Memorial services spanning Tuesday through Thursday for former President George H.W. Bush, — who died Friday – are having ripple effects on events in the week ahead affecting federal financial regulators.
The effects include a postponement of testimony by the chairman of the Federal Reserve Board, to perhaps a delay in the confirmation vote for a new director of the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB).
Following the death of former President Bush, a state funeral was scheduled for him Wednesday in Washington – which will likely be attended by a large number of lawmakers and policymakers (including, most likely, regulators: Federal Reserve Board Chairman Jerome H. (“Jay”) Powell served in the Treasury Department during the Bush administration, for example).
In addition, President Donald Trump proclaimed Wednesday as a national day of mourning, and declared that all federal offices would be closed.
Preceding the Wednesday service, however, the former president’s body is scheduled to lie in state Tuesday in the U.S. Capitol. Because of that, the Senate leader’s office said that votes are no longer expected in the Senate on Tuesday, but on the following day.
That’s the first ripple: The Senate had been expected to begin Tuesday considering for a final vote the confirmation of Kathleen (“Kathy”) Kraninger to be the next, permanent director of the BCFP. However, that vote now moves to Wednesday at the earliest (after 4 p.m., following the state funeral) – and it may get pushed further still. The following day (Thursday) memorial services, and burial, for the former president continue in Texas. Again, many lawmakers will likely be present.
Given all of that: if a vote on the Kraninger nomination slips from Wednesday, it looks less likely before week’s end — and may be pushed to the following week.
In any event, if ultimately confirmed (as is likely) Kraninger will succeed Acting Director John (“Mick”) Mulvaney, who has served for just more than one year. Mulvaney was appointed to the position by Trump in November 2017 after then-Director Richard Cordray resigned.
Meanwhile, testimony by the chairman of the Federal Reserve Board — originally set for Wednesday– has been postponed due to the national day of mourning and Bush funeral services. Chairman Jerome Powell had been scheduled to testify before the Joint Senate-House Economic Committee on the “Economic Outlook.” The agency Monday, in an afternoon release, announced the postponement, but did not say when in the future Powell’s testimony would be delivered
- 8:15 p.m.: Federal Reserve Board Vice Chairman for Supervision Randal Quarles delivers remarks on “Banking Conditions in the West” at the “State of the West 2018: Investing in the Future West – Banks and Infrastructure” event in Stanford, Calif.
- 9 a.m.: The Federal Deposit Insurance Corp.’s (FDIC) Systemic Resolution Advisory Committee meets for an all-day session (to 4:30 p.m.) to discuss issues related to the resolution of systemically important financial companies.
- 11 a.m. (approximately): The National Credit Union Administration (NCUA) releases third-quarter call report data for credit unions (originally scheduled for Wednesday release, but postponed due to Trump executive order).
- 1 p.m.: The BCFP’s advisory councils – the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CUAC), and the Credit Union Advisory Council (CUAC) – gather for a joint conference call to discuss artificial intelligence in consumer financial services and consumer access to financial records. The agenda provides for 15 minutes of welcome remarks followed by one hour each of discussion on the topics.
- 3 p.m.: The NCUA Board releases the agenda for its meeting the following week.
- 6:45 p.m.: Fed Chairman Powell delivers “brief welcoming remarks” at the Housing Assistance Council’s Rural Housing Conference in Washington, D.C.
- 12:15 p.m.; The Fed’s Lael Brainard discusses Financial Stability in remarks to the Peterson Institute for International Economics in Washington, D.C.
Federal Reserve Board offices in Washington, D.C. will be closed on Wednesday, December 5, 2018, in observance of the national day of mourning for former President George H.W. Bush