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Daily Financial Regulation Update — Wednesday, April 19, 2023 | Paul Hastings LLP

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Nomination Hearing

April 18, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the nominations of

i) Dr. Jared Bernstein, of Virginia, to be Chairman of the Council of Economic Advisers, Executive Office of the President;

ii) Dr. Ron Borzekowski, of Maryland, to be Director of Financial Research, Department of the Treasury;

iii) Mr. Solomon Jeffrey Greene, of the District of Columbia, to be an Assistant Secretary of Housing and Urban Development, Department of Housing and Urban Development; and

iv) Mr. David Uejio, of California, to be Assistant Secretary of Housing and Urban Development, Department of Housing and Urban Development.

U.S. House of Representatives

Committee on Financial Services

Hearing: Oversight of the Securities and Exchange Commission

April 18, 2023

The U.S. House Committee on Financial Services held a hearing entitled, “Oversight of the Securities and Exchange Commission.”

Representatives Send Letter to SEC Regarding Digital Asset Trading Platform Registration Process

April 18, 2023

U.S. House Committee on Financial Services Representatives, led by Chair Patrick McHenry (NC-10), sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler regarding the SEC’s approach to digital asset regulation and use of the national securities exchange framework to require digital asset trading platforms to register.

Committee on Small Business

Hearing: Paying Their Fair Share: How Tax Hikes Crush the Competitiveness of Small Businesses

April 18, 2023

The U.S. Committee on Small Business held a hearing entitled, “Paying Their Fair Share: How Tax Hikes Crush the Competitiveness of Small Businesses.”

Federal Agencies

Federal Reserve Board

Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023

April 18, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of its interest rate meetings from February 21 through March 22, 2023.

Speech: Considerations for a Central Bank Digital Currency

April 18, 2023

Federal Reserve Governor Michelle W. Bowman gave a speech entitled, “Considerations for a Central Bank Digital Currency.”

Federal Reserve Bank of New York

Business Leaders Survey – April 2023

April 18, 2023

The Federal Reserve Bank of New York released the Business Leaders Survey results for April 2023.

Blog: Enhancing Monitoring of NBFI Exposure: The Case of Open-End Funds

April 18, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Enhancing Monitoring of NBFI Exposure: The Case of Open-End Funds.”

Blog: Monitoring Banks’ Exposure to Nonbanks: The Network of Interconnections Matters

April 18, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Monitoring Banks’ Exposure to Nonbanks: The Network of Interconnections Matters.”

Federal Deposit Insurance Corporation

FDIC Releases Semiannual Update on the Deposit Insurance Fund Restoration Plan

April 18, 2023

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) released its semiannual update on the Restoration Plan for the FDIC’s Deposit Insurance Fund.

Securities and Exchange Commission

Speech: Strengthening Our Partnership with States and Other Jurisdictions to Protect Investors and Promote Market Integrity

April 18, 2023

SEC Commissioner Jaime Lizarraga gave a speech at the NASAS 2023 Public Policy Symposium entitled, “Strengthening Our Partnership with States and Other Jurisdictions to Protect Investors and Promote Market Integrity.”

International

European Commission

Banking Union: Commission proposes reform of bank crisis management and deposit insurance framework

April 18, 2023

The European Commission has adopted a proposal to adjust and further strengthen the EU’s existing bank crisis management and deposit insurance framework, with a focus on medium-sized and smaller banks.

Bank of England

Minutes of Money Market Committee meeting – March 2023

April 18, 2023

The Bank of England released the minutes from the Money Markets Committee meeting held March 8, 2023.

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)

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 – Martin Gruenberg (effective January 5, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

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.

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