e., the “solely incidental” exclusion).
o SEC Chairman Clayton expressed support for the rulemaking package, noting his belief that criticism of the proposed rulemaking is “clearly misguided.” In response to such criticism, Clayton emphasized that “Regulation Best Interest cannot be satisfied through disclosure alone” and “[n]o existing disclosures provide the level of transparency and comparability that the Relationship Summary will provide.” In response to criticism regarding the SEC’s interpretation of investment advisers’ fiduciary duty, he stated: “The interpretation reflects how the Commission and its staff have applied and enforced the law in this area, and inspected for compliance, for decades.”
o SEC Commissioner Hester Peirce expressed support for the package, while also urging: (i) the SEC to “monitor the situation to ensure that investors in all income and wealth brackets are able to choose either a broker-dealer or an investment adviser”; (ii) the SEC to “abandon [its] paper-as-default position and to open avenues for firms to speak more effectively with their clients—which might mean written disclosures in Spanish, video disclosures in American Sign Language, interactive disclosures on a tablet”; and (iii) firms to provide feedback to the SEC regarding progress toward implementation of the package, in light of its “ambitious” compliance period.
o SEC Commissioner Robert Jackson dissented, stating that the rules “retain a muddled standard that exposes millions of Americans to the costs of conflicted advice” and that the SEC’s interpretation “concludes that investment advisers are not true fiduciaries.” He concluded, “[u]nless and until the Commission promulgates a standard that puts investors first, it is crucial that the States remain free to do exactly that.”
o SEC Commissioner Elad Roisman expressed support for the package and encouraged the SEC to: (i) “engage proactively with the industry and the public to promote a smooth and efficient implementation of these new rules”; (ii) “engage with interested parties and consider their questions in short order, and then prepare and post answers on an ongoing basis”; and (iii) “promote compliance through consistent examinations,” including by working with FINRA.
o The SEC’s Investor Advocate, Rick Fleming, issued a statement noting that, while the package represents a “step in the right direction,” it also represents significant drawbacks, such as: (i) the SEC’s interpretation of advisers’ fiduciary duty “weakens the existing fiduciary standard by suggesting that liability for nearly all conflicts can be avoided through disclosure”; (ii) the Form CRS relationship summary is likely to confuse investors; and (iii) through the SEC’s new interpretation of “solely incidental,” the SEC had “an opportunity to help investors by brightening the lines between investment advisers and broker-dealers, but instead  formalized its longstanding acquiescence to the preferences of the brokerage industry.”
CFTC & Derivatives
CFTC Chairman Giancarlo Delivers Remarks Regarding 21st Century Financial Markets, Technology and Regulation
On 4 June, CFTC Chairman Giancarlo delivered remarks at Commissione Nazionale per le Societa e la Borsa in Rome, Italy, in a speech entitled “The New Futurism: 21st Century Financial Markets, Technology and Regulation.” During his remarks, Giancarlo discussed: (i) the current state of development and adoption of blockchain technology and distributed ledger technology-inspired systems; (ii) the CFTC’s approach to exponential technological change and the “disintermediation of traditional actors or business models”; and (iii) regulators’ ability to embrace market-based solutions, such as bitcoin products. With respect to the latter, Giancarlo recalled that in 2017 two CFTC exchanges (CME and CBOE) used the CFTC’s self-certification process to list futures products based on the value of Bitcoin, which has since “allowed for robust and dynamic risk transfer markets to develop and test new products without a time-consuming application process.”
CFTC Chairman Giancarlo Delivers Remarks After Receiving Freedom of the City of London Honor
On 4 June, Giancarlo delivered remarks entitled “The Future of the City of London: Global, European Financial Center” after receiving the Freedom of the City of London honor. Giancarlo’s remarks aimed to “provide a longer-term perspective . . . of the future of the City of London that applies no matter the outcome of Brexit.” During his remarks, Giancarlo argued that, despite Brexit, “the EU needs the City [of London], and the City needs the EU.” As such, with respect to a deal on UK-EU financial services, “a win/win solution must be found” that is “flexible enough to allow for the continued development of EU cities as regional and specialist financial centers, while allowing London to continue providing Europe with the services that only a global financial center can provide.”
