Financial Services Report (3/8)

With the Senate having completed a marathon voting session over the weekend to advance the COVID-19 relief bill, the House is expected to take it up this week and have it to the President’s desk in time to prevent the unemployed from seeing a break in benefits.

In other activity, there are a series of bills under the jurisdiction of the Financial Services Committee on the floor under the suspension calendar this week, including:

  1. H.R. 1528 – Promoting Transparent Standards for Corporate Insiders Act (Rep. Waters – Financial Services)
  2. H.R. __ – Eliminate Barriers to Innovation Act of 2021 (Rep. McHenry – Financial Services)
  3. H.R. 1395 – Housing Financial Literacy Act of 2021 (Rep. Beatty – Financial Services)
  4. H.R. 1532 – Improving FHA Support for Small Dollar Mortgages Act of 2021 (Rep. Tlaib – Financial Services)
  5. H.R. 1491 – Fair Debt Collection for Servicemembers Act (Rep. Dean – Financial Services)
  6. H.R. 1565 – Senior Security Act of 2021 (Rep. Gottheimer – Financial Services)

Additionally, the House will once again take up the PRO ACT, a sweeping measure that would, among other things: (1) allow the National Labor Relations Board (NLRB) to levy fines against businesses that violate certain workers’ rights rules; (2) broaden the scope of individuals covered by fair labor standards to include independent contractors; and (3) permit labor organizations to encourage the participation of union members in strikes. In addition, Lawmakers will also take up a pair of measures (H.R. 8; H.R 1446) that seek to strengthen background check requirements for gun purchases.

The Senate will turn to confirming the President’s cabinet, with HUD Secretary Marcia Fudge and Attorney General Merrick Garland on tap this week. Other nominees could be processed later in the week.

In notable committee activity, the Senate Banking Committee will take it’s turn to examine the causes and solutions to the recent volatility in the stock market, with a hearing on Tuesday on “gamification of the stock market.” While over in the Judiciary Committee, the Subcommittee on Competition Policy, Antitrust, and Consumer Rights will hold its first hearing focusing on competition and antitrust policy reform. Both panels are not expected to call industry participants to testify.

Over in the House, the House Financial Services Subcommittee on Consumer Protection and Financial Institutions will meet on Thursday to discuss consumer protection policy options during the pandemic, while the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on that afternoon to examine tax tools for local governments.

Last Week in the House

Floor

House lawmakers wrapped up legislative business for the week on Wednesday after passing two pieces of legislation that touch on key Democratic policy priorities. The first is a package of policing reforms that seek to overhaul use of force guidelines, promote more transparency within law enforcement entities, and reform qualified immunity and no-knock warrants, among other things. Members also cleared H.R. 1, the For The People Act, which included a number of reforms that seek to reduce barriers to voting and strengthen ethics rules for public officials. While the White House has offered its support for both measure, the future of these bills in the 50-50 Senate remains unclear, as they are unlikely to gain the 60 votes necessary to break a filibuster in their current form.

Bills Introduced

H.R. 1450 (Cloud): To amend the Internal Revenue Code of 1986 to provide emergency savings accounts for small businesses.

H.R. 1449 (Cloud): To amend the Internal Revenue Code of 1986 to provide emergency savings accounts for individuals.

H.R. 1451 (Cohen): To amend title 18, United States Code, to provide for prohibitions on eviction, and for other purposes.

H.R. 1458 (Horsford): To modernize the technology for delivering unemployment compensation, and for other purposes.

H.R. 1459 (Jayapal): To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.

H.R. 1507 (Luetkemeyer): To require each agency, in providing notice of a rule making, to include a link to a 100 word plain language summary of the proposed rule.

H.R. 1528 (Waters): To require the Securities and Exchange Commission to carry out a study of Rule 10b5-1 trading plans, and for other purposes.

H.R. 1562 (Gallagher): To prohibit the trading of the securities of certain Communist Chinese military companies on a national securities exchange, and for other purposes.

H.R. 1565 (Gottheimer): To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.

