left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Saturday, October 3, 2020

October 03, 2020

By FedACTion Task Force

Subscribe to

PH Client Alerts

to read more from our Coronavirus series.

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.

U.S. House of Representatives

Committee on Financial Services

Waters, Leahy Call on GAO to Review Sustainability of World Bank’s International Development Association’s New Financing Model

October 1, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services, and Senator Patrick Leahy (D-VT), Vice Chairman of the Senate Committee on Appropriations, sent a letter to the Government Accountability Office (GAO) requesting that the GAO analyze the financing model, financial viability and risk management of the International Development Association, which is part of the World Bank.

Waters Gives Floor Statement on Updated Heroes Act

October 1, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services, gave a floor statement in support of the updated Heroes Act. The U.S. House of Representatives passed the initial Heroes Act on May 15, 2020, and passed an updated version of the Heroes Act on October 1, 2020.

Federal Agencies

Federal Reserve Bank of New York

Federal Reserve Bank of New York Publishes Blog Post Examining Use of Quantitative Easing by Emerging Economies During COVID-19

October 2, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post (Post) entitled “Should Emerging Economies Embrace Quantitative Easing during the Pandemic?” In the Post, the authors argue that quantitative easing is a viable macroeconomic policy response to the COVID-19 pandemic for countries with a credible central bank, a floating exchange rate regime, and sovereign debt that is largely denominated in its own local currency.

Securities and Exchange Commission

SEC Issues Agenda for Upcoming FIMSAC Meeting

October 1, 2020

The Securities and Exchange Commission (SEC) released the agenda for the October 5, 2020 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will focus on discussions regarding recent market volatility and the impact of COVID-19 on the corporate bond, bond fund and ETF, technology and e-trading and municipal securities markets.

Department of Labor

BLS Releases September 2020 Jobs Report

October 2, 2020

The United States Department of Labor’s Bureau of Labor Statistics released its report titled “The Employment Situation” (Jobs Report) for September 2020. According to the Jobs Report, total nonfarm payroll employment rose modestly by 661,000 in September, and the unemployment rate declined to 7.9%.

International

European Commission

Commission Consults with Member States on Proposal to Prolong and Adjust State Aid Temporary Framework

October 2, 2020

The European Commission sent to Member States, for consultation, a draft proposal to prolong until June 30, 2021 the State Aid Temporary Framework, adopted on March 19, 2020 to support the economy in the context of the COVID-19, and adjust its scope.