A pair of lawmakers have introduced a measure they said seeks to expand Small Business Investment Companies (SBIC) efforts to invest in rural small businesses.© Shutterstock The Rural Capital Access Act, presented by Reps. Dave Joyce (R-OH) and Jared Golden (D-ME) also targets bolstering participation in the Rural Business Investment Company (RBIC) program. “Small businesses […]
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Securities and Exchange Commission (SEC) officials said the agency has reopened the comment period regarding proposed rules addressing listing standards for erroneously awarded compensation recovery.© Shutterstock According to the SEC, interested parties will be able to submit additional comments and data related to rule amendments the SEC initially proposed in 2015, in addition to comments […]
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The Federal Housing Finance Agency (FHFA) set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac at $78 billion for each. © Shutterstock The 2022 caps will be an increase from 2021 when it was $70 billion for each of these government-sponsored enterprises (GSEs). The new caps are based on FHFA’s projections […]
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The U.S. Treasury Department is studying the financial impact of climate change on households and communities, particularly low-income and historically disadvantaged communities.© Shutterstock The topic was addressed this week at a meeting of the Financial Literacy and Education Commission (FLEC), which is chaired by Under Secretary for Domestic Finance Nellie Liang. “This meeting is part […]
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Securities and Exchange Commission (SEC) officials have unanimously approved a process modernizing the manner in which filing fees are reported, calculated and paid.© Shutterstock Operating companies and investment companies pay filing fees when entering certain transactions that include registered securities offerings, as well as mergers and acquisitions. The agency recently adopted amendments addressing filing fee […]
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The U.S. Department of Labor (DOL) issued a proposed rule on Oct. 13 that would remove barriers that would allow retirement plan sponsors and fiduciaries to consider climate change and other environmental, social and governance (ESG) factors when selecting investments.© Shutterstock The proposed rule, called Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder […]
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Sen. Sherrod Brown (D-OH) has forwarded correspondence to Federal Reserve Chair Jerome Powell, encouraging the panel to take no further banking industry deregulation action until Board nominations are made.© Shutterstock Officials noted President Joe Biden is slated to submit nominees for upcoming Board terms. “When Vice Chair Quarles was confirmed to his position, banking lobbyists […]
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Rep. Bill Huizenga (R-MI) introduced legislation recently that seeks to reform the Public Company Accounting Oversight Board (PCAOB).Bill Huizenga The Streamlining Public Company Accounting Oversight Act would amend the Sarbanes-Oxley Act and move the PCAOB to authority of the Securities and Exchange Commission’s (SEC) Office of the Chief Accountant. “This bill codifies into law what […]
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U.S. Rep. Brian Mast (R-FL) introduced a bill that would reduce federal spending by $480 billion, which is the amount of the proposed debt ceiling increase.© Shutterstock Mast introduced a bill on Oct. 12 he calls the Banana Stand Money Act, H.R. 5565, which would fully repeal the state and local tax (SALT) deduction and […]
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A group of Democrats in the U.S. House of Representatives introduced legislation last week to expand and enhance unemployment insurance benefits. © Shutterstock The Unemployment Insurance Improvement Act, H.R. 5507, would require states to provide a minimum 26 weeks of unemployment insurance (UI) benefits, cover part-time workers, and update wage record rules and administration standards […]
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