CFTC Chairman Giancarlo Delivers Remarks at FIA Annual International Derivatives Expo in London
On 5 June, Giancarlo delivered remarks at the Futures Industry Association’s 12th Annual International Derivatives Expo in London, United Kingdom, in a speech entitled “Recalibrating the CFTC’s Cross-Border Regulation: Current Status and Next Steps.” Giancarlo focused on issues related to the CFTC’s progress (i) in addressing cross-border issues regarding non-US trading platforms and (ii) in adopting comparability determinations for non-U.S. jurisdictions. In that regard, Giancarlo described current CFTC rulemaking initiatives regarding: (i) registration requirements for non-U.S. derivatives central counterparties (“CCPs”); (ii) exemptions for non-U.S. derivatives clearing organizations from CFTC rules; and (iii) registration requirements for non-US swap dealers and major swap participants, as well as the foreign branches of US banks. Giancarlo also urged the CFTC to take a “more risk-based approach to the registration of non-U.S. trading venues,” noting that such venues, unlike CCPs, “do not pose [a] significant risk to the United States.”
CFTC Announces Market Risk Advisory Committee Chair and Agenda for June 12 Public Meeting
On 5 June, CFTC Commissioner Rostin Behnam announced (i) the agenda for the upcoming meeting of the Market Risk Advisory Committee (“MRAC”), which will be held on 12 June 2019 at the CFTC’s headquarters in Washington, D.C. and (ii) the designation of Nadia Zakir, Executive Vice President and Deputy General Counsel at PIMCO, as the meeting’s chairperson.
CFTC Issues No-Action Relief for Certain Amendments to Legacy Swaps Under Margin Rules
On 6 June, the CFTC published a no-action letter granting relief to swap dealers to permit certain amendments to “legacy swaps” (i.e., swaps executed prior to the applicable compliance date prescribed in the CFTC’s uncleared swap margin rule) without causing them to lose their legacy status under the CFTC’s uncleared swaps margin requirements. The relief applies to: (i) “immaterial amendments” to legacy swaps; (ii) a swap resulting from the exercise of a swaption that is a legacy swap; (iii) partial terminations and partial novations of legacy swaps; and (iv) new swaps resulting from a multilateral compression exercise consisting solely of legacy swaps.
FDIC Issues Request for Information Regarding Its Technical Assistance
On 3 June, the Federal Deposit Insurance Corporation (“FDIC”) issued a request for information (“RFI”) seeking feedback on the FDIC’s methods and efforts to provide technical assistance. The FDIC is “request[ing] information on additional steps the agency could take to support effective management and operation of FDIC-supervised institutions through technical assistance and collaboration on safety and soundness and consumer compliance matters.” Comments on the RFI are due within 60 days after the date of the RFI’s publication in the Federal Register.
Fed Holds Conference on Monetary Policy Strategy, Tools, and Communication Practices
On 4-5 June, the Fed held a research conference as part of the Federal Open Market Committee’s (“FOMC”) 2019 review of its Monetary Policy Strategy, Tools, and Communication Practices. Among other things, the conference included discussions relating to: (i) the Fed’s current framework for monetary policy; (ii) labor market conditions and maximum employment; (iii) the global dimension of U.S. monetary policy; (iv) ways to improve U.S. monetary policy communications; (v) monetary policy strategies; (vi) evaluating the Fed’s monetary policy tools; and (vii) financial stability considerations and monetary policy.
o Fed Chairman Jerome Powell delivered the opening remarks for the conference. In his remarks, Powell first addressed the current environment of low interest rates and argued that the “proximity of interest rates to the [effective lower bound (“ELB”)] has become the preeminent monetary policy challenge of our time, tainting all manner of issues with ELB risk and imbuing many old challenges with greater significance.” He then turned to the review itself, which he stated focused on three key questions: (i) “[c]an the Federal Reserve best meet its statutory objectives with its existing monetary policy strategy, or should it consider strategies that aim to reverse past misses of the inflation objective”; (ii) “[a]re the existing monetary policy tools adequate to achieve and maintain maximum employment and price stability, or should the toolkit be expanded”; and (iii) “[h]ow can the FOMC's communication of its policy framework and implementation be improved.”
