Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Ranking Member Waters Urges Chair McHenry to Call on Sam Bankman-Fried to Testify Before the House Financial Services Committee February 10, 2023
Congresswoman Maxine Waters (D-CA), the ranking member of the House Financial Services Committee sent a letter to Chairman Patrick McHenry (R-NC) urging the Chair to immediately ensure the presence of founder and former CEO of FTX, Sam Bankman-Fried, as well as other former FTX executives, at a hearing before the Committee regarding events leading up to the exchange's bankruptcy.
Federal Agencies
U.S. Department of the Treasury
Treasury Takes Action Related to Excepted Foreign State and Excepted Real Estate Foreign States regarding the United Kingdom and New Zealand
February 10, 2023
The Department of the Treasury announced actions taken by the Committee on Foreign Investment in the United States (CFIUS) related to excepted foreign states (EFS). Specifically, CFIUS has determined that New Zealand and the United Kingdom have met the EFS determination requirements under CFIUS regulations.
Treasury Issues Syria General License 23 To Aid In Earthquake Disaster Relief Efforts
February 10, 2023
The U.S. Department of Treasury's Office of Foreign Assets Control issued Syria General License 23, which authorizes for 180 days all transactions related to earthquake relief that would be otherwise prohibited by the Syrian Sanctions Regulations.
Deputy Secretary of the Treasury Wally Adeyemo Holds Roundtable with Sanctions Experts
February 10, 2023
Deputy Secretary of the Treasury Wally Adeyemo convened a group of experts on sanctions and U.S. foreign policy to discuss the effects and successes of the unprecedented sanctions and export controls imposed on Russia by an international coalition of more than 30 countries.
Federal Reserve Board
Speech: Thoughts on the Crypto Ecosystem
February 10, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Thoughts on the Crypto Ecosystem."
Federal Reserve Bank of New York
U.S. Economy in a Snapshot – February 2023
February 10, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for February 2023.
Office of the Comptroller of the Currency
OCC Chief Counsel Discusses Bank Mergers at OCC Merger Symposium
February 10, 2023
Senior Deputy Comptroller and Chief Counsel Ben W. McDonough discussed the need to evaluate the framework for evaluating bank mergers in remarks delivered on behalf of Acting Comptroller Michael J. Hsu at the Office of the Comptroller of the Currency's Bank Merger Symposium. The remarks and symposium included a discussion of the future of bank merger policy in the context of competition, financial stability and the convenience and needs of communities.
Commodity Futures Trading Commission
Speech: Adjusting the Sails for Cyber and Climate Resilience
February 10, 2023
Christy Goldsmith, Commissioner of the Commodity Futures Trading Commission, gave a keynote address at the FIA & SIFMA Asset Management Derivatives Forum entitled, "Adjusting the Sails for Cyber and Climate Resilience."
Financial Stability Oversight Council
FSOC Holds Meeting
February 10, 2023
U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council in executive session and released minutes from the December 2022 meeting addressing a wide array of activities including crypto, climate, nonbank intermediation (including fintech), private markets, hedge funds and Treasury Markets.
Bank Policy Institute
Report: Deep Dive: DFAST 2023 Stress Test Scenarios
February 10, 2023
The Bank Policy Institute published a report entitled, "Deep Dive: DFAST 2023 Stress Test Scenarios."
International
Bank of England
Paper: Do firm expectations respond to monetary policy announcements?
February 10, 2023
The Bank of England published a staff working paper entitled, "Do firm expectations respond to monetary policy announcements?"
Bank of England Prudential Regulation Authority
Policy Statement: Remuneration: Unvested pay, Material Risk Takers and public appointments
February 10, 2023
The Bank of England Prudential Regulation Authority published a policy statement entitled, "Remuneration: Unvested pay, Material Risk Takers and public appointments."
UK Financial Conduct Authority
Discussion Paper: Finance for positive, sustainable change
February 10, 2023
The UK Financial Conduct Authority published a discussion paper entitled, "Finance for positive, sustainable change."
Administration Changes
Vacancies
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 Trade 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.
