PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 10, 2023
March 10, 2023
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Major Developments
White House Releases Fiscal Year 2024 Budget
March 9, 2023
The Biden-Harris Administration released the President's Budget for Fiscal Year 2024.
- Overview
- Budget
- Fact Sheet
- Education Secretary Cardona Statement
- HUD Secretary Fudge Statement
- House Committee on Small Business Chair McHenry Statement
Congress
U.S. Senate
U.S. House of Representatives
Committee on Financial Services
Hearing: Consumer Financial Protection Bureau: Ripe for Reform
March 9, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "Consumer Financial Protection Bureau: Ripe for Reform."
Hearing: U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital
March 9, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital."
Hearing: Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem
March 9, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem."
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share
March 9, 2023
The U.S. Department of the Treasury released the General Explanations of the Administration's FY2024 Revenue Proposals, or "Greenbook," a document to explain the revenue proposals included in President Joe Biden's Budget.
Joint Statement from the REPO Task Force
March 9, 2023
The Deputies of the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released a statement on the task force's continued work.
Federal Reserve Board
Speech: Supporting Innovation with Guardrails: The Federal Reserve's Approach to Supervision and Regulation of Banks' Crypto-related Activities
March 9, 2023
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Supporting Innovation with Guardrails: The Federal Reserve's Approach to Supervision and Regulation of Banks' Crypto-related Activities."
Paper: Effects of Information Overload on Financial Markets: How Much Is Too Much?
March 9, 2023
The Federal Reserve Board published a working paper entitled, "Effects of Information Overload on Financial Markets: How Much Is Too Much?"
Federal Reserve Bank of New York
Blog: Inflation Persistence: Dissecting the News in January PCE Data
March 9, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflation Persistence: Dissecting the News in January PCE Data."
Federal Deposit Insurance Corporation
Fair Hiring in Banking Act Amends Section 19 of the Federal Deposit Insurance Act
March 9, 2023
The Federal Deposit Insurance Corporation released and overview of the amendments to Section 19 of the Federal Deposit Insurance Act that became effective with the signing of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 on December 23, 2022.
Federal Financial Institutions Examination Council
Financial Action Task Force Suspends the Membership of the Russian Federation, and Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
March 9, 2023
The Financial Crimes Enforcement Network informed U.S. financial institutions that the Financial Action Task Force (FATF) issued a public statement at the conclusion of its plenary meeting announcing its suspension of the Russian Federation's membership from FATF.
Bank Policy Institute
Blog: The "Branch Destruction" Fiction | Part 2
March 9, 2023
The Bank Policy Institute published a blog post entitled, "The "Branch Destruction" Fiction | Part 2."
International
Bank of England
Speech: Two sides of the same coin – delivering monetary and financial stability timelessly
March 9, 2023
Bank of England Executive Director for Financial Stability, Strategy and Risk gave a speech entitled, "Two sides of the same coin – delivering monetary and financial stability timelessly."
UK Financial Conduct Authority
FCA authorises first Long Term Asset Fund
March 9, 2023
The Financial Conduct Authority has authorised the first Long Term Asset Fund.
FCA to collect Treasury's economic crime levy (Anti-Money Laundering) from July
March 9, 2023
The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime.
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Financial Crimes Enforcement Network
- Director – Vacant (Himamauli Das serves as Acting Director)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair for Supervision 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 Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board announces appointment of Joshua Gallin as secretary of the Federal Open Market Committee (February 2, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
- FDIC Announces Senior Leadership Changes in Division of Risk Management Supervision (January 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC Announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin Named OCC Chief Information Officer (February 8, 2023)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- SEC Announces Appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter Named Chief Accountant (January 11, 2023)
- Erik Gerding Named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes Named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe Named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham Announces Members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- CFTC Commissioner Pham Announces Additional Staff Appointment (February 7, 2023)
- Chairman Behnam Announces Veteran Federal Prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
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 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.