Biden Formalizes End to Trump’s Reg-Relief Principles
Among the Trump executive orders repealed by President Biden is one instructing Treasury to examine laws, rules, and other financial-regulatory actions that contravened the Trump Administration’s principals on efficiency, reduced burden, investor freedom (i.e., no ESG requirements), and an end to moral hazard.

Quarles Defends SCB, Announces Additional Model Transparency/Risk Recalibration
FRB Vice Chairman Quarles today continued his quest to refine stress testing and Fed supervision to suit his vision of a more effective and less burdensome system.

FSB Accelerates MMF Reform
FSB Chair Quarles today updated G20 finance ministers on the 2021 work program, now detailing delivery dates for previously-announced initiatives.

HFSC Members Raise Alarm Over Crypto in Domestic Terrorism Financing
This morning’s HFSC hearing on domestic terrorism financing focused on the need to investigate how domestic terrorists fund their activities to reduce their access to the financial system.

Syndicated Loans Signal Growing Risk Supervisors to Monitor
The banking agencies today issued their annual syndicated-credit report, now finding a doubling of overall troubled loans and still worse performance in hard-hit sectors.

FedFin Assessment: Fed Outage Alters Payment-System, CBDC Debate
The Fed’s payment-system outage yesterday comes at a more than awkward time for the central bank’s efforts to advance FedNow without ensuring inter-operability.

Pressure Grows for Diversity, Climate Disclosures
At today’s HFSC Capital Markets subcommittee hearing on climate change and social responsibility, Chairman Sherman (D-CA) led Democrats in pressing for greater climate, diversity, and executive-pay disclosures and for investigations into dark money and tax havens.