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Daily Financial Regulation Update -- Tuesday, September 28, 2021

September 28, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Guidance Sought from SEC Commissioner Gensler for Regulatory Clarity on Cryptocurrencies

September 24, 2021

Senate Banking Committee Ranking Member Pat Toomey (R-PA) requested that Securities and Exchange Commission Chairman Gary Gensler provide public guidance surrounding emerging technologies such as cryptocurrencies.

Federal Agencies

U.S. Department of the Treasury

Federal Reserve Board

Testimony: Chair Powell on Coronavirus and CARES Act

September 28, 2021

U.S. Department of the Treasury Secretary Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell will give testimony before the Senate Committee on Banking, Housing, and Urban Affairs hearing entitled a hearing entitled, "CARES Act Oversight of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery."

Federal Reserve Board

Speech: Governor Brainard on the Navigating Delta Headwinds on the Path to a Full Recovery

September 27, 2021

Federal Reserve System Governor Lael Brainard gave a speech titled, "Navigating Delta Headwinds on the Path to a Full Recovery."

Federal Reserve Bank of New York

Remarks: President Williams on Business More Like Usual

September 27, 2021

John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks titled, "Business More Like Usual."

Blog Post: The Spillover Effects of COVID-19 on Productivity throughout the Supply Chain

September 27, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Spillover Effects of COVID-19 on Productivity throughout the Supply Chain."

Federal Deposit Insurance Corporation

Remarks: FDIC Chairman Jelena McWilliams at the 2021 Interagency Minority Depository Institutions and Community Development Financial Institutions Bank Conference

September 27, 2021

Federal Deposit Insurance Corporation Jelena McWilliams gave remarks at the 2021 Interagency Minority Depository Institutions and Community Development Financial Institutions Bank Conference.

Securities and Exchange Commission

Report: SEC Delivers Report to Congress with Recommendations from the 40th Annual Small Business Forum

September 27, 2021

The Office of the Advocate for Small Business Capital Formation delivered a report to Congress on the Securities and Exchange Commission's (SEC) 40th Annual Small Business Forum. The report provides a summary of the Forum's proceedings, including the recommendations developed by participants for changes needed to the capital raising framework and the SEC's responses to the recommendations.

Small Business Advisory Committee Remarks

September 27, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler, SEC Commissioner Elad L. Roisman, and SEC Commissioner Hester M. Peirce gave prepared remarks before the Small Business Capital Formation Advisory Committee.

Prepared Remarks Before the Asset Management Advisory Committee

September 27, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler, SEC Commissioner Hester M. Peirce, and Acting Director of the Investment Management Division Sarah ten Siethoff gave prepared remarks before the Asset Management Advisory Committee.

National Credit Union Administration

Letter: Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs

September 27, 2021

National Credit Union Administration Board Chairman Todd M. Harper wrote a letter to the boards of directors and chief executive officers of federally insured credit unions, titled, "Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs."

International

Bank of England

Capital Issuance - August 2021

September 27, 2021

The Bank of England issued its August Capital Issuances statistics, which consist of non-government primary market issuance of bonds, commercial paper and equity, representing finance raised by UK resident entities.

Report: Productive Finance Working Group Publishes Recommendations Addressing the Barriers to Investment in Less Liquid Assets

September 27, 2021

The Bank of England's Productive Finance Working Group published a report that includes recommendations that will create an environment in which defined contribution schemes and other investors can benefit from the appropriate long-term opportunities.

Speech: Governor Andrew Bailey: The Hard Yards

September 27, 2021

Governor of the Bank of England Andrew Bailey gave a speech titled, "The Hard Yards," looking at the varying forces currently acting on the economy and what they mean for monetary policy.

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)

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)