04-Dec-23 Blog

Frank Kelly’s Geopolitical Week Ahead | December 4, 2023

The holidays are just around the corner and Washington regulators are working hard this week to make their cases on various policy issues before year's end.

  • Regulators to make their cases on policy issues
  • Bank CEOs to testify at the “Oversight of Wall Street Firms"

Washington regulators to make cases on policy issues

 

The holidays are just around the corner and Washington regulators are working hard this week to make their cases on various policy issues before year's end. 

  • SEC Chair Gary Gensler will give two high-profile speeches, first at American Bar Association’s (ABA) Federal Regulation of Securities Winter Meeting and then at the Council on Foreign Relations in Washington.  SEC Commissioner Hester Pierce will also be speaking at the ABA meeting.
  • Commodity Futures Trading Commission (CFTC) is fanning out globally this week with CFTC Chair Rostin Benham and CFTC Commissioners Christy Goldsmith Romero attending and speaking at COP28 in Abu Dhabi.  At the same time, Commissioner Kristin N. Johnson delivers a keynote address at the Financial Times Crypto and Digital Assets Summit in London.

 

Bank CEOs to testify at the “Oversight of Wall Street Firms"

But this week's big regulatory-related media event will be in the U.S. Senate Banking Committee as the CEOs of the eight biggest banks in America will testify at the annual "Oversight of Wall Street Firms" hearing. 

At this point, we do not see any particular "hot-button" issues the CEOs will likely be hammered over by Senators.  In fact, this hearing is likely to give the CEOs a major public platform to push back on the Federal Reserve's recently proposed new capital rules (which most of these CEOs have been publicly pillaring for weeks, most recently from Goldman Sachs CEO David Solomon who argued it would "impact everything from flight prices to pensioners retirement savings.”)

 

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About the author

Francis (Frank) J. Kelly

Frank is the Founder and Managing Partner of Fulcrum Macro Advisors LLC, a political risk advisory firm based in Washington, DC. He is the senior political strategist for DWS.
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