Major Developments
Office of Financial Research
Paper: Digital Currency and Banking-Sector Stability
March 22, 2023
The Office of Financial Research published a working paper entitled, “Digital Currency and Banking-Sector Stability.”
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Scott Delivers Remarks to the American Bankers Association
March 22, 2023
U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered remarks to the American Bankers Association at a summit in Washington, D.C.
Hearing on Silicon Valley Bank Collapse on March 28, 2023
March 21, 2023
Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, announced the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank to be held March 28.
Federal Agencies
U.S. Department of the Treasury
Testimony of Secretary of the Treasury Janet L. Yellen Before the Financial Services and General Government Subcommittee, U.S. Senate
March 22, 2023
Secretary of the Treasury Janet L. Yellen testified before the U.S. Senate Financial Services and General Government Subcommittee.
At Low Income Housing Forum, Deputy Secretary Adeyemo Announces Nearly 10.8 Million Emergency Rental Assistance Program Payments to Families at Risk of Eviction
March 22, 2023
During remarks at the National Low Income Housing Coalition’s 2023 Housing Policy Forum, Deputy Secretary of the Treasury Wally Adeyemo announced new data from the U.S. Department of the Treasury showing nearly 10.8 million Emergency Rental Assistance (ERA) payments made through December 31, 2022. Alongside the data, the Department of the Treasury released a new blog detailing how ERA had expanded reach to tenants in need while building long-term eviction prevention infrastructure.
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) released the Purchase and Assumption agreement with Flagstar Bank, N.A. with respect to its purchase of the assets and liabilities of Signature Bridge Bank, National Association.
Agreement
Federal Reserve Board
Federal Reserve issues FOMC statement
March 22, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) issued a Federal Open Market Committee statement announcing the Committee’s intention to raise the target range for the Federal funds rate to 4-3/4 to 5 percent.
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting
March 22, 2023
The Federal Reserve and Federal Open Market Committee released tables and charts that summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 21-22 meeting.
Securities and Exchange Commission
SEC Proposes to Modernize the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934
March 22, 2023
The Securities and Exchange Commission (SEC) proposed amendments designed to modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the SEC electronically on EDGAR using structured data where appropriate.
Commodity Futures Trading Commission
Commissioners Give Opening Statements at the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience
March 22, 2023
Commodity Futures Trading Commission (CFTC) Commissioners Christy Goldsmith Romero, Summer K. Mersinger, and Caroline D. Pham gave opening statements at a meeting of the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience.
Opening Statement of Commissioner Summer K. Mersinger Before the Technology Advisory Committee
March 22, 2023
CFTC Commissioner Summer K. Mersinger gave an opening statement at a meeting of the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience.
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 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.