H.R. 1533 (Salazar): To extend the deferment of EIDL loans made in response to COVID-19 from 1 year to 2 years.

H.R. 1584 (McHenry): To impose a limitation on taxation and fees on transactions by certain securities industry participants, and for other purposes.

H.R. 1549 (Casten): To establish the Advisory Committee on Climate Risk on the Financial Stability Oversight Council.

Last Week in the Senate

Floor

On Tuesday, the Senate confirmed Rhode Island Gov. Gina Raimondo’s nomination to be commerce secretary in an 84-15 vote and Dr. Cecilia Rouse as chair of the White House Council of Economic advisor by a vote of 95-4.

Starting on Friday and continuing through the weekend, the Senate worked through the vote-a-rama and after a 24 hour series of votes on numerous amendments (mostly Republican, but a few Democratic ones as well) passed the COVID-19 relief bill on a party-line vote of 50-49 (one Republican didn’t vote).

Hearings, etc.

Klobuchar Discusses Section 230 (3/1): On Monday, Senator Amy Klobuchar (D-MN) provided the keynote speech at The Verge’s virtual discussion on Section 230. Sen. Klobuchar argued that while advancements in technology have brought many great things — and have helped get the country through the pandemic through online learning and telehealth services — regulation must keep improving along with it. She voiced concern for the unprecedented power in the hands of just a few companies, the spread of misinformation, and the prevalence of extremist groups using platforms to organize and expand influence. In particular, Sen. Klobuchar contended that the “monopolistic, unchecked power of companies, including Big Tech,” need to be addressed through robust enforcement, merger law changes, and data collection on industry consolidation across the board.

Gensler, Chopra Nomination Hearing (3/2): On Tuesday, the Senate Banking Committee held a hearing to consider the nominations of Gary Gensler to serve as the Securities and Exchange Commission (SEC) Chair, and Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). Key issues surrounding climate disclosures, diversity and inclusion initiatives, financial technology advancements, lending, and consumer protections dominated much of the discussion. While both witnesses were met with significant Democratic support, several Republican Senators voiced concern for the potential imposition of burdensome regulations by both agencies that would harm U.S. companies, competition, and consumers.

Ranking Member Toomey expressed opposition to the SEC straying from bipartisanship to advance a “liberal, social, and cultural agenda” on issues from climate change to racial inequality, which he argued are not appropriate to address through securities law. Several Republican members pushed back on Mr. Gensler’s commentary of what qualifies as material when discussing financially insignificant spending on things such as energy or political contributions. Mr. Gensler explained that materiality has to be significant to the mix of information to a reasonable investor, but that while a small piece is often not traditionally material, many investors would argue that financially insignificant political spending by a corporation may be material to them.

In regard to questions on stock market volatility, Mr. Gensler noted the new technology that is constantly changing finance and the need for the SEC to: (1) ensure customers still get best execution in the face of payment for order flow (PFOF); (2) protect investors using trading applications with behavioral prompts that incentivize more trading; (3) ensure customers have access to markets when applications may fall short of needed margin funds; (4) promote competition in markets; and (5) update back-office infrastructure to lower risks and costs. The core of Mr. Chopra’s appearance before the Committee centered on the heightened need for consumer protection in light of the COVID-19 pandemic.

The Committee has teed up a vote on the pair of nominations for this Wednesday.

Bipartisan Support for Deputy OMB Director (3/2): On Tuesday, during the nomination hearing for Sholanda Young to be Deputy OMB Director, which came hours before the nomination of Neera Tanden was officially pulled by the White House, Senate Republicans seemed to relish in promoting Ms. Young as a better candidate for OMB Director, though the nominee defended the Biden administration’s choice, noting that both she and Ms. Tanden would actually compliment each other as they bring different skills sets to each job. While Young seems ready to clear the Senate on a broad bipartisan vote, the Administration has not yet indicated who they intend to announce as a replacement for Ms. Tanden.

