Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Oversight of Financial Regulators: Financial Stability, Supervision, and Consumer Protection in the Wake of Recent Bank Failures
May 18, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of Financial Regulators: Financial Stability, Supervision, and Consumer Protection in the Wake of Recent Bank Failures."
U.S. House of Representatives
Committee on Financial Services
Hearing Entitled: Putting the 'Stable' in 'Stablecoins:' How Legislation Will Help Stablecoins Achieve Their Promise
May 18, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Putting the 'Stable' in 'Stablecoins:' How Legislation Will Help Stablecoins Achieve Their Promise"
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen's Meeting with Bank Policy Institute
May 18, 2023
Today, U.S. Secretary of the Treasury Janet L. Yellen met with more than two dozen CEOs and executives convened by the Bank Policy Institute to discuss the current state of the economy and President Biden's economic agenda.
Treasury Department Releases Progress Report Detailing Price Cap's Success One Year After Launch
May 18, 2023
Today, the U.S. Department of the Treasury's Office of Terrorist Financing & Financial Crimes and Office Economic Policy released a progress report that underscores the price cap on Russian oil's success in achieving its dual goals: reducing Russia's revenue and keeping the global energy market stable.
Federal Reserve Board
Speech: The U.S. Economic Outlook and Considerations for Monetary Policy
May 18, 2023
Governor Philip N. Jefferson spoke at the 2023 International Insurance Forum, National Association of Insurance Commissioners in Washington, D.C.
Federal Reserve Bank of New York
Speech: The U.S. Dollar in the Global Economy
May 18, 2023
Michelle Neal, Head of the Markets Group, presented remarks at the 2nd Annual International Roles of the U.S. Dollar Conference.
Bank Policy Institute
SEC's New Custody Rule Threatens to Increase Investment Costs, Reduce Returns
May 18, 2023
The Securities and Exchange Commission (SEC) is proposing major policy changes that will increase investment fees and lower returns on retirement accounts and other investments. The SEC is doing so by dramatically altering its rules for how registered investment advisors handle clients' assets, known as the "Custody Rule."
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)
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)
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)
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.