Daily Financial Regulation Update -- Tuesday, August 26, 2025

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Federal Agencies

Federal Reserve Board

Discussion Paper: ‘Why are Manufacturing Plants Smaller in Developing Countries? Theory and Evidence from India’

August 25, 2025

The Federal Reserve Board published a discussion paper titled “Why are Manufacturing Plants Smaller in Developing Countries? Theory and Evidence from India.”

• Paper

 

OIG Report: ‘The Board's Law Enforcement Unit Can Clarify Its Authority and Document Processes for Its Physical Security Program’

August 25, 2025

The Office of Inspector General of the Federal Reserve Board released a report titled “The Board's Law Enforcement Unit Can Clarify Its Authority and Document Processes for Its Physical Security Program.”

• Report
• Summary

 

Federal Reserve Bank of New York

Report: ‘How Do Supply Shocks to Inflation Generalize? Evidence From the Pandemic Era in Europe’

August 25, 2025

The Federal Reserve Bank of New York published a staff report titled “How Do Supply Shocks to Inflation Generalize? Evidence From the Pandemic Era in Europe.”

• Report

 

Blog: ‘Are Financial Markets Good Predictors of R‑Star?’

August 25, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Are Financial Markets Good Predictors of R‑Star?”

• Blog

 

Federal Reserve Bank of Boston

Working Paper: ‘Geopolitical Risk and Global Banking’

August 25, 2025

The Federal Reserve Bank of Boston’s Research Department published a working paper titled “Geopolitical Risk and Global Banking.”

• Paper
• Summary

 

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 Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in September 13, 2022)
• Stephen Miran (nominated August 7, 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 Rodney Hood (Acting 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 – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)

Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); 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