- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-11-22T16:12:00
President Joe Biden announced his intention to nominate Jerome Powell to serve a second term as chair of the Federal Reserve and Lael Brainard to serve as vice chair.
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Jerome Powell is set to begin his second term as chair of the Federal Reserve after receiving bipartisan support in a Senate confirmation vote.
Sarah Bloom Raskin, President Joe Biden’s pick to be vice chair for supervision at the Federal Reserve, withdrew her nomination after losing the support of a key Democratic senator.
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
