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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: The Annual Report of the Financial Stability Oversight Council

May 12, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "The Annual Report of the Financial Stability Oversight Council."

Waters Delivers Statement at First Conference Committee Meeting on the America COMPETES Act

May 12, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services and Conference Committee member of the America COMPETES Act of 2022, delivered a statement at the first Conference Committee meeting on H.R. 4521, the America COMPETES Act.

Committee Announces House Passage of Nine Bipartisan Financial Services Bills

May 12, 2022

The U.S. House Committee on Financial Services announces passage of nine bipartisan bills.

  • The Fair Hiring in Banking Act (H.R. 5911), which would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses;
  • The Empowering States to Protect Seniors from Bad Actors Act (H.R. 5914), which would move the responsibility for administering the Senior Investor Protection Grant Program established by Sec. 989A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) from the Consumer Financial Protection Bureau to the Securities and Exchange Commission;
  • The Russian and Belarus Financial Sanctions Act (H.R.7066), which clarifies that U.S. financial institutions that are obligated to comply with various sanctions against Russia and Belarus must take all necessary and available actions to ensure that any entity it owns or controls, including any foreign subsidiaries, comply with the sanctions;
  • The Ukraine Comprehensive Debt Payment Relief Act (H.R. 7081), which directs the Department of the Treasury to use the voice, vote, and influence of the U.S. at the International Monetary Fund (IMF), the World Bank and other relevant multilateral development banks to advocate for the immediate suspension of all debt service payments owed to these institutions by Ukraine. It also directs the Secretary of the Treasury, in coordination with the Secretary of State, to commence immediate efforts with official bilateral and commercial creditors to pursue similar debt payment relief for Ukraine;
  • The Small Business Mergers, Acquisitions, Sales, and Brokerage Act (H.R. 935), which codifies an administrative action by the Securities and Exchange Commission (SEC) that exempts certain merger-and-acquisition brokers from securities registration requirements that facilitate the transfer of ownership in privately held companies with earnings or revenues under specified thresholds, provided such brokers meet certain conditions;
  • The Isolate Russian Government Officials Act (H.R. 6891), which it makes it the policy of the United States to seek to exclude government officials of the Russian Federation, to the maximum extent practicable, from participating in meetings, proceedings, and other activities of the Group of 20 (G-20), Bank for International Settlements (BIS), Basel Committee for Banking Standards (BCBS), Financial Stability Board (FSB), International Association of Insurance Supervisors (IAIS), and International Organization of Securities Commissions (IOSCO);
  • The Russian and Belarus SDR Exchange Prohibition Act (H.R. 6899), which codifyiesthe Administration's current policy by prohibiting the Secretary of the Treasury from providing U.S. dollars in exchange for any Special Drawing Rights held by the Russian Federation or Belarus. It also mandates that the Secretary of the Treasury vigorously advocate that other governments which hold freely usable currencies similarly refuse to convert any Special Drawing Rights held by the Russian Federation or Belarus into hard currency. The legislation also mandates the Secretary of the Treasury to instruct the United States representative at each international financial institution (such as the International Monetary Fund and the World Bank) to oppose the provision of financial assistance from the respective institution to the Russian Federation and Belarus, except to address the basic human needs of the civilian population.
  • The United States Army Rangers Veterans of World War II Congressional Gold Medal Act (S.1872), which would award a Congressional Gold Medal to the U.S. Army Rangers Veterans of World War II in recognition of their dedicated service during World War II;
  • The "Benjamin Berell Ferencz Congressional Gold Medal" Act (H.R. 6015), which would award a Congressional Gold Medal to Benjamin Berell Ferencz, in recognition of his service to the United States and international community during the post-World War II Nuremberg trials and lifelong advocacy for international criminal justice and rule of law.
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Statement for the United States by Andy Baukol Performing the Duties of Under Secretary for International Affairs U.S. Department of the Treasury

May 12, 2022

Andy Baukol gave a statement on behalf of the United States at the 31th Annual Meeting of the Board of Governors, European Bank for Reconstruction and Development.

Remarks by Under Secretary for Domestic Finance Nellie Liang at the Federal Reserve Bank of Atlanta

May 12, 2022

U.S. Undersecretary of the Treasury for Domestic Finance Nellie Liang made remarks during a panel discussion at the Federal Reserve Bank of Atlanta's Financial Markets Conference.

Federal Reserve Board

Paper: A Parsimonious Model of Idiosyncratic Income

May 12, 2022

The Federal Reserve Board published a paper entitled, "A Parsimonious Model of Idiosyncratic Income."

Paper: The Dominant Currency Financing Channel of External Adjustment

May 12, 2022

The Federal Reserve Board published a paper entitled, "The Dominant Currency Financing Channel of External Adjustment."

Federal Reserve Bank of New York

The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the First Quarter

May 12, 2022

The Federal Reserve Bank of New York released its quarterly report to the U.S. Congress. The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the January – March 2022 quarter.

New York Fed to Host Event on Investing in Rural Prosperity

May 12, 2022

On Tuesday, May 24, 2022, the Federal Reserve Bank of New York is hosting a hybrid event, "Investing in Rural Prosperity," in collaboration with the Federal Reserve Board of Governors.

Blog Post: First-Time Buyers Were Undeterred by Rapid Home Price Appreciation in 2021

May 12, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "First-Time Buyers Were Undeterred by Rapid Home Price Appreciation in 2021."

Federal Deposit Insurance Corporation

Flood Insurance: Revised Interagency Questions and Answers

May 12, 2022

The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration (NCUA), and the Farm Credit Administration are issuing the revised Interagency Questions and Answers Regarding Flood Insurance.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Expanding Diversity and Inclusion, Minority Homeownership

May 12, 2022

Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currrency's efforts to reduce barriers to homeownership and promote financial inclusion in remarks at the Asian Real Estate Association of America Diversity and Fair Housing Summit.

National Credit Union Administration

NCUA Board Member Rodney E. Hood Statement at the National Association of Federally Insured Credit Unions CEOs and Senior Executives Conference Key West, Florida

May 12, 2022

National Credit Union Administration Board Member Rodney E. Hood gave a statement at the Naitonal Association of Federal Insured Credit Unions CEOs and Senior Executives Conference in Key West, Florida.

Federal Housing Finance Agency

Foreclosure Prevention Refinance and FPM Report February 2022

May 12, 2022

The Federal Housing Finance Agency released the Foreclosure Prevention Refinance and FPM Report for February 2022.

Prepayment Monitoring Report First Quarter 2022

May 12, 2022

The Federal Housing Finance Agency released the Prepayment Monitoring Report First Quarter 2022.

International

European Commission

State aid: Commission will phase out State aid COVID Temporary Framework

May 12, 2022

The European Commission announced that it will phase out the State aid COVID Temporary Framework, adopted on 19 March 2020 and last amended on 18 November 2021, enabling Member States to remedy a serious disturbance in the economy in the context of the coronavirus pandemic. The State aid COVID Temporary Framework will not be extended beyond the current expiry date, which is 30 June 2022 for most of the tools provided.

Bank of England

Dr. Swati Dhingra appointed to the Monetary Policy Committee

May 12, 2022

The Chancellor of the Exchequer, Rishi Sunak, announced that he has appointed Dr. Swati Dhingra as an external member to the Monetary Policy Committee.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022; confirmed by full Senate vote May 10, 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 – Jerome H. Powell (confirmed May 12, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

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

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

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

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 – Sandra L. Thompson

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.