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Daily Financial Regulation Update -- Tuesday, February 16, 2020

February 16, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

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 (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (Nominee)

Department of Education – Miguel Cardona (Nominee)

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 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

Waters Announces Robinhood, Citadel, Melvin Capital, Reddit CEOs and Keith Gill to Testify at February 18th Committee Hearing

February 12, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following witnesses for the February 18, 2021 full Commitee virtual hearing entitled: "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide."

  • Vlad Tenev, Chief Executive Officer, Robinhood Markets, Inc.
  • Kenneth C. Griffin, Chief Executive Officer, Citadel LLC
  • Gabriel Plotkin, Chief Executive Officer, Melvin Capital Management LP
  • Steve Huffman, Chief Executive Officer, Co-Founder, Reddit
  • Keith Gill

The hearing will be held on February 18, 2021 at 12:00 P.M., Eastern time. Additional witnesses may be named.

Federal Agencies

Securities and Exchange Commission

Commissioners Hester M. Peirce and Elad L. Roisman Release Statement on Contingent Settlement Offers

February 12, 2021

Commissioners Hester M. Peirce and Elad L. Roisman issued a statement disagreeing with Acting Chair Allison Harren Lee’s attempt to rescind the SEC’s policy of considering and accepting contingent settlement offers.