HFSC Prioritizes ILC-Charter Constraints
Advancing the chairwoman’s effort to constrain non-traditional bank charters, HFSC’s Consumer Protection and Financial Institutions Subcommittee will on Thursday consider two draft bills to limit ILC charters.

HFSC Prepares LIBOR-Transition Fix
HFSC’s Investor Protection, Entrepreneurship, and Capital Markets Subcommittee will tomorrow take up federal legislation to improve the LIBOR transition, focusing on a measure to address prior contracts without sufficient fallback language or an alternative contractual rate.

Basel: More, Better Data Needed to Quantify Climate Risk
The Basel Committee today issued two reports on climate financial risk, concluding that climate-risk drivers can be captured in traditional financial risk categories but data gaps and general uncertainty still bar robust quantification.

Gensler Gets the Go-Ahead
As anticipated, the Senate today confirmed Gary Gensler to head the SEC by a contentious 53-45 vote. As detailed when Mr. Gensler was nominated (see Client Report INVESTOR14), we expect the Gensler SEC to build on Acting Chair Lee’s ambitious ESG, climate-risk, and proxy actions.

Waters Presses Affordable Housing, Infrastructure Bank
Today’s HFSC full committee hearing on financial infrastructure focused primarily on public housing and Republican opposition to President Biden’s infrastructure plan. However as anticipated, Chairwoman Waters (D-CA) also emphasized the need for the committee’s draft legislation creating a National Investment Authority (NIA) to back public-private infrastructure financing.