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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, March 10, 2023

March 10, 2023

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Major Developments

White House Releases Fiscal Year 2024 Budget

March 9, 2023

The Biden-Harris Administration released the President's Budget for Fiscal Year 2024.

Congress

U.S. Senate

U.S. House of Representatives

Committee on Financial Services

Hearing: Consumer Financial Protection Bureau: Ripe for Reform

March 9, 2023

The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "Consumer Financial Protection Bureau: Ripe for Reform."

Hearing: U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital

March 9, 2023

The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital."

Hearing: Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem

March 9, 2023

The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem."

Federal Agencies

U.S. Department of the Treasury

U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share

March 9, 2023

The U.S. Department of the Treasury released the General Explanations of the Administration's FY2024 Revenue Proposals, or "Greenbook," a document to explain the revenue proposals included in President Joe Biden's Budget.

Joint Statement from the REPO Task Force

March 9, 2023

The Deputies of the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released a statement on the task force's continued work.

Federal Reserve Board

Speech: Supporting Innovation with Guardrails: The Federal Reserve's Approach to Supervision and Regulation of Banks' Crypto-related Activities

March 9, 2023

Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Supporting Innovation with Guardrails: The Federal Reserve's Approach to Supervision and Regulation of Banks' Crypto-related Activities."

Paper: Effects of Information Overload on Financial Markets: How Much Is Too Much?

March 9, 2023

The Federal Reserve Board published a working paper entitled, "Effects of Information Overload on Financial Markets: How Much Is Too Much?"

Federal Reserve Bank of New York

Blog: Inflation Persistence: Dissecting the News in January PCE Data

March 9, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflation Persistence: Dissecting the News in January PCE Data."

Federal Deposit Insurance Corporation

Fair Hiring in Banking Act Amends Section 19 of the Federal Deposit Insurance Act

March 9, 2023

The Federal Deposit Insurance Corporation released and overview of the amendments to Section 19 of the Federal Deposit Insurance Act that became effective with the signing of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 on December 23, 2022.

Federal Financial Institutions Examination Council

Financial Action Task Force Suspends the Membership of the Russian Federation, and Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies

March 9, 2023

The Financial Crimes Enforcement Network informed U.S. financial institutions that the Financial Action Task Force (FATF) issued a public statement at the conclusion of its plenary meeting announcing its suspension of the Russian Federation's membership from FATF.

Bank Policy Institute

Blog: The "Branch Destruction" Fiction | Part 2

March 9, 2023

The Bank Policy Institute published a blog post entitled, "The "Branch Destruction" Fiction | Part 2."

International

Bank of England

Speech: Two sides of the same coin – delivering monetary and financial stability timelessly

March 9, 2023

Bank of England Executive Director for Financial Stability, Strategy and Risk gave a speech entitled, "Two sides of the same coin – delivering monetary and financial stability timelessly."

UK Financial Conduct Authority

FCA authorises first Long Term Asset Fund

March 9, 2023

The Financial Conduct Authority has authorised the first Long Term Asset Fund.

FCA to collect Treasury's economic crime levy (Anti-Money Laundering) from July

March 9, 2023

The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime.

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 Trade 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.