ISDA CEO Scott O'Malia called on regulators and policymakers to better underestand the impact of derivative regulatory reforms. In remarks delivered at the Mayflower Hotel, Palm Court Ballroom, Mr. O'Malia pointed out that substantial progress has been made in derivatives regulatory reform. Additionally, Mr. O'Malia noted two examples where recalibration of the rules is required: (i) the incentives for clearing and (ii) the threshold for the final phase of margin requirements for non-cleared derivatives. He said regulatory incentives that are not calibrated correctly will make it "overly

The House Democratic Steering and Policy Committee named new members to the House Financial Services Committee in the 116th Congress. The newly chosen members are: Representative Alma Adams (D-NC); Representative Cindy Axne (D-IA); Representative Sean Casten (D-IL); Representative Madeline Dean (D-PA); Representative Tulsi Gabbard (D-HI); Representative Jesus Garcia (D-IL); Representative Sylvia Garcia (D-TX); Representative Al Lawson (D-FL); Representative Ben McAdams (D-UT); Representative Alexandria Ocasio-Cortez (D-NY); Representative Dean Phillips (D-MN); Representative Katie Porter (D-CA

New Chair of the House Financial Services Committee ("FSC") Maxine Waters (D-CA) outlined Committee priorities. In remarks delivered before the Center for American Progress, Chair Waters outlined the following FSC priorities: the Consumer Financial Protection Bureau ("CFPB"), Housing, Diversity and Inclusion, International Affairs (particularly governance at the International Monetary Fund and World Bank) and Russia sanctions. She also stated that she plans to address, on a bipartisan basis, long-term reauthorization and reform of the National Flood Insurance Program (NFIP), Terrorism Risk

The SEC stayed all outstanding administrative proceedings due to the federal government shutdown. The SEC Order states that the stay is effective immediately and will remain in effect pending further orders from the agency.

The U.S. Senate rejected a resolution introduced by U.S. Senator Chuck Schumer (D-NY) to block the Trump administration from lifting sanctions against three companies tied to designated Russian oligarch Oleg Deripaska. U.S. Senators voted 57-42 to end debate on the resolution, falling short of the 60 votes needed to proceed. As previously covered, the U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") planned to terminate sanctions imposed on En+ Group plc, UC Rusal plc and JSC EuroSibEnergo. According to Treasury Secretary Steven T. Mnuchin, OFAC had sanctioned