Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Representatives Send Bipartisan, Bicameral Letter Demanding Proposed Beneficial Ownership Reporting Regime Reflect Congressional Intent

April 4, 2023

The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Senator Sheldon Whitehouse (D-RI) and a bipartisan, bicameral group of lawmakers sent a letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) acting Director Himamauli Das regarding the Treasury Department's Notice of Proposed Rulemaking on Beneficial Ownership Information Reporting Requirements.

• Letter
• Press Release
• Ranking Member Waters Statement

Federal Agencies

U.S. Department of the Treasury

Treasury Releases Guidance to Drive Investment to Coal Communities

April 4, 2023

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance that provides detailed information about the bonus under the Inflation Reduction Act for clean energy projects and facilities located in communities that have driven and historically been at the forefront of energy production.

• Guidance
• Press Release
• =

Federal Reserve Board

Paper: Breaks in the Phillips Curve: Evidence from Panel Data

April 4, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "Breaks in the Phillips Curve: Evidence from Panel Data."

• Paper

Governor Cook Gives Welcoming Remarks at Exploring Careers in Economics Conference

April 4, 2023

Federal Reserve Governor Lisa D. Cook gave welcoming remarks at the "Exploring Careers in Economics" conference sponsored by the Federal Reserve.

• Remarks

Conference of State Bank Supervisors

Community Bankers' Economic Outlook Continues Downward Slide

April 4, 2023

The Conference of State Bank Supervisors released the Community Bank Sentiment Index showing that community bankers nationwide shared a dismal outlook on economic conditions.

• CBSI
• Press Release

Bank Policy Institute

Blog: Congress's 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank

April 4, 2023

The Bank Policy Institute published a blog post entitled, "Congress's 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank."

• Blog

International

European Commission

Commission approves €3.5 billion French scheme to support small companies in the context of Russia's war against Ukraine

April 4, 2023

The European Commission has approved a €3.5 billion French scheme to support small and medium-sized enterprises and microenterprises in the context of Russia's war against Ukraine.

• Press Release

Commission approves €2 billion Austrian support to Wien Energie in the context of Russia's war against Ukraine

April 4, 2023

The European Commission has approved a €2 billion Austrian measure to support the energy supplier Wien Energie GmbH in the context of Russia's war against Ukraine.

• Press Release

rescEU: supporting the development of new emergency shelter reserves with €116 million

April 4, 2023

The EU is allocating €116.6 million to Croatia, Poland, Slovenia, Spain, Sweden and Turkey to procure and host new rescEU shelter reserves able to accommodate thousands of people.

• Press Release

European Banking Authority

Robust EU/EEA banking sector shows strong capital and liquidity ratios

April 4, 2023

The European Banking Authority published its quarterly Risk Dashboard (RDB) together with the first edition of the RDB on minimum requirement for own funds and eligible liabilities.

• Risk Dashboard
• MREL Dashboard
• Interactive Dashboard
• Press Release

Bank of England

Speech: Inflation persistence and monetary policy

April 4, 2023

Bank of England Chief Economist and Executive Director for Monetary Analysis Huw Pill gave a speech entitled, "Inflation persistence and monetary policy."

• Speech

Speech: Quantitative Easing and Quantitative Tightening

April 4, 2023

Bank of England Monetary Policy Committee Member Silvana Tenreyro gave a speech entitled, "Quantitative Easing and Quantitative Tightening."

• Speech

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 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)

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)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• CFPB announces appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss named New AMAC President (February 9, 2023)

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.