First 100 Days: Regulatory Update
April 8, 2025
The Senate Banking Committee advanced three key nominations on April 3.
- Paul Atkins (Securities and Exchange Committee Chair nominee) and Jonathan Gould (nominee to serve as Comptroller of the Currency) were both reported favorably to the full Senate in a 13-11 party-line vote.
- Luke Pettit, nominated to serve as Assistant Secretary of the Treasury, received broader bipartisan support and was reported favorably in a 19-5 vote.
The nominees could be considered on the full Senate floor as early as this week. Please see here for CREFC’s Regulatory Tracker.
Additionally, the Banking Committee will conduct a hearing on April 10 on several nominations, including one for Fed Governor Michelle Bowman for Fed Vice Chair for Supervision.
Earlier in the week, House Committee on Financial Services (HCFS) Chairman French Hill (R-AR) and members of the committee sent letters to several financial regulatory agencies requesting the rescission, modification, or re-proposal of specific Biden-Harris Administration actions. In a joint letter to the banking agencies, the lawmakers warned that the cumulative weight of recent regulatory actions “threatens to impair economic growth and the competitiveness of the U.S. financial system.”
Specific concerns included, among others, the:
- Federal Deposit Insurance Corp.’s climate risk guidance;
- The Federal Reserve’s capital proposals;
- Consumer Financial Protection Bureau’s Section 1071 small business data rule; and
- SEC’s digital asset enforcement strategy.
Separately, on March 31, the OCC withdrew its participation in interagency principles for climate-related financial risk management for large financial institutions, with Acting Comptroller Rodney Hood stating that the: