Commerce Secretary Gina Raimondo speaks at the Peterson Institute for International Economics 2021 Next STEP conference Monday … former CEA Chair Kevin Hassett discusses his new book with Washington Post Live Monday … Fed begins its two-day policy meeting Tuesday … House Financial Services subcommittee holds hearing on “buy now, pay later” products Tuesday … Senate Banking holds hearing on the LIBOR transition Tuesday ... Brookings Institution hosts discussion on stablecoins with Circle CEO Jeremy Allaire Wednesday … Fed Chair Jerome Powell holds press conference Wednesday … SEC Chair Gary Gensler speaks at the agency’s virtual Securities Enforcement Forum Thursday ... Labor Department releases October employment report Friday STABLECOIN REPORT EXPECTED TODAY — The President’s Working Group on Financial Markets is expected to issue its much-anticipated report on stablecoins at 3 p.m. today, an official involved in the report tells MM. Stablecoins, a type of virtual currency whose value is tied to another asset, most often the dollar, have been on the top of the list of cryptocurrencies drawing attention from regulators in recent months. One key question ahead of the report: Will regulators require private stablecoins to be backed by strong reserves? —What else to expect? Nellie Liang, Treasury’s undersecretary for domestic finance, said last month the report will devote particular attention to risks that could arise if stablecoins become a widely used payment method. CFPB ANNOUNCES NEW ENFORCEMENT, SUPERVISION CHIEFS — From our Katy O’Donnell: “CFPB Director Rohit Chopra has tapped Obama-era Justice Department official Eric Halperin to lead the bureau’s enforcement division and Lorelei Salas, the former commissioner of New York City’s consumer protection agency, to lead supervision, the agency said Friday. ‘Together, they will be effective watchdogs over the financial marketplace, especially when it comes to stopping repeat offenders,’ Chopra said in a statement.” —Who’s Halperin: Served in the Justice Department’s Civil Rights division from 2010 to 2014, first as special counsel for fair lending and then as acting deputy assistant attorney general. —Who’s Salas: Commissioner of the New York City Department of Consumer and Worker Protection from 2016 to 2021. Before that, she was the legal director at the progressive organization Make the Road New York, where she supervised immigration, housing and employment legal services programs for immigrants and refugees. WHITE HOUSE SEEKS TO EASE TRADE TENSIONS WITH TARIFF DEALS — From our colleague Steven Overly: “The Biden administration will ease tariffs on steel and aluminum imports from the European Union under an agreement reached Saturday, resolving a Trump-era tension that for years has tarnished trade relations between the longtime allies. The EU will be permitted to send a set amount of steel and aluminum each year into the United States duty free under the new deal.” — More from our Stuart Lau and David Herszenhorn: “Europe isn’t thrilled about the ceasefire terms of Saturday’s trade truce with the U.S. but EU officials finally conceded it was worth accepting Washington’s conditions in order to shift focus to the common enemy: China.” — And that’s not all: Our Doug Palmer reports: “The Biden administration on Sunday indicated that it was interested in working out a deal to remove former President Donald Trump's tariffs on steel and aluminum imports from the United Kingdom and Japan by teaming up against China. That would be similar to a deal announced on Saturday with the European Union.” G-20 LEADERS SIGN ONTO GLOBAL TAX DEAL — WSJ’s Paul Hannon: “Leaders of the world’s biggest economies endorsed a deal on corporate taxation that they hope will safeguard their future revenues and offer stability to businesses that operate internationally. The main beneficiaries are likely to be rich countries, including the U.S. “In the opening session of their summit in Rome, leaders of the Group of 20 major economies gave their blessing to a global pact that has been more than a decade in the making, according to officials.” — What you need to know: Our Mark Scott has all the details on the agreement here. TECH TO THE PRINCIPAL’S OFFICE — Tech firms that received letters from the Consumer Financial Protection Bureau are meeting individually this week with bureau officials to discuss the information requests, a source tells MM. The letters included more than 50 questions about how the firms, including Apple, Amazon and Google, use consumer data. TREASURY CASH COULD LAST UNTIL FEBRUARY — The Bipartisan Policy Center said Friday the Treasury Department will likely run out of cash to keep paying all of the government’s bills some time between mid-December and mid-February, unless Congress raises or suspends the federal borrowing limit. Congress raised the ceiling in September just enough to ensure the Treasury could keep meeting its obligations until Dec. 3, when lawmakers face another deadline to fund the government. Secretary Janet Yellen told Congress last month that Treasury has a "high degree of confidence " the measures will last through that date; BPC and other private forecasters suggest the actual X-date could be several weeks or months beyond it. — Speaking of debt: Just because deficits are projected to decline over the coming year as pandemic relief spending fades doesn’t mean Treasury borrowing will, economists at Oxford Economics said in a note Friday. The Treasury was able to draw from a historically large stockpile of cash built up during the pandemic to finance spending in fiscal 2021, an option it doesn’t have now. Oxford also expects Treasury debt issuance will increase by about $300 billion as the agency replenishes the cash balance, which was further depleted after the debt limit was reinstated in August. Treasury will release its quarterly borrowing estimates this afternoon, and detail its debt issuance plans in its quarterly refunding statement Wednesday morning. WHERE ARE THE OLDER WORKERS? Ahead of Friday’s jobs report, this story from WSJ’s Amara Omeokwe raises a critical question for policymakers: “The Covid-19 pandemic has boosted retirements among baby boomers, further straining the tight labor supply and leaving a hole for employers to fill. “Older workers who could least afford to retire early—those with lower incomes and less education—have been more likely to leave the workforce during the pandemic, researchers have found. The question is whether their retreat is temporary or permanent. Some retired because of Covid-19 fears, and others after failing to find suitable work.” | 