FDIC Chairman McWilliams Delivers Speech Regarding Community Banks
On 4 June, FDIC Chairman Jelena McWilliams delivered a speech at the Community Development Bankers Association Peer Forum and Membership Meeting regarding supporting community and small banks. McWilliams emphasized that “[s]upporting this segment of the banking system is paramount” and noted that “[a]s the primary federal supervisor for many of these institutions, the FDIC is uniquely positioned to assess and observe the vital role small banks play in local communities and in the U.S. economy overall.” In light of this focus, she stated that she has directed the FDIC to increase its efforts to: (i) “[a]ctively seek ways to reduce regulatory burden on our community banks”; (ii) ”[e]ncourage community banking, including the establishment of de novo banks in communities of all sizes”; (iii) “[p]romote and preserve the nation’s Minority Depository Institutions”; (iv) “[m]odernize the Community Reinvestment Act (“CRA”) framework and provide clarity to institutions on their CRA obligations”; and (v) “[e]nsure that our regulatory framework encourages banks to offer products and services to low- and moderate-income households.” She also announced Fintech and innovation as an area of focus for the FDIC, noting that the FDIC established a new internal office to promote innovation in the industry in the fall of 2018 and that the FDIC will continue to examine what policy changes can be made to support innovation in the industry.
OCC Extends Dodd-Frank Act Stress Test Requirements
On 4 June, the Office of the Comptroller of the Currency (“OCC”) announced that it will be extending until 25 November 2019 the deadline for national banks and federal savings associations (“FSAs”) with consolidated assets between $100 billion and $250 billion (“Covered Banks”) to comply with the Dodd-Frank Act Stress Test (“DFAST”). As a result, these institutions will not have to post DFAST submissions for 2019, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act provisions, effective 25 November 2019, that raised the statutory threshold for financial companies subject to DFAST from $10 billion to $250 billion in total consolidated assets. In granting the extension, the OCC noted that “prior DFAST exams and OCC supervision have shown that national banks and FSAs of this size have adopted effective stress testing programs and integrated them into their general risk management tools … [and that] requiring DFAST submissions for these banks in 2019 would provide limited supervisory value.” The OCC also published a redacted version of the letter (dated 18 December 2018) used to communicate the extension to the Covered Banks.
Fed Issues Its February 2019 Beige Book
On 5 June, the Fed released its June 2019 Beige Book, which is a summary of commentary on current U.S. economic conditions. According to the document, economic activity expanded at a modest pace overall from April through mid-May, a slight improvement over the previous period. Almost all Fed Districts also reported some growth, and a few saw moderate gains in activity. Employment continued to increase nationwide, with most Fed Districts reporting modest or moderate job growth and others reporting slight growth, an assessment similar to the previous reporting period. In addition, overall prices continued to increase at a modest pace in most Fed Districts since the previous report. The next Beige Book will be published on 17 July 2019.
o June 10: Comments are due on the SEC’s proposed rule regarding the registration, communications, and offering processes for business development companies and other closed-end investment companies.
o June 10: CFTC Commissioner Behnam will Participate in a Fireside Chat at the U.S. Chamber of Commerce.
o June 11: The SEC’s Fixed Income Market Structure Advisory Committee will hold a meeting.
o June 11: CFTC Commissioner Dawn Stump will give the keynote address at the ISDA Annual Legal Forum.
o June 11: CFTC Commissioner Dan Berkovitz will give the keynote address at the FIA Commodities Symposium.
o June 11: The Senate Banking Committee will hold a hearing entitled “Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment, and Housing.”
o June 11: The House Committee on Appropriations will hold a markup of the FY 2020 Homeland Security and Financial Services and General Government appropriations bills.
o June 11: The House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing entitled “An Examination of State Efforts to Oversee the $1.5 Trillion Student Loan Servicing Market."
o June 11-12: The House Financial Services Committee will hold a markup of several bills, including the Corporate Transparency Act of 2019 and the National Flood Insurance Program Administration Reform Act of 2019.
o June 12: The CFTC’s Market Risk Advisory Committee will hold a meeting to discuss climate-related financial risks.
o June 12: The OCC will host a public meeting of the Minority Depository Institutions Advisory Committee to discuss the continued health and viability of minority depository institutions and other issues of concern to these institutions.
o June 19: The House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy will hold a hearing entitled “Slowing Economic Growth: The Impact of Recent Trade and Tax Policies on the U.S. Economy.”
o June 19: The House Financial Services Committees’ Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will hold a hearing entitled “Putting Investors First: Examining Proposals to Strengthen Enforcement Against Securities Law Violators.”
o June 20: The House Financial Services Committee will hold a hearing entitled “Diversity in the Boardroom: Examining Proposals to Increase the Diversity of America’s Boards.”
o June 21: The Fed will release the results from the latest supervisory stress tests conducted under the Dodd-Frank Act.
o June 27: The Fed will release the results from the latest Comprehensive Capital Analysis and Review (known as “CCAR”).