Insights

Financial Services Report (3/15)

March 15, 2021

The House is once again passing (or preparing to pass) legislation to address major issues in our country (gun control, voting rights, Violence Against Women, Immigration etc.) and the question is what is going to happen when it reaches the Senate.  Progressive Democrats continue to push to end the filibuster claiming that the country has voted Democratic, and this anachronistic tool of segregationists is being used to thwart the progressive agenda that the country voted for.  

The issue isn’t with the filibuster itself – both parties have used it to prevent legislation from getting to the President – but with the elimination of almost all legislative debate in the Senate (and to a lesser degree in the House).  As President Obama noted in his critique of the filibuster, …[the filibuster] made it almost impossible for us to effectively govern at a time when you have at least one party that is not willing to compromise on issues.”  

Our nation’s democracy is built on compromise.  While Republicans may complain that the bills passed out of the House are too liberal, practically speaking, any of them would have to be moderated to pass the Senate (outside of reconciliation) to get the requisite support of ten Republican Senators. Perhaps politics dictates that this isn’t possible on every one of the House’s priorities. But one would think it has to be achievable for most (some?, any?) of them.  

Democrats have a slim working majority in both chambers, with their total Congressional majority equaling a basketball team’s starting five – four in the House and one in the Senate. And while over 7 million more voters pulled a ballot for Joe Biden, that only translated to 51.3% of the country choosing a Democrat to be President.   These are not the signs of an overwhelming sentiment for sweeping change, but for incremental movements and finding the common ground our political system was designed to achieve.  Hopefully, the moderates in both parties can find that middle ground soon – because if not, the pressure form the progressive wing of the party to press forward may become too much to bear.

Looking Ahead

The House has teed up a series of votes on policy proposals that passed last Congress but failed to advance in the Senate. These include votes on two bills related to immigration policy, and legislation to reauthorize the Violence Against Women Act, as well as a resolution that would remove the deadline for ratification of the Equal Rights Amendment.  Other bills on the agenda this week include an extension of the PPP program, and a vote to waive PAYGO in order to stave off sequestration cuts to federal spending.

The Senate continues to work to confirm President Biden’s Administration, when it resumes consideration of pending presidential nominations, starting with Rep. Deb Haaland’s (D-NM) nomination to lead the Department of Interior. A final confirmation vote for Rep. Haaland is expected at 5:30 PM on Monday. Other Biden nominees up for consideration next week include Isabella Guzman to be Administrator of SBA, as well as Katherine Tai to be U.S. Trade Representative. It is also possible that Majority Leader Chuck Schumer (D-NY) calls up Xavier Becerra’s nomination to be Secretary of Health and Human Services (HHS) after the Senate voted (51-48) yesterday to discharge his nomination from the Finance Committee.

In notable committee activity this week, the House Financial Services Committee will hold its second hearing to examine the recent stock trading controversy on Wednesday. Also on Wednesday, the House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet will hold a hearing to discuss counterfeit goods and the SHOP SAFE Act (H.R. 6058 116). The Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law continues its examination of competition issues with a hearing on Thursday to review legislative efforts to curb monopoly power. Elsewhere, the House Energy and Commerce Subcommittee on Environment and Climate Change will examine industrial climate policy proposals during a hearing on Thursday. While the Senate Banking Committee has two hearings on tap – one on Housing and one on Climate Change.

Last Week in the House

Floor

House lawmakers passed (220-211) the $1.9 trillion American Rescue Plan Act (text; summary) for virus relief on Wednesday. The President signed the bill into law on Thursday afternoon, clinching his first significant legislative victory as Commander-in-Chief.

The House also passed the Protecting the Right to Organize Act of 2021 (PRO Act) by a vote of 225 to 206. The sweeping labor measure 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. During the floor debate, numerous amendments were approved via an en banc , including one (#68) offered by Rep. Stephanie Murphy (D-FL) that requires the GAO, within one-and-a-half years from the date of enactment, to prepare a report on the impact — on workers and businesses across different sectors — of the changes made by the bill to the definition of “employee” (the “ABC” test) and the definition of “joint employer” under the National Labor Relations Act, was agreed to.

On Thursday, the House passed two bills that would tighten gun sales regulations, sending the measures to a divided Senate. The Enhanced Background Checks Act (H.R. 1446) passed by a vote of 219-210, and the Bipartisan Background Checks Act (H.R. 8) passed 227-203. H.R. 8 would expand background checks on individuals seeking to purchase or transfer firearms, and the Enhanced Background Checks Act of 2021 would close the “Charleston loophole,” a gap in federal law that lets gun sales proceed without a completed background check if three businesses days have passed.

