Daily Financial Regulation Update -- Friday, June 5, 2026

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Congress

US House of Representatives

Committee on Financial Services

Hearing: ‘Oversight of Prudential Regulators’

June 4, 2026

The House Financial Services Committee held a hearing titled “Oversight of Prudential Regulators.” The committee heard testimony from:

Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System;

Jonathan Gould, Comptroller, Office of the Comptroller of the Currency;

Kyle Hauptman, Chairman, National Credit Union Administration; and

Travis Hill, Chairman, Federal Deposit Insurance Corporation.

• Hearing
• Committee Memorandum
• Committee Chair Hill Statement
• Ranking Member Waters Statement
• FRB Vice Chair Bowman Testimony
• Comptroller Gould Testimony
• NCUA Chair Hauptman Testimony
• FDIC Chair Hill Testimony

 

Federal Agencies

US Department of the Treasury

Statement From Secretary Bessent Before the House Ways and Means Committee

June 4, 2026

Secretary of the Treasury Scott Bessent testified before the House of Representatives Ways and Means Committee.

• Statement

 

Statement From Secretary Scott Bessent Before Senate Finance Committee

June 3, 2026

Secretary of the Treasury Scott Bessent testified before the Senate Finance Committee.

• Statement

 

Federal Reserve Board

Working Paper: ‘Household Consumption Does Not Respond Directly to Interest Rates: Evidence From 10 Macroeconomic Shocks’

June 4, 2026

The Federal Reserve Board published a revision to a working paper titled “Household Consumption Does Not Respond Directly to Interest Rates: Evidence From 10 Macroeconomic Shocks.”

• Revision
• Original Paper

 

Working Paper: ‘Slow Learning’

June 4, 2026

The Federal Reserve Board published a working paper titled “Slow Learning.”

• Paper

 

Federal Reserve Bank of Boston

Working Paper: ‘Reassessing the US Economy’s Vulnerability to Oil Shocks’

June 4, 2026

The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Reassessing the U.S. Economy’s Vulnerability to Oil Shocks.”

• Paper
• Summary

 

Securities and Exchange Commission

SEC Holds Investor Advisory Committee Meeting

June 4, 2026

The Securities and Exchange Commission’s Investor Advisory Committee held a meeting to discuss avoiding retail confusion regarding private market assets, passive index funds, shareholder voting, fund proxy voting and recommendations regarding quarterly vs. semiannual reporting. Chair Paul S. Atkins and Commissioners Hester M. Peirce and Mark T. Uyeda gave remarks.

• Meeting
• Agenda
• Chair Atkins Remarks
• Commissioner Peirce Remarks
• Commissioner Uyeda Remarks

 

Speech: ‘Harmonization: We’ll Have Lots to Talk About’

June 4, 2026

Securities and Exchange Commission Division of Trading and Markets Director Jamie Selway gave a speech titled “Harmonization: We’ll Have Lots to Talk About” at the Piper Sandler Global Exchange & Fintech Conference.

• Speech

 

Bank Policy Institute

Blog: ‘When the Fed Implemented Policy Using a Demand-Driven Approach’

June 4, 2026

The Bank Policy Institute published a blog post titled “When the Fed Implemented Policy Using a Demand-Driven Approach.”

• Blog

 

International

Bank of England

Minutes of the Synchronization Thematic Engagement Working Group

June 4, 2026

The Bank of England released the minutes of the Synchronization Thematic Engagement Working Group meeting held April 30.

• Minutes

 

Administration Changes

Vacancies

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)

Federal Reserve Board – Kevin Warsh (effective May 22, 2026)

• Vice Chair Phillip N. Jefferson (sworn in September 13, 2023)
• Vice Chair for Supervision Michelle W. Bowman (sworn in June 9, 2025)
• Governor Michael Barr (sworn in July 19, 2022)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in September 13, 2022 – SCOTUS hearing on purported termination to be held in January 21, 2026)
• Stephen Miran (sworn in September 16, 2025)
• Governor Jerome H. Powell (sworn in June 16, 2014)

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 – Travis Hill (effective January 13, 2026)

• Vice Chairman Vacant
• Director Vacant
• Director Jonathan Gould (Comptroller of the Currency)
• Director Russel Vought (Director of Consumer Financial Protection Bureau)

Office of the Comptroller of the Currency – Jonathan Gould (effective July 15, 2025)

Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)

Commodity Futures Trading Commission – Michael Selig (confirmed December 18, 2025)

Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025)

National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)

Small Business Administration – Kelly Loeffler (effective February 19, 2025)

U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)

Federal Housing Finance Agency – William Pulte (effective March 13, 2025)

U.S. Department of Education – Linda McMahon (effective March 3, 2025)

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 theConsolidated 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