PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Commodity Futures Trading Commission

Senators Introduce Legislation to Regulate Digital Commodities

August 3, 2022

U.S. Senators Debbie Stabenow (D-MI), Chairwoman of the Senate Committee on Agriculture, Nutrition, and Forestry, and John Boozman (R-AR), Ranking Member, along with Senators Cory Booker (D-NJ) and John Thune (R-SD) introduced the Digital Commodities Consumer Protection Act of 2022 to give the Commodity Futures Trading Commission new tools and authorities to regulate digital commodities.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Propose Legislation to Address Digital Asset Reporting Requirements August 3, 2022

U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.), Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Ariz.), and Rob Portman (R-Ohio) introduced legislation to clarify the digital asset reporting requirements that were part of the Infrastructure Investment and Jobs Act enacted in 2021.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen Holds Meeting with CEOs on U.S. Economy

August 3, 2022

U.S. Secretary of the Treasury Janet L. Yellen met virtually with CEOs representing a range of industries to discuss the U.S. economy.

Deputy Secretary of the Treasury Wally Adeyemo Holds Roundtable with Local and Tribal Governments on Incorporating Equity into American Rescue Plan

August 3, 2022

Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable with local and Tribal governments to discuss how they are deploying State and Local Fiscal Recovery Funds to effectively serve communities of color and vulnerable communities.

Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost

August 3, 2022

Assistant Secretary for Financial Markets Josh Frost issued the Quarterly Refunding Statement.

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

August 3, 2022

The Treasury Borrowing Advisory Committee released the report and minutes of the meeting held on August 2, 2022.

Federal Reserve Board

Paper: The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis

August 3, 2022

The Federal Reserve Board published a paper entitled, "The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis."

Paper: Pandemic Priors

August 3, 2022

The Federal Reserve Board published a paper entitled, "Pandemic Priors."

Federal Deposit Insurance Corporation

Summer 2022 Supervisory Insights Journal Issued

August 3, 2022

The Federal Deposit Insurance Corporation released the summer 2022 issue of Supervisory Insights.

Securities and Exchange Commission

Investor Bulletin: Trading Prohibitions on Foreign Companies Under the HFCAA

August 3, 2022

The Securities and Exchange Commission released an Investor Bulletin entitled, "Trading Prohibitions on Foreign Companies Under the HFCAA."

Administration Changes

Vacancies

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)

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 Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 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.