Daily Financial Regulation Update -- Monday, November 17, 2025

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Federal Agencies

U.S. Department of the Treasury

US Treasury and Taiwan Central Bank Issue Statement on Exchange Rate Policies

November 14, 2025

The U.S. Department of the Treasury and the Taiwan central bank, under the auspices of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States, decided to continue close consultations on macroeconomic and foreign exchange matters.  

• Statement

 

Federal Reserve Board

Working Paper: ‘Central Bank Access and Flight to Safety’

November 14, 2025

The Federal Reserve Board published a working paper titled “Central Bank Access and Flight to Safety.”

• Paper

 

International

European Commission

Commissioner Dombrovskis Speaks at European Fiscal Board Annual Conference

November 14, 2025

European Commissioner Dombrovskis gave remarks at the annual conference of the European Fiscal Board.

• Remarks

 

Bank of England

Working Paper: ‘The value of trading relationships in FX derivatives: evidence from Credit Suisse's collapse’

November 14, 2025

The Bank of England published a staff working paper titled “The value of trading relationships in FX derivatives: evidence from Credit Suisse's collapse.”

• Paper

 

Working Paper: ‘Inventories matter for the transmission of monetary policy: uncovering the cost-of-carry channel’

November 14, 2025

The Bank of England published a staff working paper titled “Inventories matter for the transmission of monetary policy: uncovering the cost-of-carry channel.”

• Paper

 

Working Paper: ‘Spatial inequality, regional growth, and economic geography’

November 14, 2025

The Bank of England published a staff working paper titled “Spatial inequality, regional growth, and economic geography.”

• Paper

 

Bank of England Prudential Regulation Authority

Discussion Paper: ‘Alternative Life Capital: Supporting innovation in the life insurance sector’

November 14, 2025

The Prudential Regulation Authority published a discussion paper titled “Alternative Life Capital: Supporting innovation in the life insurance sector.”

• Discussion Paper

 

Financial Conduct Authority

FCA Releases Statement of Policy on Statutory Investigations Into Regulatory Failure and Producing Reports

November 14, 2025

The Financial Conduct Authority released a statement of policy on statutory investigations into regulatory failure and producing reports.

• Statement of Policy

 

Speech: ‘Financial wellbeing goes beyond one size fits all’

November 14, 2025

FCA Deputy Chief Executive Sarah Pritchard gave a speech titled “Financial wellbeing goes beyond one size fits all” at the Investing and Saving Alliance’s annual conference.

• Speech

 

Speech: ‘Composing the future: Balancing innovation and human expertise in financial markets’

November 14, 2025

FCA Director of Market Oversight Dominic Holland gave a speech titled “Composing the future: Balancing innovation and human expertise in financial markets.”

• Speech

 

Administration Changes

Vacancies

Appointments

U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

• 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 – SCOTUS hearing on purported termination to be held in January 2026)
• Stephen Miran (sworn in September 16, 2025)

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 (Acting Chairman effective January 20, 2025)

• Vice Chairman Vacant
• Director Vacant
• Director Jonathan Gould (Comptroller of the Currency)
• Director Russel Vought (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 – Caroline D. Pham (Acting Chairman effective January 20, 2025)

Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025)

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