North American Securities Administrators Association President Christopher Gerold urged Congress to be "very skeptical" concerning legislative actions in response to COVID-19 that could weaken securities laws.
In a new report, the Congressional Research Service provided an overview of SBA programs, reviewed the history of small business legislation after the 2007-2009 recession and described recent legislation in response to COVID-19.
President Donald J. Trump signed an Executive Order directing federal agencies to rescind, modify, waive, or issue exemptions from any rules and regulations that may hinder economic recovery in the midst of the COVID-19 pandemic.
In separate publications, the Congressional Research Service provided information and analysis on COVID-19-related legal challenges, impacts on the U.S. economy, and China's actions since the outbreak.
The SEC provided conditional relief from certain Exchange Act credit-arranging prohibitions to broker-dealers designated as agents for the Federal Reserve Board's Term Asset-Backed Securities Loan Facility.
In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell and Secretary of the Treasury Steven T. Mnuchin reviewed government actions taken pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
The Federal Reserve Board, the FDIC and the OCC made temporary adjustments to the supplementary leverage ratio calculation for certain depository institutions to enable them to expand lending to households and businesses.
The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
In remarks to the Financial Stability Oversight Council, SEC Chair Jay Clayton offered observations on the current state of the capital markets and efforts undertaken by the SEC to mitigate systemic risk.
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
The FDIC proposed a rule change that would reduce the impact of deposit insurance assessments on insured depository institutions participating in the Small Business Administration's Paycheck Protection Program and certain Federal Reserve Board lending facilities.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles and OCC Comptroller Joseph M. Otting described supervisory and regulatory actions to support "consumers, households and businesses" and ongoing efforts to strengthen the banking system.