Senate Finance Advances Biden Nominees (3/3): The Senate Finance Committee on Wednesday unanimously approved both Katherine Tai to be the U.S. trade representative and Wally Adeyemo as deputy Treasury secretary by voice vote, paving the way for smooth confirmations in the full Senate. Tai will be the first woman of color and Asian to serve as trade representative, while Adeyemo will be the first Black deputy secretary at the Treasury Department.

Senate Banking Committee Discusses the Racial Wealth Gap (3/4): On Thursday, the Senate Banking Committee held a hearing entitled, “Wall Street vs. Workers: How the Financial System Hurts Workers and Widens the Racial Wealth Gap.”Witnesses outlined ways in which the financial system fails to adequately include and promote the prosperity of marginalized communities. Democrats echoed these comments, raising concerns for potentially harmful or discriminatory financial services products as being some people’s only option, and condemning Wall Street for what they categorized as prioritizing profit over workers. Chairman Brown pointed to payday and auto title lenders, as well as debt collectors as having too much power at the expense of workers. Republicans pushed back on the title and tone of the hearing. Specifically, GOP Senators defended the system of capitalism and advocated for leveraging the existing financial system more effectively — such as through financial innovation — to promote equity, rather than constraining the system’s ability to do so. Sen. Lummis stated that cryptocurrency, including fiat digital assets and Bitcoin, offer incredible financial opportunities that can serve as a “great leveler for people of color and for women.” She, along with Sen. Van Hollen, also called for the implementation of real time payments as a means to promote financial inclusion. Members on both sides of the aisle also pointed to education and financial literacy as an important means to address the wealth gap. Sen. Warren advocated for student debt cancellation while Ranking Member Toomey and Sen. Scott called for greater school choice for minority and low-income families.

Bills Introduced

S. 510 (Warren): A bill to amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes. The bill would create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion.

S. 508 (Cortez Masto): A bill to establish a working group on electric vehicles.

S. 505 (Blumenthal): A bill to amend title 9 of the United States Code with respect to arbitration.

S. 490 (Wyden): A bill to modernize the technology for delivering unemployment compensation, and for other purposes.

S. 501 (Daines): A bill to prohibit earmarks.

S. 496 (Menendez): A bill to amend the Internal Revenue Code of 1986 to exclude from taxable income any student loan forgiveness or discharge.

S. 530 (Menendez): A bill to amend the Securities Exchange Act of 1934 to require shareholder authorization before a public company may make certain political expenditures, and for other purposes.

S. 524 (Cruz): A bill to abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes.

S. 551 (Hassan): A bill to amend the Internal Revenue Code of 1986 to expand the Employee Retention Tax Credit to include certain startup businesses.

S. 523 (Cruz): A bill to repeal the Office of Financial Research, and for other purposes.

S. 547 (Brown): A bill to provide relief for multiemployer and single employer pension plans, and for other purposes.

S. 573 (Paul): A bill to require a full audit of the Board of Governors of the Federal Reverse System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

S. 588 (Feinstein): A bill to establish the Advisory Committee on Climate Risk on the Financial Stability Oversight Council. A companion to Rep. Casten’s, the bill would require that “not later than 1 year after the date of enactment of this Act,” the Federal Insurance Office shall publish a report that: (1) assesses the potential impact of climate financial risk on the insurance sector in the United States; and (2) recommends ways to modernize and improve the system of climate risk insurance regulation in the United States.

S. 606 (Merkley): A bill to require the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission to issue an annual report to Congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change, to require the Federal Retirement Thrift Investment Board to establish a Federal Advisory Panel on the Economics of Climate Change, and for other purposes.

Other Activity

Banking Subcommittees Announced: Chairman Brown and Ranking Member Toomey announced the Senate Banking Subcommittee Assignments for the 117th Congress last Monday. “One of the most important things we can do on this committee is to give a voice to all the people who haven’t had enough of one in their government,” said Chairman Brown. “I am confident these subcommittee chairs will get to work and deliver for workers, and their families. I look forward to working with them, their ranking members, and other committee members to address the issues that matter to working families’ lives.”

