Janet Yellen took the oath of office as Chair of the Board of Governors of the Federal Reserve System ("FRB"). Dr. Yellen's term as Chair ends February 3, 2018, and her term as a member of the Board ends January 31, 2024. See: FRB Press Release.

FINRA filed with the SEC a proposed rule change to amend FINRA Rules 7510 and 7540 relating to fees for the Alternative Display Facility ("ADF"). See: Text of Proposed Rule Change.

FINRA filed with the SEC a proposed rule change to amend provisions addressing per share estimated valuations for unlisted direct participation programs ("DPP") and real estate investment trust ("REIT") securities. FINRA proposed to amend NASD Rule 2340 ("Customer Account Statements") and FINRA Rule 2310 ("Direct Participation Program") to modify and expand (i) the requirements relating to the inclusion of per share estimated valuations and (ii) the requirements applicable to members' participation in a public offering of DPP or REIT securities. See: Text of Proposed Rule Change.

President Barack Obama announced his intent to fill several key Administrative posts, including Norman C. Bay as Commissioner of the Federal Energy Regulatory Commission ("FERC"), who will be designated Chairman upon his approval. See : White House Press Release.

SIFMA and other trade associations (together, the "Associations") submitted comments to the U.S. Congress urging the Members to raise the federal debt limit. In the letter, the Associations stated that if the President and Congress fail to raise the debt limit, the Treasury will be unable to meet government obligations coming due which would "trigger a series of events that would inevitably lead to American taxpayers paying more to finance our debt." SIFMA signed the letter with eight other agencies, including the American Bankers Association ("ABA"), the American Insurance Association ("AIA")