Daily Financial Regulation Update -- Wednesday, May 7, 2025

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Congress

U.S. House of Representatives

Committee on Financial Services

Roundtable: American Innovation and the Future of Digital Assets: A Blueprint for the 21^st Century

May 6, 2025

The U.S. House Committee on Financial Services held a roundtable entitled, “American Innovation and the Future of Digital Assets: A Blueprint for the 21^st Century.”

• Roundtable
• Committee Memo
• Ranking Member Waters Objection
• Chair Hill Statement

 

Federal Agencies

U.S. Department of the Treasury

Secretary Bessent's Statement Before the United States House of Representatives Appropriations Subcommittee on Financial Services and General Government

May 6, 2025

Secretary of the Treasury Scott K.H. Bessent testified before the United States House of Representatives Appropriations Subcommittee on Financial Services and General Government.

• Testimony

 

Securities and Exchange Commission

Small Business Capital Formation Advisory Committee Meeting

May 6, 2025

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee held a public meeting. Chair Paul S. Atkins and Commissioner Hester M. Peirce gave remarks at the meeting.

• Agenda
• Chair Atkins Remarks
• Commissioner Peirce Remarks

 

International

Bank of England

Speech: International payment rails: the value of a harmonized gauge

May 6, 2025

Bank of England Deputy Governor for Financial Stability Sarah Breeden gave remarks entitled, “International payment rails: the value of a harmonized gauge,” at the Global State of Digital Asset Regulations: Regulatory Harmonization on Digital Assets Panel at the Point Zero Forum 2025.

• Speech

 

Administration Changes

Vacancies

Appointments

U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)

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

• Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
• Vice Chair for Supervision Michelle Bowman (nominated March 17, 2025)
• Governor Michael Barr (sworn in July 19, 2022)
• Governor Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in September 13, 2022)
• Governor Adriana D. Kugler (sworn in September 13, 2023)

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 – Travis Hill (Acting Chairman effective January 20, 2025)

• Vice Chairman Vacant
• Director Vacant
• Director Rodney Hood (Acting Comptroller of the Currency)
• Director Russel Vought (Director of Consumer Financial Protection Bureau)

Office of the Comptroller of the Currency – Jonathan Gould (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 2025)

Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)

Commodity Futures Trading Commission – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)

Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); Russel Vought (Acting Director effective February 10, 2025)

National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)

Small Business Administration – Kelly Loeffler (effective February 19, 2025)

U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)

Federal Housing Finance Agency – William Pulte (effective March 13, 2025)

U.S. Department of Education – Linda McMahon (effective March 3, 2025)

Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)

 

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 theConsolidated 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