Hearings, etc.

HFSC Examines Racial Equity (3/10): On Wednesday, the House Financial Services Committee held a hearing to discuss achieving racial equity through fair access to housing and financial services. The discussion highlighted the racial wealth and homeownership gaps that exist in the country, and the role both the pandemic and the government’s response to it have played in perpetuating inequality. Several key policy issues were contemplated: (1) the modernization of the Community Reinvestment Act (CRA); (2) affordable housing and homeownership barriers; (3) school choice and educational mobility; (4) diversity in government and corporate leadership; (5) alternative credit score factors; and (5) postal banking proposals.

While Republicans pushed the need for education reform — and particularly school choice — to serve as a leveler for economic success, Rep. Alexandria Ocasio-Cortez (D-NY) argued that policy created the wealth gap, and policy needs to fix it — pushing back on the notion that minority groups can “educate themselves out of poverty.” Members on both sides of the aisle advocated for credit score reform to expand the use of alternative data. Reps. Luetkemeyer and Hollingsworth sparred with witnesses and Reps. Ocasio-Cortez and Tlaib about the potential impact of a public, postal banking system. While the Republicans argued that postal banking would “be a solution worse than the problem” and exacerbate the existing issues with the postal service, Democrats defended the ability of a public banking system to have greater reach and even help rehabilitate destabilized housing.

House Small Business Committee on PPP (3/10): Members on both sides of the aisle encouraged the extension of PPP beyond its current Mar. 31st expiration. Chairwoman Velázquez praised the program reforms to expand eligibility and access, citing that there has been a 12% increase in funding for businesses in rural areas since the Biden Administration’s reforms. Witnesses spoke to the importance of community banks and Community Development Financial Institutions (CDFIs) to reach underserved communities. Among the suggestions made throughout the hearing were: (1) the potential targeting of future PPP rounds to industries hardest hit, like the service industry; (2) the expedition of PPP loan forgiveness; and (3) clarification from the IRS on tax return guidance. The Committee praised the program for being the source of more than $687 billion in pandemic relief, and serving as a lifeline to struggling businesses.

HFSC Consumer Protection (3/11): On Thursday, the House Financial Services Subcommittee on Consumer Protection and Financial Institutions held a hearing to consider policy options to help consumers through the pandemic. In particular, the discussion centered around credit reporting, debt collection, regulatory oversight, and access to credit. While there was bipartisan agreement on the needed for expanded access to financial services, Republicans advocated for a greater reliance on innovation through fintech and bank partnerships. They also raised concerns for credit reporting restraints to ultimately harm consumers most in need, arguing that eliminating risk-based pricing will lead to higher interest rates or a lack of incentives to grant potentially riskier loans. Meanwhile, Democrats called for continued or expanded federal relief, including moratoriums on evictions, debt collections, and pandemic-related credit reporting. Rep. Sherman also suggested halting ILC charters until oversight mirrors that of banks.

House Ways and Means Sub. on Local Government Tax Tools (3/11): The Committee’s discussion centered around the need for investments in national infrastructure, and the role the that the environment should play in shaping those investment decisions. Witnesses, echoed by many Members, called for: (1) the continued tax-exempt status of municipal bonds; (2) restoring the tax-exempt status of advanced refunding; (3) full restoration of the State and Local Tax (SALT) deduction; (4) supporting Small Issuers by increasing the bank-qualified borrowing limit from $10 million to $30 million, and applying the limit at the borrower level; and (5) enhancing the resiliency of local infrastructure through addressing the Housing Trust Fund (HTF). While there was partisan disagreement on the need for an environmental focus on a future infrastructure package, tax reforms were suggested on both sides to advance and incentivize much-needed infrastructure investments.

Bills Introduced

H.R. 1602 (McHenry): To direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to jointly establish a digital asset working group, and for other purposes.

H.R. 1628 (Davidson): To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.

H.R. 1659 (Torres): To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.

H.R. 1657 (Pressley): To amend the Consumer Financial Protection Act of 2010 and the Fair Debt Collection Practices Act to improve consumer protections relating to debt collection practices, and for other purposes.

H.R. 1645 (McHenry): To amend the Fair Credit Reporting Act to make improvements to the regulation of consumer reporting agencies and protect consumers, and for other purposes.

H.R. 1729 (Barr): To amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.

