Jesse Westbrook

Washington, D.C., United States

Co-Founder at Capitol Account

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Articles

Penn's Conti-Brown Talks Basel, Tensions Between Wall Street and Washington and Why it's a Bad Idea for Banks to Sue Their Regulators

Jan 12, 2024 | capitolaccountdc.com | Jesse Westbrook

(Note to readers: Capitol Account will be off on Monday for the Martin Luther King Jr. holiday. We will be back on Tuesday, Jan. 16.)Friday Q and A: In Washington, it's easy to get caught up in the daily twists and turns of policy fights. Who’s up? Who’s down? Who’s planning to sue? (At Capitol Account, we plead guilty.) Sometimes, however, it is benefi…
Wall Street's Other Market Structure Battle: SEC Rebate Rule Pits Brokers Against Brokers, Exchanges Against Exchanges

Jan 12, 2024 | capitolaccountdc.com | Jesse Westbrook

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Wall Street's Other Market Structure Battle: SEC Rebate Rule Pits Brokers Against Brokers, Exchanges Against Exchanges

Jan 11, 2024 | capitolaccountdc.com | Jesse Westbrook

Policy battles can get ugly, especially when there’s lots of money at stake. Case in point: the fight that is brewing over the SEC’s most recent market structure proposal – an effort to prohibit rebates that stock exchanges give their biggest customers. Designed to attract trading volume, the payments (at least by some estimates) can bring in hundreds o…
Hearing Bank Criticisms, Barr Fires Back on Basel

Jan 9, 2024 | capitolaccountdc.com | Jesse Westbrook

Michael Barr, in his first public remarks of the year, came out swinging against banks’ criticisms of his effort to boost capital levels. The Fed vice chair for supervision particularly pushed back on claims that a tough rule will put U.S. lenders at a competitive disadvantage to their foreign rivals. “It’s fair to say that the U.S. banking system has h…
Gensler's Emerging Strategy for Moving Forward on Stock Trading Rules

Jan 8, 2024 | capitolaccountdc.com | Jesse Westbrook

Gary Gensler bit off a lot when he proposed four market structure rules at the same time in December 2022. Now, despite the stiff opposition of much of the finance industry, the chair is finally making progress. Most expect an agency vote to finalize some of the plan very soon. Action on two of the more contentious proposals, however, could be months aw…
Financial Regulation's Themes of 2024 (No Surprise, Lawsuits are at the Top)

Jan 2, 2024 | capitolaccountdc.com | Jesse Westbrook

Welcome to 2024. As the SEC, the banking agencies and the CFPB move to adopt some of the most prominent (and controversial) rules on their agendas, it promises to be a year of finalization. And while the description may be apt, it’s also a bit of a misnomer. There’s not likely to be a lot of finality – at least until the federal courts have their say. L…
A Banking Regulation Retrospective: 2023's Biggest Themes and Most Intriguing Moments

Dec 19, 2023 | capitolaccountdc.com | Jesse Westbrook

Looking back at the year in banking oversight, few would disagree on the pivotal moment: March 10. The collapse of Silicon Valley Bank, fueled by the fastest depositor run in history, shook the financial system – and the Washington regulatory apparatus. The fallout included two more regional bank failures, but fears of another 2008 meltdown proved to be…
SEC's Forceful Defense of Private Funds Rule Offers Clues on How It Might Fight Future Lawsuits

Dec 18, 2023 | capitolaccountdc.com | Jesse Westbrook

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SEC's Forceful Defense of Private Funds Rule Offers Clues on How It Might Fight Future Lawsuits

Dec 18, 2023 | capitolaccountdc.com | Jesse Westbrook

The SEC – offering its first public response to a high-profile industry legal challenge – is coming out strong in defense of the private funds rule. The new oversight regime, the regulator argues in a recent court brief, is restrained, well within its remit and necessary to protect investors. They include “public employees, religious organizations and n…
Harvard's Hal Scott Talks Gensler, Bank Capital and Feeling 'Besieged' by New Regulations

Dec 15, 2023 | capitolaccountdc.com | Jesse Westbrook

Friday Q and A: It has been an extremely busy year in financial regulation. At the SEC, Chair Gary Gensler is moving ahead with rules at a record pace. But the banking agencies, spurred on by the collapses of several regional firms, aren’t too far behind. Their most prominent effort, boosting capital requirements for large lenders, has spurred a massive…

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