Senate to consider Powell and Brainard Fed appointments

On January 11, the Senate Banking Committee is to consider the nomination of Jay Powell for a second four-year term as chairman of the Federal Reserve Board and on the 13th it will contemplate Fed Governor Lael Brainard becoming vice chair.

CBDCs could be ruinous for banks, particularly under stressed conditions - BPI

The introduction of central bank digital currencies (CBDCs) would be ruinous for banks and potentially the economy as well, particularly in times of economic stress, argues a blog post on the Bank Policy Institute (BPI) website.

AMF’s 2022 priorities include engaging with Europe and promoting sustainable finance

Europe, retail investment, sustainable finance and modernisation are the top four 2022 priorities for the Autorité des marchés financiers (AMF), the French financial markets authority. 

ESMA consults on pilot DLT regulatory regime

Stakeholders are being asked for their views about a pilot regulatory regime for Distributed Ledger Technology (DLT) by the European Securities and Markets Authority (ESMA). 

Chinese companies face tougher rules for offshore listings

Mainland Chinese platform companies seeking to list their shares abroad will have to pass a cyber security review beforehand if they have more than 1 million users on their databases – a law that becomes effective from February 15, 2022. 

Inclusion of nuclear and gas in EU taxonomy triggers backlash

Including nuclear and gas in the European Commission’s (EC’s) green taxonomy has triggered a ruckus among member states with some countries accusing the EU’s executive arm of greenwashing. 

OCC consults on climate-related financial risks for big banks

Big banks should embed climate-related risks into their policies and procedures, and provide detailed guidance on their approach to these risks in line with the strategy and risk appetite set by the board, said the Office of the Comptroller of the Currency (OCC). 

SEC proposes swing pricing for certain money market funds

Institutional prime and tax-exempt money market funds should impose swing pricing policies on investors looking to exit during periods of market stress, according to a proposal voted through at the US Securities and Exchange Commission (SEC). 

Jelena McWilliams announces surprise departure from FDIC

Following a string of disputes, Jelena McWilliams is stepping down from chairing the Federal Deposit Insurance Corporation (FDIC) on February 4, 2022, which could usher in tougher oversight of the US banking system 

Nagel takes over as Bundesbank president

Joachim Nagel was nominated as president of the Deutsche Bundesbank on December 20, 2021, by the German government and comes from a markets and IT background rather than a monetary one.