PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, August 29, 2020
August 29, 2020
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
Congress
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 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.
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Crapo Encourages SEC to Finalize Rules
August 28, 2020
U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), encouraging the SEC to finalize certain items currently in the final rule stage as part of the SEC’s fall regulatory agenda. In his letter, Senator Crapo specifically called upon the SEC to finalize its pending efforts in several areas, including harmonizing exempt offerings to allow small businesses to more efficiently and effectively access the capital markets during the ongoing COVID-19 pandemic, shareholder proposal thresholds, and modernization of Regulation S-K disclosures.
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters Announces September Hearing Schedule
August 28, 2020
Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services (Committee), announced the Committee’s schedule of virtual and hybrid hearings for the month of September 2020.
International
Bank of England
Bailey Delivers Speech on Central Bank Balance Sheets as Policy Tools
August 28, 2020
Andrew Bailey, Governor of the Bank of England, delivered a speech entitled “The Central Bank Balance Sheet as a Policy Tool: Past, Present and Future,” at the virtual Jackson Hole Economic Policy Symposium. In his speech, and the associated paper, Bailey addressed the lessons from the past decade, including the response to the disruption caused by COVID-19, for the use of central banks’ balance sheets as a policy tool.