In the February 2026 edition of The ICR D.C. Insider, we highlight key developments in Washington that could have meaningful near- and long-term implications for public and private companies. This issue examines activity across the Supreme Court, Congress, and federal regulators that could reshape financial regulation, disclosure standards, fiduciary responsibilities, and oversight of competition and data-driven business practices.
Supreme Court
- Federal Reserve Governor Appears Safe from Firing – Federal Reserve Governor Lisa Cook’s job seemed safe from firing by President Trump after Supreme Court justices skeptically questioned the Trump Administration’s lawyers about the grounds for Cook’s would-be termination and its effect on the Fed’s historical independence. Justice Brett Kavanaugh warned Solicitor General D. John Sauer about the effects of his argument that President Trump could fire Cook or other Fed governors “for cause” – but without judicial review of whether that purported cause of alleged mortgage fraud was legitimate. Kavanaugh, one of the Court’s six conservatives, said, “Your position that there’s no judicial review, no process required, no remedy available, very low bar for cause – that the President alone determines – and that would weaken, if not shatter, the independence of the Federal Reserve.”
Congress
- Lawmakers Work to Make Financial Services Rules Permanent – House Financial Services Chairman French Hill (R-Ark.) is working to capitalize on the Republican party’s control of government to embed financial regulations into law, a move that would make it much more difficult for a future administration to reverse course. Rep. Hill pushed the committee to approve nearly 100 bills since the start of 2025. These bills include the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act that, among other provisions, boosts capital formation for small businesses and expands investment opportunities and updates the Accredited Investor definition.
SEC
- Regulation S-K Disclosure Requirements Under Review – In a statement, Securities and Exchange Commission (SEC) Chairman Paul Atkins noted that, “the disclosure that companies provide in response to the myriad requirements of Regulation S-K does not always reflect information that a reasonable investor would consider important in making an investment or voting decision,” As a result, he asked the Division of Corporation Finance to engage in a comprehensive review of Regulation S-K, with the first step having been completed and the next phase in process now and open for public comment.
- Small Business Advisory Committee Moves Ahead with Regulatory Framework for Finders – The SEC’s Small Business Capital Formation Advisory Committee will hold a public meeting at SEC Headquarters in Washington, D.C., on February 24, 2026, which will also be webcast via the SEC website. The meeting will continue the committee’s discussion on potential regulatory improvements regarding “finders” who assist companies with raising capital in private markets from accredited investors. Continuation funds, special purpose vehicles, and private tender offers have become more prevalent as ways to rebalance portfolios and provide liquidity to investors and employees. To better understand the private secondary market and related deal flow drivers, trends, opportunities, and challenges that stem from private secondary transactions, the committee will hear from a variety of speakers.
- Fiduciaries and Proxy Voting – Brian Daly, the Director of the SEC’s Division of Investment Management, in a speech at the New York City Bar Association, focused on the role investment advisers play in proxy voting. In addition to noting that that proxy voting is a focus of the SEC’s overall regulatory agenda and pointing to President Trump’s December 2025 executive order that addressed the influence that proxy advisors and their related consultancies have; he “put in a plug” for the use of an AI agent that can review dozens or hundreds of proxy statements, assess them against the expressed values, and efficiently generate a large quantity of principled voting recommendations. Finally, he added: “If you are an adviser and you and your clients are content with your tailored proxy voting arrangements, great. But if you are dissatisfied with your current proxy voting arrangements, or if you have not reconsidered them in a while, this is a great time to re-evaluate and reassess – and perhaps to redirect. And to the extent that you find that Division or Commission action would be helpful, please give us a call or come in for a chat. And if you want to chat on the matters flagged in the President’s Executive Order, we are all ears.”
FTC
- FTC Announces 2026 Jurisdictional Threshold Updates for Interlocking Directorates – The Federal Trade Commission (FTC) approved revised jurisdictional thresholds for Section 8 of the Clayton Act, which prohibits interlocking directorates. For 2026, thresholds under Section 8 of the Act that trigger prohibitions on certain interlocking memberships on corporate boards of directors are $54,402,000 for Section 8(a)(1) and $5,440,200 for Section 8(a)(2)(A).
- Workshop on Noncompete Agreements Held – The FTC held a workshop as part of its ongoing scrutiny of noncompete Commissioner Mark Meador issued a lengthy statement, connecting the improper use of noncompete agreements to the issue of affordability. In part, he said, “As I see it, noncompetes can violate Sections 1 and 2 of the Sherman Act and Section 5 of the FTC Act. And where that happens, the Commission should vigorously enforce the law. Because when noncompetes are abused, hardworking people bear the brunt.”
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FTC to Host Workshop on Consumer Injuries and Benefits in the Data-Driven Economy – The FTC will host “Measuring Injuries and Benefits in the Data-Driven Economy,” a workshop on February 26, 2026, to examine how the agency can better understand and measure consumer injuries and benefits that may result from the collection, use, or disclosure of consumer data. The workshop will also explore issues such as the impact of data breaches on consumers; the costs and benefits of behavioral and contextual advertising; and measuring consumer preferences, beliefs and decisions. The workshop will be held online and in person and is free and open to the public.
CFTC
- Innovation Advisory Committee Launched – Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig launched the Innovation Advisory Committee to gather expertise and recommendations on innovation in financial markets. The IAC has been renamed from the former Technology Advisory Committee. The body will include a balance of viewpoints representing the financial industry, regulatory bodies, financial technology providers, public interest groups, academia, and market infrastructure firms. Chairman Selig will sponsor this committee and intends to nominate the CEO Innovation Council participants as its charter members.
DOL
- Rule on 401(k) Private Investments on the Horizon – The Labor Department submitted a proposed rule to the Office of Management and Budget (OMB) that would address fiduciary duties when including alternative investments in defined contribution plans. The rule will prioritize transparent standards that will give plan sponsors cover against potential litigation that has kept many retirement plans from adopting such alternative assets.
