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Daily Financial Regulation Update -- Thursday, July 15, 2021

July 15, 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 Financial Services

Hearing: Monetary Policy and the State of the Economy

July 14, 2021

The Committee on Financial Services held a hearing titled, "Monetary Policy and the State of the Economy," with Federal Reserve Chair Jerome Powell providing the Federal Reserve's Semiannual Monetary Policy Report.

Committee on Small Business

Committee Looks to Drive Innovation and Economic Recovery through SBA Programs

July 14, 2021

The House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access examined current Small Business Administration initiatives designed to encourage innovation. The hearing focused on ways innovation can benefit small businesses, drive recovery from the pandemic, and boost the country's long-term economic prospects.

Federal Agencies

Federal Reserve Board

Report: Beige Book – July 14, 2021

July 14, 2021

The Federal Reserve issued its Beige Book summarizing that the U.S. economy strengthened further from late May to early July, displaying moderate to robust growth. Sectors reporting above-average growth included transportation, travel and tourism, manufacturing, and nonfinancial services. Supply-side disruptions became more widespread, including shortages of materials and labor, delivery delays, and low inventories of many consumer goods. Bank lending activity increased slightly or modestly in most Districts. The outlook for demand improved further, but many contacts expressed uncertainty or pessimism over the easing of supply constraints.

Commodity Futures Trading Commission

Statement: CFTC Staff on Transition Away from LIBOR

July 14, 2021

The Commodity Futures Trading Commission's Market Participants Division and Division of Market Oversight issued this statement to advise market participants and swap execution facilities of the importance of ensuring a smooth and timely transition away from LIBOR.

CFTC Market Risk Advisory Committee Adopts SOFR First Recommendation at Public Meeting

July 13, 2021

The Commodity Futures Trading Commission's (Commission) Market Risk Advisory Committee (MRAC) adopted a market best practice known as SOFR First for consideration by the full Commission. SOFR First is a phased initiative for switching trading conventions from LIBOR to the Secured Overnight Financing Rate, or SOFR, for U.S. Dollar linear interest rate swaps, cross currency swaps, non-linear derivatives and exchange traded derivatives.

International

European Commission

European Green Deal: Commission proposes transformation of EU economy and society to meet climate ambitions

July 14, 2021

The European Commission (EC) adopted a package of proposals to make the European Union's climate, energy, land use, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. With the proposals, the EC is presenting the legislative tools to deliver on the targets agreed in the European Climate Law and fundamentally transform the economy and society for a fair, green and prosperous future.

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 (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

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

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