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Daily Financial Regulation Update -- Saturday, April 3, 2021

April 03, 2021

By FedACTion Task Force

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Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury – Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau – Rohit Chopra (Nominee)

Securities and Exchange Commission – Gary Gensler (Nominee)

Small Business Administration – Isabel Guzman (effective March 16, 2021)

Commodity Futures Trade Commission

Financial Crimes Enforcement Network

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Department of Education – Dr. Miguel Cardona (effective March 2, 2011)

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 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.

Federal Agencies

U.S. Department of the Treasury

Treasury and IRS disburse more Economic Impact Payments under the American Rescue Plan

April 1, 2021

The U.S. Department of the Treasury, the Internal Revenue Service and the Bureau of the Fiscal Service announced they are disbursing several million more payments in the third batch of Economic Impact Payments from the American Rescue Plan. This brings the total disbursed so far to more than 130 million payments worth approximately $335 billion.

Federal Reserve Board

From Micro to Macro: A Note on the Analysis of Aggregate Productivity Dynamics Using Firm-Level Data

April 2, 2021

The Board of Governors of the Federal Reserve System released a paper titled “From Micro to Macro: A Note on the Analysis of Aggregate Productivity Dynamics Using Firm-Level Data,” as part of its International Finance Discussion series.

Recycling Carbon Tax Revenue to Maximize Welfare

April 2, 2021

The Divisions of Research & Statistics and Monetary Affairs of the Federal Reserve Board released a paper titled “Recycling Carbon Tax Revenue to Minimize Welfare,” as part of its Finance and Economics Discussion series.

Federal Reserve Bank of Boston

For First Time Ever, Boston Fed has a Majority Female Board of Directors

April 2, 2021

According to a release from the Federal Reserve Bank of Boston (Boston Fed), for the first time ever, the Boston Fed has a majority female board of directors. Jeanne Hulit and Lauren Smith joined the board as new members in January 2021, meaning that five of its nine members are women, including chair Christina Hull Paxson, President of Brown University.

Commodity Futures Trading Commission

CFTC Oversight of Family Offices Must be Strengthened

April 1, 2021

Dan M. Berkovitz, Commissioner at the Commodity Futures Trading Commission (CFTC) released a public statement titled “CFTC Oversight of Family Offices Must be Strengthened.”

Consumer Financial Protection Bureau

A Complete Guide to COVID-19 Financial Relief

April 2, 2021

The Consumer Financial Protection Bureau (CFPB) released a blog post titled “A Complete Guide to COVID-19 Financial Relief.” The CFPB’s updated webpage provides an overview of all three Economic Impact Payments and commonly asked questions.

U.S. Department of Labor

Employment Situation Summary – March 2021

April 2, 2021

The U.S. Department of Labor released its Employment Situation Summary for March 2021. According to the summary, total nonfarm payroll employment rose by 916,000 in March 2021, and the unemployment rate edged down to 6.0%. The improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the COVID-19 pandemic. Job growth was widespread in March 2021, led by gains in leisure and hospitality, public and private education, and construction.