Daily Financial Regulation Update -- Wednesday, July 27, 2022

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Introduce Bipartisan Legislation to Simplify Use of Digital Assets for Everyday Purchases

July 26, 2022

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Kyrsten Sinema (D-Ariz.) today introduced the Virtual Currency Tax Fairness Act to simplify the use of digital assets for everyday purchases by creating a sensible de minimis exemption for gains of less than $50 on personal transactions.

• Bill Text
• Press Release

Federal Agencies

U.S. Department of the Treasury

Joint Statement on the UK-U.S. Financial Regulatory Working Group

July 26, 2022

The UK and U.S. participants of the sixth meeting of the UK-U.S. Financial Regulatory Working Group issued a joint statement on the meeting held on July 21, 2022 addressing seven themes: (1) international and bilateral cooperation, (2) benchmark transition, (3) financial innovation, (4) sustainable finance, (5) non-bank financial intermediation, (6) operational resilience, and (7) cross-border regimes.

• Statement

Article: The Price Impact of the Strategic Petroleum Reserve Release

July 26, 2022

Assistant Secretary for Economic Policy Benjamin Harris and Deputy Secretary for Climate and Energy Economics Catherine Wolfram wrote an article entitled, "The Price Impact of the Strategic Petroleum Reserve Release."

• Article

Article: The Data Underlying America's Strong Economic Recovery

July 26, 2022

Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra wrote an article entitled, "The Data Underlying America's Strong Economic Recovery."

• Article

Securities and Exchange Commission

Remarks by Investment Management Director William Birdthistle at PLI: Investment Management 2022

July 26, 2022

Securities and Exchange Commission Division of Investment Management Director William Birdthistle gave a speech at PLI: Investment Management 2022 addressing matters of interest to the Investment Management Division; developments that will confront the investment management industry in the coming months; and money market funds.

• Speech

Commodity Futures Trading Commission

Chairman Behnam Announces Technology and Customer Outreach Reorganization

July 26, 2022

Commodity Futures Trading Commission Chairman Rostin Behnam announced a reorganization of FinTech and customer protection efforts and changes to key roles as the agency evolves to address changing markets and market demographics.

• Press Release

Federal Housing Finance Agency

FHFA House Price Index Up 1.4 Percent in May; Up 18.3 Percent from Last Year

July 26, 2022

The Federal Housing Finance Agency released the July 2022 House Price Index with data from May 2022.

• HPI
• Press Release

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 26 May 2022

July 26, 2022

The Bank of England released the minutes of the meeting of the Court of Directors held on May 26, 2022.

• Minutes

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)

• Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
• Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

• Vice Chair Lael Brainard (sworn in May 23, 2022)
• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
• Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
• Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
• Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
• Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
• Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
• Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
• Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
• Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
• Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
• Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
• Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
• Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
• Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
• Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
• Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
• President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
• CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
• Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)

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

• New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)

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

• FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)

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

• Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
• CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)

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

• LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
• Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
• Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
• SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
• CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
• Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)

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

• Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)

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

• Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
• CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
• CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
• Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
• CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
• CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
• CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
• CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

Financial Crimes Enforcement Network

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration – Todd M. Harper

• Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
• Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
• Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
• Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
• HUD Announces Key Staff Appointments (April 11, 2022)
• Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

• Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
• Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
• Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
• Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
• Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)

U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

• Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
• Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.