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Daily Financial Regulation Update -- Saturday, November 20, 2021

November 20, 2021

By FedACTion Task Force

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Major Developments

Build Back Better Act Passed in House of Representatives

November 19, 2021

H.R.5376, commonly referred to as the Build Back Better Act, was passed in the House of Representatives. The bill provides funding, establishes programs, and otherwise modified provisions relating to a broad array of areas, including education, labor, child care, health care, taxes, immigration, and the environment.

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

Statement: Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

November 19, 2021

U.S. Secretary of the Treasury Janet L. Yellen sent a new letter to all members of Congressional leadership regarding the debt issuance suspension period.

Statement: Secretary of the Treasury Janet L. Yellen on the Deficit Impacts of the Build Back Better Act

November 18, 2021

Secretary of the Treasury Janet L. Yellen released a statement on the impact of the Build Back Better legislation.

Federal Reserve Board

Paper: Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws

November 19, 2021

The Federal Reserve Board published a paper titled, "Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws."

Speech: Clarida: Perspectives on Global Monetary Policy Coordination, Cooperation, and Correlation

November 19, 2021

Federal Reserve System Vice Chair Richard H. Clarida gave a speech titled, "Perspectives on Global Monetary Policy Coordination, Cooperation, and Correlation," at the Macroeconomic Policy and Global Economic Recovery 2021 Asia Economic Policy Conference.

Speech: Waller: Economic Outlook

November 19, 2021

Federal Reserve System Governor Christopher J. Waller gave a speech titled, "Economic Outlook" at the Center for Financial Stability.

Federal Reserve Bank of New York

Corporate Credit Facility Transfers Earnings to Treasury; Municipal Liquidity Facility and Term Asset-Backed Securities Loan Facility Agree to Return Excess Equity Semiannually

November 19, 2021

On November 19, 2021, Corporate Credit Facilities LLC (CCF LLC) distributed earnings of approximately $513 million to the U.S. Department of the Treasury (Treasury) and Federal Reserve Bank of New York (New York Fed) at the 90:10 ratio set out in CCF LLC's limited liability company agreement. Separately, the New York Fed and Treasury agreed that each year in November and May, the Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) will return to Treasury any preferred equity funds previously invested by Treasury in those facilities that are in excess of the respective facilities' remaining exposure to the assets they hold at the time.

Federal Deposit Insurance Corporation

Paper: Refinancing Inequality During the COVID-19 Pandemic

November 19, 2021

The Federal Deposit Insurance Corporation published a paper titled, "Refinancing Inequality During the COVID-19 Pandemic."

U.S. Small Business Administration

SBA Announces Updated Guidance Regarding Applicant Deadlines for COVID-19 Economic Injury Disaster Loan Program

November 19, 2021

The U.S. Small Business Administration (SBA) announced updated guidance for COVID-19 Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.

International

Bank of England

Paper: Unlocking New Methods to Estimate Country-Specific Trade Costs and Trade Elasticities

November 19, 2021

The Bank of England published a staff working paper titled, "Unlocking New Methods to Estimate Country-Specific Trade Costs and Trade Elasticities."

A CBA of APC: Analyzing Approaches to Procyclicality Reduction in CCP Initial Margin Models

November 19, 2021

The Bank of England published a staff working paper titled, "A CBA of APC: Analyzing Approaches to Procyclicality Reduction in CCP Initial Margin Models."

Blog Post: How sensitive is UK corporate debt to increases in debt-servicing costs or earnings shocks?

November 19, 2021

The Bank of England published a Bank Overground post titled, "How Sensitive is UK Corporate Debt to Increases in Debt-Servicing Costs of Earnings Shocks?"

UK Financial Conduct Authority

FCA Confirms Recognition of the Revised FX Global Code and the Global Precious Metals Code

November 19, 2021

The Financial Conduct Authority (FCA) confirmed under its code recognition scheme that it is recognizing the updated FX Global Code and recognizing the Global Precious Metals Code.

FCA Enters Examination Stage in the Registration of First UK Securitization Repositories

November 19, 2021

The Financial Conduct Authority (FCA) announced that it assessed completeness and now reached the examination stage in the assessment process of applications received from Securitization Repositories under the UK Securitization Regulation.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission

Financial Crimes Enforcement Network

National Credit Union Administration - Todd M. Harper

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)