Major Developments
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Black Economic Alliance
June 20, 2023
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Black Economic Alliance.
Federal Reserve Board
OIG Report: The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central
June 20, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) Office of Inspector General released a report entitled, "The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central."
Federal Reserve Bank of New York
Article: Understanding the Linkages between Climate Change and Inequality in the United States
June 20, 2023
The Federal Reserve Bank of New York published an Economic Policy Review research article entitled, "Understanding the Linkages between Climate Change and Inequality in the United States."
Article: Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties
June 20, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties."
Blog: Is Work-from-Home Working?
June 20, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is Work-from-Home Working?"
Commodity Futures Trading Commission
CFTC Whistleblower Office Issues Alert Seeking Tips Relating to Carbon Markets Misconduct
June 20, 2023
The Commodity Futures Trading Commission's (CFTC) Whistleblower Office in the Division of Enforcement issued an alert notifying the public on how to identify and report potential Commodity Exchange Act violations connected to fraud or manipulation in the carbon markets.
Consumer Financial Protection Bureau
CFPB Report Identifies Servicemembers' Financial Concerns
June 20, 2023
The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families including the use of digital payment apps.
Blog: Worker Surveillance Poses Potential Privacy Harms
June 20, 2023
The CFPB published a blog post entitled, "Worker Surveillance Poses Potential Privacy Harms."
U.S. Small Business Administration
U.S. Small Business Administration Announces Strategic Alliance to Support Small Business Exporters
June 20, 2023
The U.S. Small Business Administration announced the signing of the Strategic Alliance Memorandum with the International Trade & Forfaiting Association.
Ginnie Mae
Blog: Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management
June 20, 2023
Ginnie Mae published a Housing Analysis & Policy Spotlight blog entitled, "Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management."
International
European Commission
EU budget: Commission proposes to reinforce long-term EU budget to face most urgent challenges
June 20, 2023
The European Commission released several proposals seeking to provide for targeted reinforcements in a limited number of priority areas, to ensure that the EU budget can continue to deliver on the most essential objectives. The main elements are:
i) A Ukraine facility to aid Ukraine's immediate needs, recovery and modernisation on its path towards the EU;
ii) A reinforcement of the EU budget to address internal and external dimensions of migration as well as needs arising from the global consequences of Russia's war of aggression in Ukraine, and to strengthen partnerships with key third countries;
iii) A Strategic Technologies for Europe Platform (STEP) to promote the EU's long-term competitiveness on critical technologies; and
iv) An EURI Instrument to cater for the higher NextGenerationEU funding costs due to the unprecedented surge in interest rates.
EU budget: Commission puts forward an adjusted package for the next generation of own resources
June 20, 2023
As committed during the negotiations on the long-term EU budget 2021-2027, the European Commission has completed its proposal for a next generation of own resources.
Joint Communication: An EU approach to enhance economic security
The European Commission and the High Representative published an updated Joint Communication on a European Economic Security Strategy.
Bank of England
Speech: With leverage comes responsibility
June 20, 2023
Bank of England Financial Policy Committee member Jonathan Hall gave a speech at the National Institute of Economic and Social Research entitled, "With leverage comes responsibility."
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.
