PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 3, 2021
April 03, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Small Business Administration – Isabel Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Department of Education – Dr. Miguel Cardona (effective March 2, 2011)
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
Federal Agencies
U.S. Department of the Treasury
Treasury and IRS disburse more Economic Impact Payments under the American Rescue Plan
April 1, 2021
The U.S. Department of the Treasury, the Internal Revenue Service and the Bureau of the Fiscal Service announced they are disbursing several million more payments in the third batch of Economic Impact Payments from the American Rescue Plan. This brings the total disbursed so far to more than 130 million payments worth approximately $335 billion.
Federal Reserve Board
From Micro to Macro: A Note on the Analysis of Aggregate Productivity Dynamics Using Firm-Level Data
April 2, 2021
The Board of Governors of the Federal Reserve System released a paper titled “From Micro to Macro: A Note on the Analysis of Aggregate Productivity Dynamics Using Firm-Level Data,” as part of its International Finance Discussion series.
Recycling Carbon Tax Revenue to Maximize Welfare
April 2, 2021
The Divisions of Research & Statistics and Monetary Affairs of the Federal Reserve Board released a paper titled “Recycling Carbon Tax Revenue to Minimize Welfare,” as part of its Finance and Economics Discussion series.
Federal Reserve Bank of Boston
For First Time Ever, Boston Fed has a Majority Female Board of Directors
April 2, 2021
According to a release from the Federal Reserve Bank of Boston (Boston Fed), for the first time ever, the Boston Fed has a majority female board of directors. Jeanne Hulit and Lauren Smith joined the board as new members in January 2021, meaning that five of its nine members are women, including chair Christina Hull Paxson, President of Brown University.
Commodity Futures Trading Commission
CFTC Oversight of Family Offices Must be Strengthened
April 1, 2021
Dan M. Berkovitz, Commissioner at the Commodity Futures Trading Commission (CFTC) released a public statement titled “CFTC Oversight of Family Offices Must be Strengthened.”
Consumer Financial Protection Bureau
A Complete Guide to COVID-19 Financial Relief
April 2, 2021
The Consumer Financial Protection Bureau (CFPB) released a blog post titled “A Complete Guide to COVID-19 Financial Relief.” The CFPB’s updated webpage provides an overview of all three Economic Impact Payments and commonly asked questions.
U.S. Department of Labor
Employment Situation Summary – March 2021
April 2, 2021
The U.S. Department of Labor released its Employment Situation Summary for March 2021. According to the summary, total nonfarm payroll employment rose by 916,000 in March 2021, and the unemployment rate edged down to 6.0%. The improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the COVID-19 pandemic. Job growth was widespread in March 2021, led by gains in leisure and hospitality, public and private education, and construction.