PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 28, 2023
June 28, 2023
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Major Developments
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Analysis of Increase in U.S. Construction of Manufacturing Facilities Driven by Invest in America Agenda
June 27, 2023
The U.S. Department of the Treasury's Office Economic Policy released an analysis of the surge in construction spending for manufacturing in the United States.
Treasury's Federal Insurance Office Releases Report Assessing Climate-Related Risk, Gaps in Insurance Supervision
June 27, 2023
The U.S. Department of the Treasury's Federal Insurance Office released a report entitled, "Insurance Supervision and Regulation of Climate-Related Risks."
Treasury Sanctions Illicit Gold Companies Funding Wagner Forces and Wagner Group Facilitator
June 27, 2023
The Department of the Treasury's Office of Foreign Assets Control sanctioned four companies and one individual connected to the violent Russian military group PMC Wagner (Wagner Group) and its founder and owner Yevgeniy Prigozhin.
Federal Reserve Board
Paper: College Networks and Re-employment of Displaced Workers
June 27, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "College Networks and Re-employment of Displaced Workers."
Paper: A Comprehensive Empirical Evaluation of Biases in Expectation Formation
June 27, 2023
The Federal Reserve published a working paper entitled, "A Comprehensive Empirical Evaluation of Biases in Expectation Formation."
Federal Reserve Bank of New York
Report: Stimulus through Insurance: The Marginal Propensity to Repay Debt
June 27, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Stimulus through Insurance: The Marginal Propensity to Repay Debt."
Blog: Not Just "Stimulus" Checks: The Marginal Propensity to Repay Debt
June 27, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Not Just "Stimulus" Checks: The Marginal Propensity to Repay Debt."
Office of the Comptroller of the Currency
Commodity Futures Trading Commission
CFTC Holds Meeting of Energy and Environmental Markets Advisory Committee
June 27, 2023
The Commodity Futures Trading Commission (CFTC) held a meeting of the Environmental Markets Advisory Committee.
- Meeting
- Agenda
- Commissioner Mersinger Statement
- Commissioner Goldsmith Romero Statement
- Commissioner Pham Statement
U.S. Small Business Administration
U.S. Small Business Administration Releases Report on Anti-Fraud Control Measures in Pandemic Relief Programs
June 27, 2023
The U.S. Small Business Administration released a report detailing analysis of anti-fraud protocols in SBA's four largest pandemic programs.
Federal Housing Finance Agency
FHFA House Price Index Up 0.7 Percent in April; Up 3.1 Percent from Last Year
June 27, 2023
The Federal Housing Finance Agency released the June 2023 House Price Index (HPI) with data from April 2023.
International
Bank of England
Statistics: Capital Issuance - May 2023
June 27, 2023
The Bank of England released the capital issuance statistics for May 2023.
Towards a gold standard on climate transition planning
June 27, 2023
Bank of England Chief Operating Officer Ben Stimson gave a speech entitled, "Towards a gold standard on climate transition planning."
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 Phillip N Jefferson (nominated May 12, 2023)
- 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 Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 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 New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 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 Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 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)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 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)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 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.