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5/30/2025
Big moves in D.C. Bank regulators ready major deregulatory package, the HFSC unveils a crypto market structure bill, and the U.S. Chamber’s Capital Market Summit brings out the big guns
Francis (Frank) J. Kelly
Founder & Managing Partner, Fulcrum Macro Advisors LLC and Senior Political Strategist for DWS
We took last week off for a little vacation but are back this week and looking at a busy regulatory week in Washington.
Major bank deregulatory package
Late Friday, Politico reported that bank regulators, under the guidance of Treasury Secretary Scott Bessent, are close to finalizing a major bank deregulation package. The plan – worked out between the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) – is likely to be released in the coming month and include a new supplementary leverage ratio and reductions on capital requirements. Few details were revealed but we expect more information to start leaking in the coming weeks.
Crypto market structure bill: CLARITY Act
The other big event this week and this coming week is House Financial Services Committee Chair French Hill’s (R-AK) crypto market structure bill. Hill unveiled the bill, named the CLARITY Act, Thursday which seeks to overhaul how digital assets are regulated.
Hill also got three House Democrats to cosponsor the legislation, and he intends to hold a full committee hearing this coming Tuesday. Later in the day, Hill will speak about the bill and the crypto market at the U.S. Chamber of Commerce’s Capital Markets Summit being held at the Chamber’s Washington headquarters.
U.S. Chamber’s Capital Market Summit brings out the big guns
Speaking of the Capital Markets Summit, all the big names are lined up to speak: Hill, Acting Comptroller of the Currency Rodney Hood, Acting FDIC Chair Travis Hill, Treasury Deputy Secretary Michael Faulkender, and a number of key senators and other members of the House Financial Services Committee.
Spinning off mortgage giants Freddie Mac and Fannie Mae?
Looking at what happened this past week, the other big news was that President Trump announced he is intent on spinning off mortgage giants Freddie Mac and Fannie Mae via a public offering. But he also explicitly said the U.S. government would retain guarantees and oversight of the entities. All this comes as growing speculation as to whether and when Trump will formally launch a sovereign wealth fund (SWF) which could conceivably hold a sizeable stake in Freddie and Fannie.
Tied to this in some way – which is far from clear for markets – is President Trump’s announcement he had helped structure a deal between Nippon Steel and US Steel that would include the U.S. government holding “Golden Shares” in the merged entity. Which government agency would hold those Golden Shares remains a mystery but, again, speculation has begun to swirl the SWF would serve that function.
Reconciliation
Finally, we note that the House version of the Reconciliation that was recently passed has a provision taxing foreign remittances at a new 3.5 percent rate. Banks are lobbying against the measure, arguing it is going to hurt their businesses and encourage alternative, less transparent ways to move money overseas. Let’s see what the Senate does in the coming weeks as they take up the Reconciliation bill.
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R-070495-4 (7/25)
