Observers of financial regulatory reform have pronounced the effort to get new legislation passed this year pretty much dead. Even Federal Deposit Insurance Corp. Chairman Sheila Bair doesn’t think it’s going to happen before the end of 2009. But Barney Frank, D-Mass., the chairman of the House Financial Services Committee, is pushing ahead with all of the urgency—and confidence—in the world. This week (shortened by the Columbus Day holiday Monday) could see the first legislation relating to the Obama administration’s regulatory reform proposals reported out of the Financial Services Committee. But there are probably quite a few people who say they’ll only believe it when it happens.
Federal Reserve Vice Chair Donald Kohn is scheduled to address the annual meeting of the National Association of Business Economics at 1:45pm in St. Louis.
The American Bankers Association is hosting its annual conference on money laundering, and FinCEN Director Jim Freis is scheduled to address attendees at 12:15pm. The conference actually starts on Sunday and ends on Tuesday.
House Financial Services will begin a markup of regulatory reform legislation at 10am. The committee will discuss legislation on a new consumer protection agency, derivatives markets oversight, credit card rules and a bill on credit reporting. The committee said in a statement Friday that it is prepared to continue with the markup on subsequent days if it is not completed Wednesday.
Meanwhile, the Senate Banking Subcommittee on on Financial Institutions is holding a 2:30pm hearing on “Examining the State of the Banking Industry.” Representatives from the bank regulatory agencies are testifying. The witnesses include Bair, Comptroller of the Currency John Dugan, Fed Governor Daniel Tarullo, National Credit Union Administrator Deborah Matz, Office of Thrift Supervision Deputy Director Timothy Ward, and North Carolina Banking Commissioner Joseph Smith.
The FDIC’s advisor committee on community banking meeting is scheduled from 8:45am to 3:30pm.
In New York, the Economist is hosting its annual Buttonwood conference. Treasury Secretary Timothy Geithner will appear before attendees around 4:15pm for a Q&A session with the magazine’s editor in chief.
Bair is delivering the day’s opening remarks at Buttonwood at 8:30am. At 10:30am, New York State Banking Superintendent Richard Neiman and American Enterprise Institute scholar Peter Wallison will discuss regulatory reform and the future of the banking industry. At noon National Economic Council Director Lawrence Summers will speak at the conference. At 4pm, Congressional Oversight Panel Chair Elizabeth Warren will discuss “restoring trust in the financial system.”