Major Developments
Federal Reserve Board
Minutes of the Federal Open Market Committee, December 12-13, 2023
January 3, 2024
The Federal Reserve Board published the minutes of the Federal Open Market Committee meeting held December 12-13, 2023.
Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittees on Capital Markets and Digital Assets, Financial Technology & Inclusion
January 3, 2024
The U.S. House Committee on Financial Services announced the following hearings:
Capital Markets Subcommittee Hearing Entitled: "Examining the DOL Fiduciary Rule: Implications for Retirement Savings and Access"
Time: 10:00 AM ET
Date: Wednesday, January 10, 2024
Digital Assets, Financial Technology and Inclusion Subcommittee Hearing Entitled: "Regulatory Whiplash: Examining the Impact of FSOC's Ever-Changing Designation Framework on Innovation"
Time: 2:00 PM ET
Date: Wednesday, January 10, 2024
Committee on Small Business
Committee on Small Business Announces January Hearing Schedule
January 3, 2024
The U.S. House Committee on Small Business announced its January hearing schedule:
Full Committee Hearing: "Crime on the Rise: How Lawlessness is Impacting Main Street America"
Date & Time: Thursday, January 11th at 10:00 AM ET
Location: Hearing Room, 2360 Rayburn House Office Building
Subcommittee on Innovation, Entrepreneurship, and Workforce Development Hearing: "Pathways to Success: Supporting Entrepreneurs and Employees with Disabilities"
Date & Time: Wednesday, January 17th at 10:00 AM ET
Location: Hearing Room, 2360 Rayburn House Office Building
Full Committee Hearing: "Unleashing Main Street's Potential: Examining Avenues to Capital Access"
Date & Time: Thursday, January 18th at 10:00 AM ET
Location: Hearing Room, 2360 Rayburn House Office Building
Federal Agencies
FINRA
Investor Insights: Securities-Backed Lines of Credit Explained
January 3, 2024
FINRA issued an Investor Insights alert entitled, "Securities-Backed Lines of Credit Explained."
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
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 (sworn in September 13, 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 September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
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)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.