Toomey Raises Concerns About CFPB Authority: On Monday, Senate Banking Committee Ranking Member Pat Toomey sent a letter to Acting CFPB Director David Uejio voicing concern that “the Bureau intends to take new regulatory and enforcement actions beyond the Bureau’s statutory authorities, with little detail or legal justification, and with minimal to no regard for the potential costs to consumers.” Pointing to “vague and troubling” statements by the Bureau in recent proposals on supervision, enforcement and final rules, Toomey sought clarification on a series of questions, namely regarding the Bureau’s intentions for MLA examinations, landlord-tenant evictions, qualified mortgage (QM), and debt collection rules.

Sen. Dems Call for More Direct Relief: A group of eleven Democratic Senators sent a letter to President Biden on Tuesday, urging him to pursue recurring direct payments and automatic unemployment insurance extensions during the pandemic as part of his upcoming infrastructure and economic relief package. “This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads,” the letter wrote. While the letter did not suggest a dollar figure for the direct payments, it cited an Urban Institute study last summer that found a single $1,200 direct payment combined with an extension of enhanced unemployment insurance would keep 12 million people out of poverty for the remainder of the year and that a second direct payment would lift an another 6.3 million people above the poverty line.

Last Week in the Administration

SEC Rules Shareholder Proposals Can’t be Ignored

Last week, the SEC ruled that companies including Citigroup, Exxon Mobil, and Pfizer have no legal basis to exclude shareholder proposals related to racial equity, lobbying and even federal subsidies for coronavirus vaccine development. This will have a direct impact on the upcoming proxy season, where shareholders could see votes on a racial equity audit at Citigroup; a report on how Exxon Mobil’s lobbying affects global warming; and how government support affects vaccine prices and access at Johnson & Johnson and Pfizer, among other companies.

Brainard Calls for Treasury Market Reforms

On Monday, Federal Reserve Governor Lael Brainard stated that a number of a potential changes to the structure of the market for U.S. government debt deserve to be looked at as a result of the vulnerabilities revealed by the COVID-19 pandemic. Potential reforms she cited include: (1) more data collection from broker-dealers and hedge funds; (2) a more permanent role for the Fed where it would offer backstop loans collateralized by Treasuries; and (3) structural changes so the market relies less on banks as middlemen, functioning more like the “all to all” trading in the stock market. Brainard also acknowledged suggestions that the market might benefit if more Treasury securities were centrally cleared, given the finite capacity for large dealers to keep those assets on their books. “These measures involve complex trade-offs and merit thoughtful analysis in advancing the important goal of ensuring Treasury market resilience,” Brainard said.

Additional Treasury Staff Announced

On Tuesday, the Department of Treasury announced key agency staff additions. Along with biographies for the six appointees, the release states: “These distinguished and diverse individuals join Treasury prepared to deliver results for the American people by addressing the public health crisis and resulting economic crisis, as well as inequality, racism, and climate change.”

SEC Announces its 2021 Examination Priorities

On Wednesday, the SEC’s Division of Examinations outlined its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. “This year, the Division is enhancing its focus on climate and ESG-related risks by examining proxy voting policies and practices to ensure voting aligns with investors’ best interests and expectations, as well as firms’ business continuity plans in light of intensifying physical risks associated with climate change,” said Acting Chair Allison Herren Lee. In addition to specific focus areas relating to investment advisers and investment companies and broker-dealers and municipal advisors, key priorities include:

  • Retail investors, including seniors and those Saving for Retirement, through Reg. BI and fiduciary duty compliance
  • Information security and operational resiliency
  • Financial technology (Fintech) and innovation, including Digital assets
  • Anti-Money Laundering (AML) Programs
  • The London Inter-Bank Offered Rate (LIBOR) transition

CFPB Delays General QM Rule

On Wednesday, the Consumer Financial Protection Bureau released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The announcement came following questions by Senator Tester to CFPB Director nominee Chopra on this issue during Tuesday’s hearing.

