Daily Financial Regulation Update -- Saturday, June 18, 2022

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Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Commends Censure of Russia by Financial Action Task Force

June 17, 2022

The Financial Action Task Force (FATF) concluded the last Plenary under the German presidency and produced policy recommendations to strengthen efforts to combat corruption and the misuse of virtual assets. The FATF again condemned the Russian war against Ukraine and took action to restrict Russia's FATF membership privileges.

Federal Reserve Board

Monetary Policy Report

June 17, 2022

The Federal Reserve Board published the June 2022 Monetary Policy Report.

Speech: Chairman Powell's Welcoming Remarks at the "International Roles of the U.S. Dollar"

June 17, 2022

The Federal Reserve Board Chair Jerome Powell gave welcoming remarks at the "International Roles of the U.S. Dollar," a research conference sponsored by the Federal Reserve Board, Washington, DC.

Paper: The Digital Economy and Productivity

June 17, 2022

The Federal Reserve Board published a paper entitled, "The Digital Economy and Productivity."

Federal Reserve Bank of New York

New York Fed to Launch Regular Publication of New Corporate Bond Market Functioning Measure

June 17, 2022

The Federal Reserve Bank of New York announced it will begin monthly publication of a new research product focused on identifying periods of widespread distress in the U.S. corporate bond market. The first publication is scheduled for Wednesday, June 29 at 10:00 am EDT.

U.S. Economy in a Snapshot – June 2022

June 17, 2022

The Federal Reserve Bank of New York released the June 2022 U.S. Economy in a Snapshot showing that core inflation remained elevated, the unemployment rate was unchanged, and the saving rate fell.

Underlying Inflation Gauge (UIG) – June 2022

June 17, 2022

The Federal Reserve Bank of New York staff released the June 2022 Underlying Inflation Gauge (UIG) measures.

The New York Fed DSGE Model Forecast—June 2022

June 17, 2022

The Federal Reserve Bank of New York published the dynamic stochastic general equilibrium (DSGE) model forecast for June 2022.

International

Bank of England

Survey: Market Participants Survey results – June 2022

June 17, 2022

The Bank of England released the Market Participants Survey results for June 2022.

Working Paper: Start-up types and macroeconomic performance in Europe

June 17, 2022

The Bank of England published a staff working paper entitled, "Start-up types and macroeconomic performance in Europe."

UK Financial Conduct Authority

FCA's work on market abuse and manipulation

June 17, 2022

The Financial Conduct Authority published an update on its work on market abuse and manipulation.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

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)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Enforcement Network

National Credit Union Administration – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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