The Middle-Market Public Policy Roundup took a brief respite during the Association for Corporate Growth’s Membership Summit on June 23-25 and then later in observance of Independence Day. The following recap includes some events in Washington that occurred during the hiatus.
Financial Regulators Modify Volcker Rule
Five federal regulatory agencies finalized a rule modifying the Volcker Rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds.
The final rule, passed June 25 by five federal financial regulators, including the Federal Reserve and the Securities and Exchange Commission, is similar to the proposed rule from January and will go into effect Oct. 1, the agencies said in a statement.
The Volcker Rule generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring or having certain relationships with a hedge fund or private equity fund.
USMCA Goes into Effect
The United States-Mexico-Canada Agreement, or USMCA, entered into force on July 1, replacing the North American Free Trade Agreement, which regulated trade on the continent for more than two decades.
The White House and U.S. Trade Representative said the new trade pact will work toward rebalancing trade between the U.S. and its neighbors and lead to significant economic and job growth.
“The USMCA contains significant improvements and modernized approaches that will deliver more jobs, stronger worker protections, expanded market access, and greater opportunities to trade for companies large and small,” U.S. Trade Representative Robert Lighthizer said in a statement.
Recovery Conditional on Containing Virus, Fed Chair Says
Economic recovery in the U.S. will depend in large part on the country’s success in containing the COVID-19 virus, Federal Reserve Chairman Jerome Powell told lawmakers during a hearing held before the House Committee on Financial Services on June 30.
“A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities,” Powell said in his opening statement.
The Fed chairman added that future progress will also depend on the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed in order to avoid long-term damage done by the coronavirus outbreak.
Treasury Secretary Steven Mnuchin also participated in the hearing and said the Treasury anticipates any additional relief would target industries that have been especially hard-hit by the pandemic, with a focus on putting unemployed Americans back to work.
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July 08, 2020 at 04:26AM
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