The CFPB proposed to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need. “At a time when so many consumers are struggling and at risk of losing ground, particularly Black and Hispanic consumers, we need to do all we can to help people stay in their homes and to ensure the availability of responsible, affordable mortgages,” said Bureau Acting Director David Uejio. Extending the mandatory compliance date of the General QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income (DTI) ratio, and not would also give lenders more time to use the GSE Patch, which provides QM status to loans that are eligible for sale to Fannie Mae or Freddie Mac.

SEC Creates Climate & ESG Enforcement Task Force

On Thursday, the Securities and Exchange Commission announced the creation of a Climate and ESG Task Force in their Division of Enforcement. The task force will be led by Kelly Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized units. The Climate and ESG Task Force will develop initiatives to proactively identify ESG-related misconduct and will also coordinate the effective use of Division resources to identify potential violations. “Proactively addressing emerging disclosure gaps that threaten investors and the market has always been core to the SEC’s mission,” said Acting Deputy Director of Enforcement Kelly L. Gibson, who will lead the task force. “This task force brings together a broad array of experience and expertise, which will allow us to better police the market, pursue misconduct, and protect investors.”

Treasury Announces $9B in for Low-Income Lending

On Thursday, the Department of Treasury announced that it was opening the application process for the Emergency Capital Investment Program (ECIP) — a new initiative designed to support access to capital in communities traditionally excluded from the financial system and that have struggled the most during the COVID-19 crisis. The program will invest $9 billion in Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs), supporting their efforts to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities. The program sets aside $2 billion for participants with less than $500 million in assets and an additional $2 billion for participants with less than $2 billion in assets. Funding will provide long-term, low-cost equity and subordinated debt for participating institutions to support low-and-middle income (LMI) communities.

FDIC Questions Need to Extend SLR Relief

On Thursday, FDIC Chair Jelena McWilliams said that it doesn’t seem like banking agencies need to extend an emergency move that made it cheaper for insured depository institutions to hold cash and U.S. government bonds on their balance sheets. These supplemental leverage ratio (SLR) exclusions enacted in response to the pandemic are set to expire at the end of the month. “We are still reviewing the possibility of an extension,” McWilliams said in an interview. “This is frankly a much bigger issue at the holding company level than it is at that at the insured depository level. Broker-dealers are holding much of these Treasuries. They’re not held at the bank level.” The SLR has been in the spotlight for the last couple of weeks as rates on Treasury securities have risen, with fears that the expiration of the SLR exemptions could exacerbate market jitters. This issue also came up last week when Fed Chairman Powell was before the Banking Committee, when Republicans pressed him to extend the exemptions, while Sens. Brown and Warren had publicly urged him not to, arguing that maintaining looser capital requirements put in place due to the pandemic would “substantially” weaken the regulatory framework implemented after the 2008 financial crisis.

This Week’s Schedule

Mon. (3/8)

  • No events scheduled.

Tues. (3/9)

  • Confirmation Hearing: Senate Judiciary Committee – 9:00 AM – The Senate Judiciary Committee will hold a confirmation hearing to consider the nominations of Lisa Monaco to be Deputy Attorney General, and Vanita Gupta to be Associate Attorney General. Details here.
  • PIIE Webinar on International Cooperation – 9:00 AM – The Peterson Institute of International Economic (PIIE) will host a webinar entitled “Remaking International Cooperation Post-Covid-19: The Role of Private Companies and Countries.” Details here.
  • Hearing: Senate Banking Committee on Stock Trading – 10:00 AM – The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled “Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing.” Details here.

Wed. (3/10)

