PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 3, 2025
December 03, 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
Reps Unveil Bipartisan Capital Formation Package
December 2, 2025
House Committee on Financial Services Chairman French Hill (R-AR), Capital Markets Subcommittee Chairman Ann Wagner (R-MO), Rep. Gregory Meeks (D-NY) and Rep. Josh Gottheimer (D-NJ) unveiled the INVEST Act.
Hearing: ‘Oversight of Prudential Regulators’
December 2, 2025
The House Committee on Financial Services 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 Association; and Travis Hill, acting chairman, Federal Deposit insurance Corporation.
- Hearing
- Committee Memorandum
- Committee Chair Hill Statement
- Committee Ranking Member Waters Statement
- Vice Chair Bowman Testimony
- Comptroller Gould Testimony
- NCUA Chair Hauptman Testimony
- FDIC Acting Chair Hill Testimony
Hearing: ‘Examining Primary Dealers and Balance Sheet Constraints’
December 2, 2025
The House Committee on Financial Services Task Force on Monetary Policy, Treasury Market Resilience and Economic Prosperity Subcommittee held a hearing titled “Examining Primary Dealers and Balance Sheet Constraints.”
House Passes Six Bipartisan Financial Services Bills
December 1, 2025
The House of Representatives passed six bipartisan bills from the House Committee on Financial Services.
Federal Agencies
Federal Reserve Board
Chair Powell Gives Opening Remarks at the George P. Shultz Memorial Lecture Series: Shultz and Economic Policy
December 2, 2025
Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the George P. Shultz Memorial Lecture Series: Shultz and Economic Policy hosted by the Hoover Institution at Stanford University.
Securities and Exchange Commission
Speech: ‘Revitalizing America’s Markets at 250’
December 2, 2025
SEC Chair Paul S. Atkins gave a speech titled “Revitalizing America’s Markets at 250” at the New York Stock Exchange.
International
Bank of England
Financial Stability Report — December 2025
December 2, 2025
The Bank of England’s Financial Stability Committee released the Financial Stability Report for December 2025.
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 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 2026)
- Stephen Miran (sworn in September 16, 2025)
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, nominated to be Chair September 30, 2025)
- 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 – Caroline D. Pham (Acting Chairman effective January 20, 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
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