Commentary by Daniel Meade
At a hearing on CARES Act oversight before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet Yellen and Federal Reserve Board Chair Jerome Powell described post-pandemic economic recovery policy.
Refinitiv, the vendor selected by the Alternative References Rates Committee to publish spread-adjusted rates for cash products, launched production-ready fallback rates that are available for immediate use on institutional cash products.
The Securitization Working Group of the Alternative Reference Rates Committee issued an addendum to a white paper on options for using the Secured Overnight Financing Rate in new asset-backed securities products. In the addendum the SWG describes how an "in arrears" methodology can be used as the reference rate in new U.S.-issued ABS products.
The Cabinet Regulatory Tracker is a list of comment and reporting deadlines.
The SEC published in the Federal Register a FINRA proposal to expand the scope of the current exemption from trade reporting obligations. The proposed expansion applies to certain transactions on an alternative trading system where the current rules result in duplicative reporting.