  • Business Meeting: Senate Homeland Security Committee – 9:45 AM – The Senate Committee on Homeland Security and Government Affairs will convene a business meeting to vote on the nomination of Shalanda Young to be Deputy Director of the Office of Management and Budget (OMB). Details here.
  • Hearing: House Financial Services Committee on Fair Access and Racial Equity – 10:00 AM – The House Financial Services Committee will hold a hearing entitled “Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services.” Details here.
  • Confirmation Hearing: Senate Commerce Committee – 10:00 AM – The Senate Committee on Commerce, Science, and Transportation will hold a confirmation hearing to consider Donet Dominic Graves’ nomination to be Deputy Secretary of Commerce. Details here.
  • Hearing: House Small Business Committee on PPP – 10:00 AM – The House Small Business Committee will hold a hearing entitled “The Next Steps for the Paycheck Protection Program.” Details here.
  • Executive Session: Senate Banking Committee on SEC, CFPB Nominations – 2:00 PM – The Senate Banking Committee will meet in executive session to consider the nominations of the Honorable Gary Gensler to be a member of the Securities and Exchange Commission, and the Honorable Rohit Chopra to be director of the Consumer Financial Protection Bureau. Details here.
  • Hearing: Senate Judiciary Sub. on SCOTUS – 2:30 PM – The Senate Judiciary Subcommittee on Federal Courts, Oversight, Agency Action, and Federal Rights will hold a hearing entitled “What’s Wrong with the Supreme Court: The Big-Money Assault on Our Judiciary.” Details here.

Thu. (3/11)

  • Hearing: House Financial Services Sub. on Consumer Protection – 10:00 AM – The House Financial Services Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled “Slipping Through the Cracks: Policy Options to Help America’s Consumer During the Pandemic.” Details here.
  • SEC Meeting: Investor Advisory Committee – 10:00 AM – The Securities and Exchange Commission (SEC) will hold a hearing of its Investor Advisory Committee. Details here.
  • Hearing: Senate Judiciary Sub. on Antitrust and Competition Policy – 10:00 AM – The Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights will hold a hearing entitled “Competition Policy for the Twenty-First Century: The Case for Antitrust Reform.” Details here.
  • Hearing: Energy and Commerce Sub. on Child Digital Safety – 10:30 AM – The House Energy and Commerce Subcommittee on Consumer Protection and Commerce will hold a hearing entitled “Kids Online During COVID: Child Safety in an Increasingly Digital Age.” Details here.
  • CFA Webinar on GameStop – 12:30 PM – The CFA Institute will host a webinar entitled “Retail Investors Go Viral: Market and Policy Implications Stemming from the GameStop Stock Trading Mania.” Details here.
  • Hearing: House Appropriations Sub. on USPS Oversight – 2:00 PM – The House Appropriations Subcommittee on Financial Services and General Government (FSGG) will hold an oversight hearing of the U.S. Postal Service (USPS), featuring testimony from Postmaster General Louis DeJoy. Details here.
  • Hearing: House Ways and Means Sub. on Local Government Tax Tools – 2:00 PM – The House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing entitled “Tax Tools to Help Local Governments.” Details here.

Fri. (3/12)

  • BPC Webinar on Small Businesses – 9:00 AM – The Bipartisan Policy Center will host webinar entitled “Strengthening Small Business Finance. Details here.
  • Hearing: House Armed Services Committee on AI –11:00 AM – The House Armed Services Committee will hold a hearing entitled “Final Recommendations of the National Security Commission on Artificial Intelligence.” Details here.

Further Out

  • Hearing: House Financial Services Committee on the Stock Market – March 17 – The House Financial Services Committee will hold a hearing entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part II.” Details here.
  • Hearing: House Financial Services Sub. on Diversity and Inclusion – March 18 – The House Financial Services Subcommittee on Diversity and Inclusion will hold a hearing entitled “By the Numbers: How Diversity Data Can Measure Commitment to Diversity, Equity and Inclusion.” Details here.
  • Hearing: House Financial Services Committee on the Pandemic Response – March 23 – The House Financial Services Committee will hold an oversight hearing to examine the Treasury Department’s and Federal Reserve’s pandemic response. Details here.
  • Hearing: House Financial Services Sub. on Housing during the Pandemic – March 24 – The House Financial Services Subcommittee on Subcommittee on Housing, Community Development and Insurance will hold a hearing entitled “Preserving a Lifeline: Examining Public Housing in a Pandemic.” Details here.
  • Hearing: House Financial Services Sub. on Human Trafficking – March 25 – The House Financial Services Subcommittee on National Security, International Development and Monetary Policy will hold a hearing entitled “Ending Exploitation: How the Financial System Can Work to Dismantle the Business of Human Trafficking.” Details here.