Major Developments
Congress
U.S. Senate
Committee on Small Business and Entrepreneurship
Field Hearing in Berlin, Maryland Addresses Need to Help Build Resiliency in America's Rural Small Businesses
August 23, 2023
The U.S. Senate Committee on Small Business and Entrepreneurship held a field hearing in Berlin, Maryland to address small business resiliency, which is the ability to bounce back after unexpected events.
Federal Agencies
Federal Reserve Bank of New York
Blog: Businesses Want Remote Work, Just Not as Much
August 23, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Businesses Want Remote Work, Just Not as Much."
Federal Reserve Bank of Boston
Article: Why is check fraud suddenly rampant?
August 23, 2023
The Federal Reserve Bank of Boston published an article entitled, "Why is check fraud suddenly rampant?"
Securities and Exchange Commission
SEC Enhances the Regulation of Private Fund Advisers
August 23, 2023
The Securities and Exchange Commission adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers.
SEC Adopts Amendments to Exemption From National Securities Association Membership
August 23, 2023
The Securities and Exchange Commission adopted rule amendments that narrow the exemption from Section 15(b)(8) of the Securities Exchange Act of 1934, which requires any broker or dealer registered with the Commission to become a member of a national securities association unless the broker or dealer effects transactions in securities solely on an exchange of which it is a member.
SEC Reopens Comment Period for Enhanced Safeguarding Rule for Registered Investment Advisers Proposal
August 23, 2023
The Securities and Exchange Commission reopened the comment period on its proposed rule that would redesignate and amend the current custody rule under the Investment Advisers Act of 1940 to enhance protections of customer assets managed by registered investment advisers.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD and Census Bureau Report New Residential Sales in July 2023
August 23, 2023
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced new residential sales statistics for July 2023.
Fannie Mae
Sticking the 'Soft Landing' Remains a Difficult Task
August 23, 2023
The Fannie Mae Economic and Strategic Research (ESR) Group released commentary noting that recent economic data has pointed to a stronger economy than previously expected, but the current business cycle contours still point to an eventual downturn.
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)
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 (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 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.
