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Daily Financial Regulation Update -- Saturday, September 25, 2021

September 24, 2021

By FedACTion Task Force

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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.

U.S. House of Representatives

Committee on Small Business

House Passes Bipartisan Small Business Contracting Measures as Part of NDAA

September 24, 2021

The House passed the FY 2022 National Defense Authorization Act, which includes multiple measures to create more opportunities for small businesses in the government contracting space. Committee members advanced numerous bipartisan amendments focused on helping small firms that were included in the final bill.

Federal Agencies

U.S. Department of the Treasury

More than 420,000 Households Received Emergency Rental Assistance in August, Totaling Over $2.3 Billion in Payments

September 24, 2021

The state and local government grantees of the Emergency Rental Assistance Program increased the number of households served to more than 420,000 last month, up from 340,000 in July. More than $2.3 billion in rental assistance was distributed in August, which represents roughly three times the amount spent in May.

Federal Reserve Board

Paper: Trade Policy is Real News: Theory and Evidence

September 24, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Trade Policy is Real News: Theory and Evidence," evaluating the aggregate effects of changes in trade barriers when these changes can be implemented slowly over time and trade responds gradually to changes in trade barriers because firm-level trade costs make exporting a dynamic decision.

Paper: Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)

September 24, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Why Do We Think that Inflation Expectations Matter for Inflation? (And Should We?)."

Paper: Can the Federal Reserve Effectively Target Main Street? Evidence from the 1970s Recession

September 24, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Can the Federal Reserve Effective Target Main Street? Evidence from the 1970s Recession."

Paper: Liquidity Provision and Co-insurance in Bank Syndicates

September 24, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Liquidity Provision and Co-insurance in Bank Syndicates," studying the capacity of the banking system to provide liquidity to the corporate sector in times of stress and how changes in this capacity affect corporate liquidity management.

Speech: Introductory Remarks by Chair Powell at Fed Listens: Perspectives on the Pandemic Recovery

September 24, 2021

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell gave introductory remarks at "Fed Listens: Perspectives on the Pandemic Recovery."

Federal Reserve Bank of New York

Implications of the Federal Reserve's COVID-19 Facilities

September 24, 2021

In response to the economic dislocations brought about by the COVID-19 pandemic, the Federal Reserve Bank of New York launched a number of facilities and other policy interventions to support market functioning and the flow of credit to households and businesses, in order to bolster American employment and the economy. Nine new Staff Reports focus on those facilities, offering background on the market conditions that led to their establishment, details on the facilities' design, and assessments of their impact.

Report: Climate Stress Testing

September 24, 2021

The Federal Reserve Bank of New York published a staff report titled, "Climate Stress Testing."

New York Fed to Host Conference on the Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic

September 24, 2021

On September 30, 2021 and October 1, 2021, the Federal Reserve Bank of New York will host a conference bringing together academics and central bankers to discuss the Federal Reserve's actions in response to the COVID-19 pandemic. The conference will feature opening and closing remarks from President and Chief Executive Officer, John C. Williams, as well as panelists from the New York Fed, the Federal Reserve Board, the European Central Bank, the Bank for International Settlements, the U.S Department of the Treasury, and several academic institutions.

Underlying Inflation Gauge (UIG)

September 24, 2021

The Federal Reserve Bank of New York published its August Underlying Inflation Gauge (UIG). The UIG captures sustained movements in inflation from information contained in a broad set of price, real activity, and financial data. The UIG for August is currently estimated at 3.8%, unchanged from the previous month.

Blog Post: Have Consumers' Long-Run Inflation Expectations Become Un-Anchored?

September 24, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Have Consumers' Long-Run Inflation Expectations Become Un-Anchored?"

Federal Reserve Bank of Boston

The Main Street Lending Program

September 24, 2021

The Federal Reserve Bank of Boston published a Current Policy Perspectives article titled, "The Main Street Lending Program," describing the Main Street Lending Program's goals, design, the challenges and constraints that shaped its reach, and the characteristics of its borrowers and lenders.

U.S. Small Business Administration

SBA Administrator Announces New Shuttered Venue Operators Grant Milestone: Supplemental Awards Begin

September 24, 2021

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the SBA began supplemental award notifications to eligible applicants this week, through the Shuttered Venue Operators Grant (SVOG) program.

SBA Administrator Statement on GAO Findings: PPP Program Increased Lending to Smallest Businesses, Underserved Communities

September 24, 2021

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman issued a statement in response to a Government Accountability Office (GAO) report released this week that found that critical changes to the Paycheck Protection Program implemented under her leadership earlier this year had the intended effect of increasing loan access for the smallest and minority-owned businesses that were largely left out of earlier funding.

Federal Housing Finance Agency

FHFA Extends Availability of COVID-19 Multifamily Forbearance

September 24, 2021

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners as needed, subject to the continued tenant protections FHFA has imposed during the pandemic.

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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

Office of the Comptroller of the Currency – Saule Omarova (Nominee)

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)

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