Last week, President-elect Joe Biden announced several of his key White House senior staff appointees. His team also announced that they would be making more announcements this week. In the interim, we await his choice for Treasury Secretary, which he has said should satisfy both moderate and progressive wings of the Democratic Party. <\/p>\n\n\n\n\n\n\n\n
As of now, his\nappointees stand as follows:<\/em><\/p>\n\n\n\n Last Week in the House<\/strong><\/p>\n\n\n\n Democratic Caucus<\/em><\/p>\n\n\n\n Last week, Democrats\nheld their Caucus Organization Meeting , first re-electing Speaker of the House\nNancy Pelosi, Majority Leader Hoyer, Majority Whip Clyburn and Caucus Chairman\nJeffries all acclamation. Then in two contested races, they elected Rep. Katherine\nClark (D-MA) to the Assistant Speaker position, while also electing Pete\nAguilar (D-CA) for the Vice Chair role. The move potentially highlights the\nnext generation of Democratic leadership, as Speaker Pelosi also confirmed that\nthis would be her last term as Speaker of the House. <\/p>\n\n\n\n The Floor<\/em><\/p>\n\n\n\n The House passed a\nseries of measures on the Suspension Calendar during week, including the USA\nTelecommunications Act (H.R. 6624<\/a>) on Tuesday by voice, though it is not excepted\nto be taken up by a Republican Senate due to White House opposition.\nAdditionally the House passed the National Apprenticeship Act, reauthorizing\nthe roughly $4 billion dollar program for another five years. <\/p>\n\n\n\n Hearings<\/em><\/p>\n\n\n\n HFSC Pandemic Risk\nInsurance Hearing (11\/19): <\/strong>On\nThursday, the House Financial Services Subcommittee on Housing, Community\nDevelopment, and Insurance held a hearing to discuss proposals for future\npandemic risk insurance programs. In particular, the discussion centered around\nRep. Carolyn Maloney\u2019s (D-NY) Pandemic Risk Insurance Act (PRIA) bill<\/a>, which is modeled after the Terrorism Risk\nInsurance Act (TRIA) that Congress passed in response to the 9\/11 terrorist\nattacks, to provide specific insurance in the event of a terrorist attack\neffecting businesses. While all Members and witnesses expressed the need for a\nclear path forward in terms of businesses safeguards in the event of a future\npandemic, there was debate over whether an insurance-based approach is both\npractical and efficient. Several Members suggested that another way to support\nsmall businesses through public health emergencies would be through a program\nthat\u2019s modeled after the Small Business Administration\u2019s (SBA) Paycheck\nProtection Program (PPP). <\/p>\n\n\n\n Bills Introduced<\/em><\/p>\n\n\n\n H.R. 8760<\/strong><\/a> (Cleaver): A bill to require the Board of\nGovernors of the Federal Reserve System and the Securities and Exchange\nCommission to issue an annual report to the Congress projecting and accounting\nfor the economic costs directly and indirectly caused by the impacts of climate\nchange, and to require the Federal Retirement Thrift Investment Board to\nestablish a Federal Advisory Panel on the Economics of Climate Change, and for\nother purposes. <\/p>\n\n\n\n H.R. 8761<\/strong><\/a> (Gianforte): A bill to reduce premiums under the National Flood\nInsurance Program for certain properties, and for other purposes. <\/p>\n\n\n\n Other Activity<\/em><\/p>\n\n\n\n Financial Services\nIssues Inclusion in NDAA<\/strong>: On\nThursday, House Financial Services Committee Chairwoman Maxine Waters (D-CA)\nissued a press release praising an agreement<\/a> to included beneficial ownership reporting and anti-money\nlaundering language in the NDAA that is being finalized. While highlighting\nthis apparent deal, the press release also requested the inclusion of three\nother financial services related issues still being negotiated in the NDAA\nincluding: <\/p>\n\n\n\n Last Week in the Senate<\/strong><\/p>\n\n\n\n The Floor<\/em><\/p>\n\n\n\n Due to the absence of\ntwo Republican Senators, Chuck Grassley and Rick Scott, due to COVID-19\nquarantining, the Senate failed to advance the nomination of Judy Shelton to\nthe Federal Reserve Board of Governors. Leader McConnell changed his vote to\n“no” for procedural reasons that allow him to call the nomination\nagain. It is unclear when the Senate will take up this controversial nomination\nagain. Complicating matters is the impending swearing-in of newly-elected\nSenator Mark Kelly (D-AZ), which could occur shortly after the Senate returns\nfrom its Thanksgiving Holiday break. <\/p>\n\n\n\n Hearings<\/em><\/p>\n\n\n\n SEC Oversight Hearing\n(11\/17)<\/strong>: On Tuesday, the Senate\nBanking Committee held an oversight hearing of the Securities and Exchange\nCommission (SEC), featuring testimony from Chairman Jay Clayton. Senators\nlargely praised Chair Clayton and the SEC for its work to support market\nstability amid the COVID-19 pandemic. In light of Chairman Clayton stepping\ndown at year-end, the discussion largely focused on the work the SEC has\nundertaken during his chairmanship, as well as the outstanding work to be done\nunder the next Chair. While many senators used their time to thank the Chairman\nfor his service, others called for greater accountability-focused regulation on\ncorporations \u2014 particularly in terms of climate risk. <\/p>\n\n\n\n Bills Introduced<\/em><\/p>\n\n\n\n S. 4903<\/strong><\/a> (Hassan): A bill to amend the Higher Education Act of 1965 to encourage entrepreneurship by providing loan deferment and loan cancellation for founders and employees of small business startups, and for other purposes. <\/p>\n\n\n\n Last Week in the Administration<\/strong><\/p>\n\n\n\n Mnuchin Requests Roll Back of Fed Lending Facilities<\/span><\/em><\/p>\n\n\n\n On Thursday, Treasury\nSecretary Steven Mnuchin wrote a letter<\/a> to the Federal Reserve asking the central\nbank to return more than $400 billion in funding for five CARES Act lending\nfacilities. This includes the: (1) Primary (PMCCF) and Secondary Market\nCorporate Credit Facilities (SMCCF); (2) Municipal Lending Facility (MFL); (3)\nMain Street Lending Program (MSLP); and (4) TALF. The move put the Trump\nadministration temporarily <\/a>at odds with Fed Chairman Jerome Powell, who had\nexpressed support for continuing these programs. \u201cThe Federal Reserve would\nprefer that the full suite of emergency facilities established during the\ncoronavirus pandemic continue to serve their important role as a backstop for\nour still-strained and vulnerable economy.” However, by Friday, Powell had\nagreed to return the funds at the end of the year as requested. <\/p>\n\n\n\n Regulators Announce Relief for Banks<\/span><\/em><\/p>\n\n\n\n