PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, September 16, 2026
September 16, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Senate Fails to Invoke Cloture Over the Clarity Act
September 15, 2026
The U.S. Senate did not advance H.R.3633, Digital Asset Market Clarity Act, during a cloture vote. The bill garnered 49 yeas and 50 nays, falling short of the required 60 votes to advance to full Senate consideration.
- House Financial Services Committee Chair Hill Statement
- Senate Banking Committee Ranking Member Warren Floor Remarks
- Banking Trades Statement
Congress
US House of Representatives
Committee on Financial Services
Hearing: ‘The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System’
September 15, 2026
The House Committee on Financial Services held a hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” The committee heard testimony from Secretary of the Treasury Scott Bessent.
Committee on Small Business
Hearing: ‘Main Street Meets Crypto: What Digital Assets Mean for Small Businesses’
September 15, 2026
The House Committee on Small Business’ Subcommittee on Innovation, Entrepreneurship and Workforce Development held a hearing titled “Main Street Meets Crypto: What Digital Assets Mean for Small Businesses.”
Federal Agencies
Federal Reserve Bank of New York
Empire State Manufacturing Survey — September
September 15, 2026
The Federal Reserve Bank of New York released the September 2026 Empire State Manufacturing Survey.
International
Bank of England
Speech: ‘Money and Power: Lessons From History for Stablecoins and US Dollar Dominance’
September 15, 2026
Financial Policy Committee Member Carolyn Wilkins gave a speech titled “Money and power: lessons from history for stablecoins and US dollar dominance” at Queen’s University in Belfast.
Minutes of the Securities Lending Committee Meeting — March
September 15, 2026
The Bank of England released the minutes from the Securities Lending Committee meeting held March 11.
Administration Changes
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)
- 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)
- Acting Director Mark Paoletta (Acting 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 2026)
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
Practice Areas
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