PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 5, 2025
June 05, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework
June 4, 2025
The U.S. House Committee on Financial Services held a hearing entitled, “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.”
Federal Agencies
Federal Reserve Board
Beige Book – May 2025
June 4, 2025
The Federal Reserve Board released the Beige Book for May 2025.
Working Paper: Changing Jobs to Fight Inflation: Labor Market Reactions to Inflationary Shocks
June 4, 2025
The Federal Reserve Board published a working paper entitled, “Changing Jobs to Fight Inflation: Labor Market Reactions to Inflationary Shocks.”
Fed Listens Welcoming Remarks
June 4, 2025
Federal Reserve Board Governor Lisa D. Cook gave welcoming remarks at a Fed Listens event hosted by the Federal Reserve Bank of Atlanta in Atlanta, Georgia.
Federal Reserve Bank of New York
Blog: Are Businesses Absorbing the Tariffs or Passing Them On to Their Customers?
June 4, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Are Businesses Absorbing the Tariffs or Passing Them On to Their Customers?”
Speech: When the Map No Longer Matches the Terrain
June 4, 2025
Federal Reserve Bank of New York Chief Risk Officer Mihaela Nistor gave remarks entitled, “When the Map No Longer Matches the Terrain,” at the XLoD Global – New York Conference.
Securities and Exchange Commission
SEC Solicits Public Comment on the Foreign Private Issuer Definition
June 4, 2025
The Securities and Exchange Commission published a concept release soliciting public comment on the definition of foreign private issuer.
- Concept Release
- Fact Sheet
- Press Release
- Chair Atkins Statement
- Commissioner Peirce Statement
- Commissioner Crenshaw Statement
Testimony Before the Senate Appropriations Subcommittee on Financial Services and General Government
June 3, 2025
Securities and Exchange Commission Chair Paul S. Atkins testified before the U.S. Senate Appropriations Subcommittee on Financial Services and General Government.
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting
June 4, 2025
The Financial Stability Oversight Council held a meeting on June 4, 2025.
International
European Commission
Commission Provides Guidance on the Implementation of NextGenerationEU – The Road to 2026
June 3, 2025
The Commission adopted a Communication taking stock of the implementation of the Recovery and Resilience Facility (RRF) and offering guidance to Member States to ensure its successful closure in 2026.
2025 European Semester Spring Package Sets Out Guidance to Boost EU Competitiveness
June 3, 2025
The 2025 European Semester Spring Package analyses the key economic and social challenges across the EU and offers policy guidance to Member States with the aim of strengthening competitiveness, prosperity and resilience.
EU Budget 2026: Providing Crucial Funding for EU Priorities in Times of Global Volatility
June 3, 2025
The European Commission issued a proposal setting the 2026 EU budget at €193.26 billion, complemented by an estimated €105.32 billion in disbursements under NextGenerationEU.
European Banking Authority
The EBA Issues Opinions on Two Measures to Address Macroprudential Risk Following Notifications by the Swedish FSA
June 4, 2025
The European Banking Authority published two Opinions following the notifications by the Swedish Financial Supervisory Authority (FSA) of its intention to extend the period of application of two existing macroprudential measures targeting certain exposures secured by immovable property.
Administration Changes
Vacancies
Appointments
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michelle Bowman (nominated March 17, 2025)
- Governor 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 – Travis Hill (Acting Chairman effective January 20, 2025)
- Vice Chairman Vacant
- Director Vacant
- Director Rodney Hood (Acting Comptroller of the Currency)
- Director Russel Vought (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Jonathan Gould (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 2025)
Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)
Commodity Futures Trading Commission – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); 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
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