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Daily Financial Regulation Update -- Friday, October 30, 2020

October 30, 2020

By FedACTion Task Force

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Congress

to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

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.

Federal Agencies

Securities and Exchange Commission

SEC’s Asset Management Advisory Committee to Address COVID-19-Related Operational Issues at Upcoming Special Meeting

October 29, 2020

The U.S. Securities and Exchange Commission released the agenda for the November 5, 2020 special meeting of the Asset Management Advisory Committee (AMAC). At the meeting, the AMAC will consider recommendations concerning COVID-19-related operational issues, which may include electronic delivery, remote work, e-authorization and dematerialization.

Department of Labor

Bureau of Labor Statistics Releases Business Employment Dynamics Report for First Quarter of 2020

October 28, 2020

The U.S. Department of Labor’s Bureau of Labor Statistics released its Business Employment Dynamics Report for the First Quarter 2020 (Report). According to the Report, from December 2019 to March 2020, gross job gains from opening and expanding private-sector establishments were 7.0 million, a decrease of 901,000 jobs from the previous quarter. Further according to the Report, over this period, gross job losses from closing and contracting private-sector establishments were 7.7 million, an increase of 685,000 jobs from the previous quarter. The difference between the number of gross job gains and the number of gross job losses yielded a net employment loss of 773,000 jobs in the private sector during the first quarter of 2020.

Bureau of Labor Statistics Releases Metropolitan Area Employment and Unemployment Report for September 2020

October 28, 2020

The U.S. Department of Labor’s Bureau of Labor Statistics released its Metropolitan Area Employment and Unemployment – September 2020 report (Report). According to the Report, unemployment rates were higher in September than a year earlier in 388 of the 389 metropolitan areas and lower in one area; a total of 73 areas had jobless rates of less than 5.0% and 31 areas had rates of at least 10.0%; nonfarm payroll employment decreased over the year in 251 metropolitan areas and was essentially unchanged in 138 areas; and, the national unemployment rate in September was 7.7%, not seasonally adjusted, up from 3.3% a year earlier.

Labor Department Issues News Release on Unemployment Insurance Weekly Claims

October 29, 2020

The U.S. Department of Labor issued a News Release regarding weekly unemployment insurance claims. The News Release states that, for the week ending October 24, the advance figure for seasonally adjusted initial claims was 751,000, a decrease of 40,000 from the previous week’s revised level; the previous week’s level was revised up by 4,000 from 787,000 to 791,000; the four-week moving average was 787,750, a decrease of 24,500 from the previous week’s revised average; and, the previous week’s average was revised up by 1,000 from 811,250 to 812,250.