H Nats, one might wonder whether Calabria is interested in giving a straight answer? And one might also wonder whether any answer he gives is worth anything at all?
I am done on speculating with Dr. Calabria since you cannot rely on what the good Doctor says. That is, imho, a potentially terminal condition for a regulator charged with maintaining order, trust and stability in a financial market.
What about the administration's approach? It looks like they want final judicial rulings mandating they must act before they do that - or possibly anything including the capital rule. Maybe that makes sense politically, but it pushes us out to June and July at the earliest.
One can also ask: Is there any cost to Treasury/Mnuchin/administration in waiting for SCOTUS ruling? The ruling will just mandate a reversal of NWS -- but that is a positive for Treasury/Mnuchin/administration since they want political cover for action. There is no extra monetary cost, since returning money, reversing NWS and SPS, is necessary for RnR anyway.
So, imho, they are going to wait on SCOTUS ruling in Summer.
What do they do next, and what court will order action on reversing FHFA action and in what time frame will such actions be mandated? (Because it looks like we needs courts forcing actions on this administration...). Those are more interesting questions to be than what Calabria might say, since what Calabria says will happen is not indicative of what will happen
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