House To Take On Ex-Im, Fiduciary Rule; Fed, SEC To Hold Meetings

of Squire Patton Boggs (US) LLP - Capital Thinking Blog

Monday, October 26, 2015

Print Mail Download

i

Legislative Activity

House Likely to Take-Up Ex-Im Reauthorization, Legislation on DOL’s Fiduciary Rule

After successfully getting enough signatures on his discharge petition to force a vote on reauthorization of the Export-Import Bank, it is expected that this week – possibly as early as today – Representative Stephen Fincher (R-TN) will bring up his petition, where it is expected that the bill will pass the House. Though the Senate also voted earlier this year to reauthorize the bank, it remains uncertain whether the Senate will ultimately take steps to finalize the reauthorization and send the bill to the President for signature. Note, the last time a discharge petition was successful was the Shays-Meehan/McCain-Feingold Campaign Finance Reform Act in 2002.

Additionally, on Tuesday, October 27, the House Rules Committee will meet on H.R. 1090, the Retail Investor Protection Act. The legislation, which would require the Department of Labor (DOL) to wait 60 days after the Securities and Exchange Commission (SEC) issues its final version of the Fiduciary Rule before moving forward with its own rule, will be taken up and likely passed by the full House later this week.

This Week’s Hearings:

Wednesday, October 28: The Senate Banking Committee will hold a hearing titled “The State of Rural Banking: Challenge and Consequences.”

Regulatory Activity

Federal Reserve to Hold Open Meeting

On Friday, October 30, the Board of Governors of the Federal Reserve System will hold an open meeting discussing: (1) the proposed rule establishing total loss-absorbing capacity and buffers, long-term debt, and clean holding company requirements for U.S. Global Systemically Important Banking Organizations and U.S. Intermediate Holding Companies of Foreign Global Systemically Important Banking Organizations; and (2) the final rule regarding margin and capital requirements for uncleared swaps.

SEC to Hold Meeting of Equity Market Structure Advisory Committee

On Tuesday, October 27, the SEC will hold a meeting of its Equity Market Structure Advisory Committee. The meeting will focus on Rule 610 of SEC Regulation NMS and the regulatory structure of trading venues.