PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 5, 2022
April 05, 2022
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Major Developments
Securities and Exchange Commission
Speech: Gary Gensler On Crypto Markets
April 4, 2022
Securities and Exchange Commission Chair Gary Gensler gave a speech on crypto markets at the Penn Law Capital Markets Association Annual Conference.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Roll Out of Capital Formation Legislation to Mark 10th Anniversary of JOBS Act
April 4, 2022
Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, members of the U.S. Senate Banking Committee unveiled a discussion draft of a new plan to help accelerate economic growth and spur new business formation.
Federal Agencies
Federal Reserve Bank of New York
Statement Regarding Repurchase Agreement Small Value Exercise
April 4, 2022
The New York Fed's Open Market Trading Desk announced it intends to conduct a small value forward-settling overnight repo operation with Primary Dealers and Standing Repo Facility counterparties beginning on April 11, 2022.
Renewed Statement of Commitment to the FX Global Code
April 4, 2022
The Federal Reserve Bank of New York released its renewed Statement of Commitment to the FX Global Code.
Climate Change and Financial Stability: The Weather Channel
April 4, 2022
The Federal Reserve Bank of New York released a Liberty Street Economics blog post entitled, "Climate Change and Financial Stability: The Weather Channel."
Office of the Comptroller of the Currency
Interest Rate Risk Statistics Report
April 4, 2022
The Office of the Comptroller of the Currency (OCC) published the spring 2022 edition of its Interest Rate Risk Statistics Report.
Securities and Exchange Commission
Speech: Gary Gensler Before the 2022 41st Annual Small Business Forum
April 4, 2022
Securities and Exchange Commission Chair Gary Gensler gave a speech before the 2022 41st Annual Small Business Forum addressing capital raising by small businesses.
Speech: Rethinking Capital Raising Policy
April 4, 2022
Martha Miller, Director of the Office of the Advocate for Small Business Capital Formation, gave opening remarks entitled "Rethinking Capital Raising Policy" at the SEC's Small Business Forum.
FINRA
Investor Alert: Golden Rules for Investors: What to Know Before Buying Physical Precious Metals
April 4, 2022
FINRA issued an Investor Alert entitled, "Golden Rules for Investors: What to Know Before Buying Physical Precious Metals."
U.S. Small Business Administration
SBA Revises Small Business Size Standards in 16 Industrial Sectors to Increase Eligibility for Its Federal Contracting and Loan Programs
April 4, 2022
The U.S. Small Business Administration issued four final rules to modify revenues-based small business size standards in 16 North American Industrial Classification System (NAICS) sectors that will increase small business eligibility for SBA's federal contracting and loan programs for approximately 59,000 additional firms.
International
European Commission
Financial services: European Commission adopts additional equivalence decisions for US exchanges
April 4, 2022
The European Commission has adopted a decision declaring that a number of U.S. exchanges supervised by the US Securities Exchange Commission are equivalent to EU regulated markets. As a result, derivatives traded on these US exchanges will now be treated as exchange-traded derivatives under EU law.
Bank of England
Joint statement from UK Financial Regulation Authorities on London Metal Exchange and LME Clear
April 4, 2022
The UK financial regulatory authorities issued a statement on the recent volatility in the nickel trading markets.
Speech: Monetary and Financial Stability and the Invasion of Ukraine
April 4, 2022
Jon Cunliffe, Bank of England Deputy Governor, Financial Stability, gave a speech entitled "Monetary and financial stability and the invasion of Ukraine."
UK Financial Conduct Authority
Speech: Building a Digital Regulator: How the FCA is Riding the Innovation Wave
April 4, 2022
Jessica Rusu, UK Financial Conduct Authority Chief Data, Information and Intelligence Officer, gave a speech at the Innovation Finance Global Summit 2022.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Vacant
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022); committee approval March 16, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman – Vacant
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Commodity Futures Commission
- Three (3) Commissioner Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa cook (March 29, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.