PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 19, 2023
April 19, 2023
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Nomination Hearing
April 18, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the nominations of
i) Dr. Jared Bernstein, of Virginia, to be Chairman of the Council of Economic Advisers, Executive Office of the President;
ii) Dr. Ron Borzekowski, of Maryland, to be Director of Financial Research, Department of the Treasury;
iii) Mr. Solomon Jeffrey Greene, of the District of Columbia, to be an Assistant Secretary of Housing and Urban Development, Department of Housing and Urban Development; and
iv) Mr. David Uejio, of California, to be Assistant Secretary of Housing and Urban Development, Department of Housing and Urban Development.
- Hearing
- Chair Brown Statement
- Ranking Member Scott Statement
- Designate Bernstein Testimony
- Designate Borzekowski Testimony
- Designate Green Testimony
- Designate Uejio Testimony
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of the Securities and Exchange Commission
April 18, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of the Securities and Exchange Commission."
- Hearing
- Committee Memorandum
- Committee Chair McHenry Statement
- Committee Ranking Member Waters Statement
- SEC Chair Gensler Testimony
Representatives Send Letter to SEC Regarding Digital Asset Trading Platform Registration Process
April 18, 2023
U.S. House Committee on Financial Services Representatives, led by Chair Patrick McHenry (NC-10), sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler regarding the SEC's approach to digital asset regulation and use of the national securities exchange framework to require digital asset trading platforms to register.
Committee on Small Business
Hearing: Paying Their Fair Share: How Tax Hikes Crush the Competitiveness of Small Businesses
April 18, 2023
The U.S. Committee on Small Business held a hearing entitled, "Paying Their Fair Share: How Tax Hikes Crush the Competitiveness of Small Businesses."
Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings from February 21 through March 22, 2023
April 18, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of its interest rate meetings from February 21 through March 22, 2023.
Speech: Considerations for a Central Bank Digital Currency
April 18, 2023
Federal Reserve Governor Michelle W. Bowman gave a speech entitled, "Considerations for a Central Bank Digital Currency."
Federal Reserve Bank of New York
Business Leaders Survey – April 2023
April 18, 2023
The Federal Reserve Bank of New York released the Business Leaders Survey results for April 2023.
Blog: Enhancing Monitoring of NBFI Exposure: The Case of Open-End Funds
April 18, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Enhancing Monitoring of NBFI Exposure: The Case of Open-End Funds."
Blog: Monitoring Banks' Exposure to Nonbanks: The Network of Interconnections Matters
April 18, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Monitoring Banks' Exposure to Nonbanks: The Network of Interconnections Matters."
Federal Deposit Insurance Corporation
FDIC Releases Semiannual Update on the Deposit Insurance Fund Restoration Plan
April 18, 2023
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) released its semiannual update on the Restoration Plan for the FDIC's Deposit Insurance Fund.
Securities and Exchange Commission
Speech: Strengthening Our Partnership with States and Other Jurisdictions to Protect Investors and Promote Market Integrity
April 18, 2023
SEC Commissioner Jaime Lizarraga gave a speech at the NASAS 2023 Public Policy Symposium entitled, "Strengthening Our Partnership with States and Other Jurisdictions to Protect Investors and Promote Market Integrity."
International
European Commission
Banking Union: Commission proposes reform of bank crisis management and deposit insurance framework
April 18, 2023
The European Commission has adopted a proposal to adjust and further strengthen the EU's existing bank crisis management and deposit insurance framework, with a focus on medium-sized and smaller banks.
Bank of England
Minutes of Money Market Committee meeting – March 2023
April 18, 2023
The Bank of England released the minutes from the Money Markets Committee meeting held March 8, 2023.
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Financial Crimes Enforcement Network
- Director – Vacant (Himamauli Das serves as Acting Director)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter named Chief Accountant (January 11, 2023)
- Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- CFTC Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
PH Client Alerts
Click here to read more from our Coronavirus series.
Legislation/Legislative Updates
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.