Major Developments
Federal Reserve Board
Vice Chair Barr Speech: Holistic Capital Review
July 10, 2023
Board of Governors of the Federal Reserve System (Federal Reserve) Vice Chair for Supervision Michael S. Barr gave a speech at the Bipartisan Policy Center entitled, "Holistic Capital Review."
Federal Agencies
Federal Reserve Bank of New York
Home Price Expectations Trend Higher While Short-Term Inflation Expectations Continue to Moderate
July 10, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the June 2023 Survey of Consumer Expectations, which shows that inflation expectations continued to fall at the short-term horizon, remained unchanged at the medium-term horizon, and increased somewhat at the longer-term horizon.
Blog: How Exposed Are U.S. Banks' Loan Portfolios to Climate Transition Risks?
July 10, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Exposed Are U.S. Banks' Loan Portfolios to Climate Transition Risks?"
Commodity Futures Trading Commission
Market Risk Advisory Committee Meeting Statements
Commodity Futures Trading Commission (CFTC) Commissioners Kristin N. Johnson and Christy Goldsmith Romero gave statements at the meeting of the Market Risk Advisory Committee.
International
European Commission
Commission adopts rules for implementing the Foreign Subsidies Regulation
July 10, 2023
The European Commission has adopted today the rules for implementing the Foreign Subsidies Regulation.
Eurobarometer: Europeans show strong support for the EU energy policy and for EU's response to Russia's invasion of Ukraine and more optimism regarding economy
July 10, 2023
The European Commission released the latest Standard Eurobarometer survey conducted in June 2023 which that EU citizens continue to back overwhelmingly the energy transition and to expect massive investment in renewables.
Bank of England
Speech: New prospects for money
July 10, 2023
Bank of England Governor Andrew Bailey gave a speech entitled, "New prospects for money."
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.