H.R. 1756 (Maloney): To require the Bureau of Economic Analysis of the Department of Commerce to provide estimates relating to the distribution of aggregate economic growth across specific percentile groups of income.

H.R. 1780 (Velázquez): To amend the Securities Exchange Act of 1934 to require disclosures related to the Paris Climate Agreement, and for other purposes. The bill bill that would require the U.S. Securities and Exchange Commission (SEC) to promulgate a rule that would compel public companies to make part of their annual shareholder report the steps they are taking to meet the greenhouse gas emissions targets and temperature goals set forth in the Paris Climate Accord.

Information Transparency and Personal Data Control Act; HR. 1816 (DelBene): To require the Federal Trade Commission to promulgate regulations related to sensitive personal information, and for other purposes (press release, fact sheet). The legislation ensures sensitive personal information, including financial, health, genetic, biometric, geolocation, sexual orientation, citizenship and immigration status, Social Security Numbers, religious beliefs, and information pertaining to children under 13 years of age is kept safe. The bill: (1) requires companies to provide their privacy policies in “plain English”; (2) allows users to “opt-in” before companies can use their most sensitive private information in ways they might not expect; (3) increases transparency by requiring companies to disclose if and with whom personal information will be shared and the purpose of sharing the information; (4) creates a unified national standard and avoids a patchwork of different privacy policies by preempting conflicting state laws; (5) gives the FTC strong rulemaking authority to keep up with evolving digital trends and the ability to fine bad actors on the first offense; and (6) establishes strong “privacy hygiene” by requiring companies to submit privacy audits every 2 years from a neutral third party.

H.R. 1799 (Bourdeaux): To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes. The leaders of the House Small Business Committee reached a bipartisan agreement to extend the Paycheck Protection Program for two months amid growing concern that its March 31 expiration would deprive many employers of aid. The bill reflects a deal struck by House Small Business Chair Nydia Velázquez (D-N.Y.) and Rep. Blaine Luetkemeyer (R-Mo.), the committee’s top Republican, to delay the PPP’s loan application deadline to May 31. It would also give the Small Business Administration authority to continue processing pending applications for 30 days after that date.

Other Activity

Waters Urges Regulators Not to Weaken Big Bank Leverage and Capital Requirements: On Monday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Federal Reserve Chair Jerome Powell, Federal Reserve Vice Chair Randal Quarles, Federal Deposit Insurance Corporation Chair Jelena McWilliams, and Acting Comptroller of the Currency Blake Paulson, urging their agencies to stop “prioritizing the wishes of Wall Street over the public good.”She pushed the regulators not to extend temporary exemptions or make any other reforms to weaken big bank capital and leverage requirements — calling for regulators to let the supplemental leverage ratio (SLR) exclusions to expire at the end of the month. “With the path of the economy highly uncertain in the months ahead, it is crucial that regulators remain vigilant, requiring the largest banks to maintain loss-absorbing capital to guard against risks,” the letter writes.

New Dems Unveil Policy Task Forces: On Friday, the New Democrat Coalition (NDC), led by NDC Chair Suzan DelBene (WA-01) and Vice Chair for Policy Scott Peters (CA-52), announced the creation of four policy task forces to address the challenges of the 21st century. The four tasks forces are the:

Last Week in the Senate

Floor

Three more of Biden’s top agency and cabinet picks were confirmed by the Senate last week: Marcia Fudge to be Secretary of Housing and Urban Development by a vote of 66–34, Michael Regan to serve as for EPA administrator by a vote of 66-34, and Merrick Garland to be the next U.S. attorney general by a stronger bipartisan vote of 70-30.

A divided Senate on Thursday advanced Xavier Becerra’s nomination to lead the Department of Health and Human Services after Susan Collins (R-ME) joined all of the chamber’s Democrats in backing a confirmation vote. Senate Majority Leader Chuck Schumer filed a discharge petition to bring up the nomination after the Senate Finance Committee split along party lines on the nomination last week, creating an extra procedural hurdle. The vote on holding a confirmation vote was 51-48.

Hearings, etc.

Senate Banking on Stock Market Volatility (3/9): On Tuesday, the Senate Banking Committee held a hearing to discuss stock market volatility and the rise of retail investing. The hearing sought to dive deeper into the recent market volatility that unfolded in January, involving users on the social media platform Reddit encouraging the purchases of stocks including GameStop and AMC. In the aftermath of the January events, broader questions have been raised about the rise of retail investing. In particular, the conversation centered around: (1) analyzing the payment for order flow model (PFOF) and who it benefits most; (2) the potential benefits of shortening the timeline of the settlement process to clear the transfer of a security from a seller to a buyer; and (3) the risks that the gamification of high-frequency trading exposes young people to. While many Republican Senators applauded the rise of retail investors’ access to the markets, several Democrats raised concerns for a lack of investor education — calling for a financial transaction tax (FTT) to decrease the prevalence of high-frequency trading and instead encourage long-term investing.

