PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, December 14 2023
December 14, 2023
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Moving the Money Part 2: Getting Answers from the Biden Administration on the Iranian Regime's Support of Terrorism
December 13, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Moving the Money Part 2: Getting Answers from the Biden Administration on the Iranian Regime's Support of Terrorism." Witnesses included: Ms. Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes; Mr. Abram Paley, Deputy Special Envoy to Iran.
- Hearing
- Committee Memorandum
- Subcommittee Chair Huizenga Statement
- Committee Ranking Member Waters Statement
- Assistant Secretary Rosenberg Testimony
- Deputy Special Envoy Paley Testimony
Committee on Small Business
Reps. Send Letter Calling for Guardrails in Government Use of AI Chatbots Serving Small Businesses
December 13, 2023
U.S. House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) led seven Small Business Committee Representatives in sending a letter to the White House Office of Management and Budget and the Department of Commerce calling on the agencies to study the effectiveness of AI chatbots in serving small businesses interacting with government agencies.
Federal Agencies
Federal Reserve Board
Federal Reserve issues FOMC statement
December 13, 2023
The Federal Reserve issued a statement announcing the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
Federal Reserve Board and Federal Open Market Committee release economic projections
December 13, 2023
The Federal Reserve Board released economic projections made by the Federal Open Market Committee participants in conjunction with the FOMC meeting held December 12-13, 2023.
Federal Deposit Insurance Corporation
Money Smart Newsletter – December 2023
The Federal Deposit Insurance Corporation issued the Money Smart newsletter for December 2023.
Office of the Comptroller of the Currency
OCC Reports Third Quarter 2023 Bank Trading Revenue
December 13, 2023
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $13.2 billion in the third quarter of 2023.
Securities and Exchange Commission
SEC Adopts Rules to Improve Risk Management in Clearance and Settlement and Facilitate Additional Central Clearing for the U.S. Treasury Market
December 13, 2023
The Securities and Exchange Commission adopted rule changes to enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions.
- Rule Details
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizárraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
SEC Approves 2024 PCAOB Budget and Accounting Support Fee
December 13, 2023
The Securities and Exchange Commission approved the 2024 budget of the Public Company Accounting Oversight Board and the related annual accounting support fee.
- Order
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizárraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Commodity Futures Trading Commission
CFTC Holds Open Meeting
December 13, 2023
The Commodity Futures Trading Commission held an open meeting on December 13, 2023.
- Meeting
- Agenda
- Chair Behnam Statement
- Commissioner Johnson Statement
- Commissioner Goldsmith Romero Statement
- Commissioner Pham Statement
International
European Commission
EU negotiators secure agreement at COP28 to accelerate the global transition away from fossil fuels and triple renewables and double energy efficiency this decade
December 13, 2023
At the end of the COP28 UN Climate Conference in Dubai, European Union negotiators succeeded, with partners from around the world, to keep alive the possibility of delivering on the commitment in the Paris Agreement to limit global average temperature increase to 1.5 Celsius above pre-industrial levels.
Administration Changes
Vacancies
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 (sworn in September 13, 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 September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 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.