Major Developments
Federal Agencies
Federal Reserve Board
Bank of England
Federal Deposit Insurance Corporation
Commodity Futures Trading Commission
Securities & Exchange Commission
Joint Readout of Principals' Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution
October 17, 2023
Senior officials from the Federal Reserve Board, Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, and Securities and Exchange Commission convened a hybrid meeting to discuss certain issues relating to the resolution of a central counterparty.
Federal Reserve Board
Speech: Responsible Innovation in Money and Payments
October 17, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech at the Roundtable on Central Bank Currency, Harvard Law School Program on International Finance Systems, in Washington, DC entitled, "Responsible Innovation in Money and Payments."
Minutes of the Board's discount rate meetings from August 21 and September 20, 2023
October 17, 2023
The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window held August 21 and September 20, 2023.
Data: G.17 Industrial Production and Capacity Utilization – September 2023
October 17, 2023
The Federal Reserve Board released the current G.17 industrial production and capacity utilization with data from September 2023.
Federal Reserve Bank of New York
Business Leaders Survey – October 2023
October 17, 2023
The Federal Reserve Bank of New York released the October 2023 Business Leaders Survey.
Blog: How Has Treasury Market Liquidity Evolved in 2023?
October 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Has Treasury Market Liquidity Evolved in 2023?"
Speech: The FX Global Code: Progress Made and The Path Ahead
October 17, 2023
Anna Nordstorm, Head of the Domestic and International Markets Functions at the Federal Reserve Bank of New York, gave remarks at FX Markets USA entitled, "The FX Global Code: Progress Made and The Path Ahead."
Federal Reserve Bank of Boston
Article: "More funerals than weddings:" Opioids hit New England hard, devastating families, the economy
October 17, 2023
The Federal Reserve Bank of Boston published an article entitled, "'More funerals than weddings:' Opioids hit New England hard, devastating families, the economy."
Bank Policy Institute
Blog: Rationalizing the Global Market Shock
October 17, 2023
The Bank Policy Institute published a blog post entitled, "Rationalizing the Global Market Shock."
International
European Commission
Commission Adopts the 2024 Commission Work Program
October 17, 2023
The European Commission adopted its 2024 Work Program.
Remarks by Executive Vice-President Dombrovskis at the ECOFIN press conference
October 17, 2023
European Commission Executive Vice President Valdis Dombrovskis gave remarks at the ECOFIN press conference.
Bank of England
Bank of England welcomes release of BIS CPMI harmonized ISO 20022 data requirements for cross-border payments
October 17, 2023
The Bank of England issued a statement regarding the Bank for International Settlements Committee on Payment and Market Infrastructures' publication of harmonized ISO 20022 data requirements for cross-border payments
IEO evaluation of the Bank of England's use of data to support its policy objectives
October 17, 2023
The Bank of England's Independent Evaluation Office released its evaluation of the Bank's use of data to support policy objectives.
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.