Senate Banking Votes on SEC, CFPB Nominations (3/10): On Wednesday, the committee voted on the nominations of Gary Gensler to the SEC and Rohit Chopra to the CFPB. Gensler’s nomination was cleared by a vote of 14-10, with support from Republican Senators Mike Rounds of South Dakota and Cynthia Lummis of Wyoming. The committee voted 12-12 — along partisan lines — to advance the nomination of Rohit Chopra. Per the 50/50 organizing resolution from earlier this year, when there is a deadlock in committee, there will then be four additional hours of debate on the Senate floor (evenly split), before the nomination can be discharged. Additional considerations for the timing of the Chopra vote on the floor include filling his eventual absence from the Federal Trade Commission. While Lina Khan has been announced as a potential nominee, she hasn’t been formally nominated. Were Chopra to leave the FTC before she is confirmed, it would provide the Republicans a 2-1 majority on the Commission.

Senate Judiciary Examines Antitrust Reform (3/11): On Thursday, the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights held a hearing to discuss competition policy in the twenty-first century and antitrust reform. There was bipartisan concern about large corporations’ abilities to stifle competition, and multiple solutions were proposed on how combat this. Throughout the course of the discussion, Senators touched on free speech and censorship, barriers to entry, protecting journalism, and consumer welfare. Chairwoman Klobuchar raised concerns for monopolies’ threat to marginalized communities and small businesses. Chairwoman Klobuchar advocated for changing the standards for mergers and shifting the burden to the company attempting to make the merger in order to show whether or not there is appreciable risk of reducing competition.

Ranking Member Lee addressed alleged bias against conservative voices in social media, expressing a high level of concern about Parler being singled out and shut down by the likes of Apple and Google. The Republican witness was hesitant to support an overhaul of antitrust laws, saying there should be more evidence before upending judicial and economic progress in favor of rewriting antitrust laws. He, along with several Republican Senators, supported eliminating bureaucratic inefficiencies by vesting antitrust authorities to one instead of two federal agencies.

Bills Introduced

S. 617 (Thune): A bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.

S. 633 (Lee): A bill to transfer antitrust enforcement functions from the Federal Trade Commission to the Department of Justice, and for other purposes. Sen. Lee reintroduced the “One Agency Act,” which would reform antitrust enforcement by putting all antitrust enforcement under one roof, at the Department of Justice. The updated bill will also prohibit the Federal Communications Commission from undertaking duplicative competitive analyses of deals under its purview.

S. 723 (Collins): A bill to amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.

Last Week in the Administration

CFPB Clarifies Lender Discrimination Protected Classes

On Tuesday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations. “In issuing this interpretive rule, we’re making it clear that lenders cannot discriminate based on sexual orientation or gender identity,” said CFPB Acting Director David Uejio. “The CFPB will ensure that consumers are protected against such discrimination and provided equal opportunities in credit.” The release stated that the CFPB will review its publications and examination guidance documents to make updates if needed to reflect this interpretative rule. It also committed to, where appropriate, taking enforcement action to hold financial institutions accountable for actions that violate ECOA.

SEC Responds to Senator Warren on GameStop Questions

In a letter made public on Tuesday, Securities and Exchange Commission Acting Chairwoman Allison Lee signaled support for a wholesale review of a practice that funnels many small investors’ stock orders to be filled by high-speed trading firms. Among the areas suggested for further review, included payment for order flow (PFOF). Acting Chairwoman Lee said regulators should examine the arrangements between brokerages to make sure practices are fully disclosed and “consistent with best execution obligations.” That requirement considers whether customers get a better price than what is currently quoted in the market, the speed of execution and the probability their order will be filled. The SEC’s letter was sent in response to questions from Sen. Warren (D- MA), who had sent questions to the SEC in January after frenetic trading in shares of GameStop Corp. and other so-called meme stocks created such volatility that some brokers had to curb trading to meet margin calls from their clearinghouses. In the past, the SEC has repeatedly blessed payment for order flow, saying brokerages monitor for conflicts of interest and that it often results in better prices for small investors.

