PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 19, 2021
February 19, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
- Treasury Announces Appointment of Several Members of Staff (February 3, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Readout of Incoming Chair Brown’s Meeting with Rohit Chopra (February 3, 2021)
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
- Acting Chair Allison Herren Lee Announces Executive Staff (February 1, 2021)
- Kelly L. Gibson Named Acting Deputy Director of Division of Enforcement (February 5, 2021)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees (January 26, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (February 4, 2021)
- HUD Announces More Key Staff (February 16, 2021)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
- Education Announces More Biden-Harris Appointees (February 3, 2021)
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 the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 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
Senator Brown Delivers Remarks at Hearing on Recovery from COVID Crisis
February 18, 2021
Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs delivered opening remarks at a hearing entitled: “The Coronavirus Crisis: Paving the Way to An Equitable Recovery.”
U.S. House of Representatives
Committee on Financial Services
Committee on Financial Services Announces Updates to its February Hearing Schedule
February 18, 2021
The House Committee on Financial Services announced the following updates to the hearing schedule for the month of February:
NEW DATE: February 25 at 10:00 AM Eastern: The Subcommittee on National Security, International Development and Monetary Policy will convene for a virtual hearing entitled, "Dollars against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection."
NEW DATE: February 25 at 2:00 PM Eastern: The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a virtual hearing entitled, “Climate Change and Social Responsibility: Helping Corporate Boards and Investors Make Decisions for a Sustainable World.”
Chairwoman Waters Delivers Remarks at Committee Hearing on Recent Market Volatility
February 18, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered a statement at a hearing entitled, “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”
Federal Agencies
Federal Reserve Board
Governor Brainard Delivers Speech on the Role of Financial Institutions in Tackling the Challenges of Climate Change
February 18, 2021
Governor Lael Brainard of the Board of Governors of the Federal Reserve System delivered a speech at the “2021 IIF U.S. Climate Finance Summit: Financing a Pro Growth Pro Markets Transition to a Sustainable, Low-Carbon Economy,” hosted by the Institute of International Finance, Washington, D.C.
Federal Reserve Bank of New York
New York Fed Research Asks How Competitive are U.S. Treasury Repo Markets?
February 18, 2021
As part of its Liberty Street Economics series, researchers at the Federal Reserve Bank of New York addressed competition in the U.S. Treasury repo markets. The authors demonstrate that the secured funding portion of the repo market is competitive by showing that trading is not concentrated overall and explaining how the pricing of interdealer repo trades is available to a wide range of market participants.
Federal Deposit Insurance Corporation
FDIC Releases Working Paper on Indirect Costs of Government Aid and Intermediary
Supply Effects: Lessons from the Paycheck Protection Program
February 18, 2021
The Federal Deposit Insurance Corporation released a working paper discussing the indirect costs of government aid and intermediary supply effects resulting from the U.S. Small Business Administration’s Paycheck Protection Program (PPP).
Fannie Mae
U.S. Economy Expected to Expand at 6.7 Percent Rate in 2021
February 18, 2021
The U.S. economy is expected to grow 6.7% in 2021, an improvement from both last year’s 2.5% contraction and up from last month’s forecast of 5.3%, according to the February 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.
Department of Labor
DOL Releases Unemployment Insurance Weekly Claims Report Update
February 18, 2021
The U.S. Department of Labor released its unemployment insurance weekly claims report update. In the week ending February 13, the advance figure for seasonally adjusted initial claims was 861,000, an increase of 13,000 from the previous week’s revised level. The previous week’s level was revised up by 55,000 from 793,000 to 848,000. The 4-week moving average was 833,250, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 13,750 from 823,000 to 836,750.