DOL Won’t Enforce ESG, Proxy Voting Final Rules

On Wednesday, the U.S. Department of Labor’s Employment Benefits Security Administration announced that it will not enforce recently published final rules on “Financial Factors in Selecting Plan Investments” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.” In the press release, Principal Deputy Assistant Secretary for the Employee Benefits Security Administration Ali Khawar stated: “These rules have created a perception that fiduciaries are at risk if they include any environmental, social and governance factors in the financial evaluation of plan investments, and that they may need to have special justifications for even ordinary exercises of shareholder rights. We intend to conduct significantly more stakeholder outreach to determine how to craft rules that better recognize the important role that environmental, social and governance integration can play in the evaluation and management of plan investments, while continuing to uphold fundamental fiduciary obligations.” Later that day, the Insured Retirement Institute (IRI) issued a press release applauding the decision.

Pentagon Announces Climate Working Group

The Pentagon on Wednesday announced the creation of a working group to respond to President Biden’s series of executive orders aimed at addressing the climate crisis. “Climate change presents a growing threat to U.S. national security interests and defense objectives,” Defense Secretary Lloyd Austin wrote in a March 9 memo to senior Pentagon leadership and combatant command leaders. “The changing climate is altering the global security and operating environments, impacting our missions, plans and installations.” The group, which will be chaired by Joe Bryan, the current special assistant to the secretary for climate, will “co-coordinate department responses to the executive order and subsequent climate and energy related directives,” Pentagon spokesman John Kirby told reporters. The group will also track the Defense Department’s progress in future moves to address climate change, including evaluating the Pentagon’s energy efficiency programs and making sure military installations are more resilient to extreme weather.

SEC to Examine Board Diversity

On Wednesday, the SEC’s Division of Corporation Finance Acting Director John Coates issued a public statement announcing that it will closely review a Nasdaq Stock Market LLC proposal aimed at promoting board diversity at companies that list on its exchanges. Nasdaq first proposed in December to require companies to disclose board diversity metrics and have at least two members that are female or come from underrepresented minority or LGBTQ+ groups or explain why they don’t. There are no federal board diversity requirements, although some states have them. While this proposal has garnered significant Democratic support, all 12 of the Republicans on the Senate Banking Committee asked the SEC to reject the Nasdaq proposal.

DOL Rescinds Two Rules that “Undermine Worker Protections”

On Thursday, the Department of Labor announced that it would rescind two final rules that would “significantly weaken” protections afforded to American workers under the Fair Labor Standards Act. The two rules the Independent Contractor and the Joint Employer rules. The statement explains the decision to rescind the former rule because the rule adopted a new “economic reality” test to determine whether a worker is an employee or an independent contractor under the FLSA that the courts and the department have not used and FLSA text or longstanding case law does not support. The release also stated that the rule “would narrow or minimize other factors considered by courts traditionally; making the economic test less likely to establish that a worker is an employee under the FLSA.” In explanation for the rescinding of the Joint Employer rules, Wage and Hour Division Principal Deputy Administrator Jessica Looman said that “removing a standard for joint employment that may be unduly narrow would protect more workers’ wages and improve their well-being and economic security.”

CFPB Announces Intention to Return to a Broad Definition of “Abusive”

On Thursday, the Bureau announced that it’s rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” The move marks an effort to lift Trump-era restrictions on the agency’s ability to collect civil penalties and disgorgement from banks and financial companies for abusive acts and practices. “The 2020 Policy Statement was inconsistent with the Bureau’s duty to enforce Congress’s standard and rescinding it will better serve the CFPB’s objective to protect consumers from abusive practices,” the release states. The policy statement from former CFPB Director Kathy Kraninger established a tough, two-part test for enforcement staff to bring abusiveness claims under the Dodd-Frank Act. The CFPB will now give its enforcement attorneys greater leeway to determine if a company has engaged in abusive practices, and to levy heavier penalties for such conduct.

This Week’s Schedule

Mon. (3/15)

  • Brookings Webinar on Competition – 9:00 AM – The Brookings Institution will host a webinar entitled “Declining competition: A transatlantic challenge,” featuring a discussion with Sen. Amy Klobuchar (D-MN). Details here.

Tues. (3/16)

  • Confirmation Hearing: Senate HELP Committee – 10:00 AM – The Senate Committee on Health, Education, Labor, and Pensions will hold a confirmation hearing to consider Julie Su’s nomination to be Deputy Secretary of Labor. Details here.
  • ITIF Webinar on Biden Antitrust Policies – 10:00 AM – The Information Technology & Innovation Foundation will host a webinar to discuss President Biden’s antitrust policy agenda. Details here.
  • Hearing: Senate Finance Committee on the Tax Code and Domestic Manufacturing – 10:00 AM – The Senate Finance Committee will hold a hearing entitled “Made in America: Effect of the U.S. Tax Code on Domestic Manufacturing.” Details here.
  • ABA 2021 Washington Summit – 1:00 PM –The American Bankers Association will host its 2021 Washington Summit, featuring remarks from House Financial Services Chairwoman Maxine Waters (D-CA) and Diversity & Inclusion Subcommittee Chairwoman Joyce Beatty (D-OH). Details here.
  • Hearing: Senate Banking Committee on Housing – 2:00 PM – The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled “Home = Life: The State of Housing in America.” Details here.

Wed. (3/17)

  • Hearing: House Financial Services Committee on the Stock Market – 10:00 AM – 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 Judiciary Sub. on Counterfeit Goods – 10:00 AM – The House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet will hold a hearing entitled “Hearing: The SHOP SAFE Act: Stemming the Rising Tide of Unsafe Counterfeit Products Online.” Details here.
  • Hearing: Senate Commerce Committee on Broadband – 10:00 AM – The Senate Committee on Commerce, Science, and Transportation will hold a hearing to examine recent federal actions to expand broadband. Details not yet available.
  • Hearing: Senate Foreign Relations Committee on China – 10:00 AM – The Senate Foreign Relations Committee will hold a hearing entitled “Advancing Effective U.S. Policy for Strategic Competition with China in the Twenty-First Century.” Details here.
  • Hearing: Coronavirus Sub. on Economic Recovery Efforts – 11:00 AM – The Select Subcommittee on the Coronavirus Crisis will hold a hearing entitled “From Rescue to Recovery: Building a Thriving and Inclusive Post-Pandemic Economy.” Details here.
  • ABA 2021 Washington Summit – 1:00 PM –The American Bankers Association will host its 2021 Washington Summit, featuring remarks from Senate Banking Committee Chairman Sherrod Brown (D-OH), Ranking Member Pat Toomey (R-PA), and Federal Deposit Insurance Corporation Chair Jelena McWilliams. Details here.
  • Hearing: Senate Small Business Committee on PPP – 2:30 PM – The Senate Committee on Small Business and Entrepreneurship will hold a hearing to examine the Small Business Administration’s Paycheck Protection Program (PPP). Details here.

Thu. (3/18)

  • Hearing: House Financial Services Sub. on Diversity and Inclusion – 10:00 AM – 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 Small Business Sub. on Community Navigators – 10:00 AM – The House Small Business Subcommittee on Underserved, Agricultural, and Rural Business Development will hold a hearing entitled “21st Century Economy: Protecting the Financial System from Risks Associated with Climate Change.” Details here.
  • Hearing: Senate Banking Committee on Climate Change – 10:00 AM – The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled “21st Century Economy: Protecting the Financial System from Risks Associated with Climate Change.” Details here.
  • Hearing: Senate Finance Committee on Forced Labor – 10:00 AM – The Senate Finance Committee will hold a hearing entitled “Fighting Forced Labor: Closing Loopholes and Improving Customs Enforcement to Mandate Clean Supply Chains and Protect Worker.” Details here.
  • Hearing: Senate Homeland Security Committee on SolarWinds – 10:15 AM – The Senate Committee on Homeland Security and Government Affairs will hold a hearing entitled “Understanding and Responding to the SolarWinds Supply Chain Attack: The Federal Perspective.” Details here.
  • Hearing: House Energy and Commerce Sub. on the CLEAN Future Act – 11:00 AM – The House Energy and Commerce Subcommittee on Environment and Climate Change will hold a hearing entitled “The CLEAN Future Act: Industrial Climate Policies to Create Jobs and Support Working Communities.” Details here.
  • Hearing: House Judiciary Sub. on Competition – 2:00 PM – The House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law will hold a hearing entitled “Reviving Competition, Part 3: Strengthening the Laws to Address Monopoly Power.” Details here.
  • Hearing: House Ways and Means Sub. on Tax Filing – 2:00 PM – The House Ways and Means Subcommittee on Oversight will hold a hearing on the 2021 tax filing season, featuring testimony from IRS Commissioner Charles Rettig. Details here.

Fri. (3/19)

  • No events scheduled.

Further Out

  • 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.