Message from Mike Percy, Managing Partner, Financial Services
Dear FIEB readers,
February and early March were lighter than usual with regard to regulatory activities as the agencies remain largely on hold as part of the Jan. 20 White House memo directing executive departments and agencies to freeze any pending regulations not yet published in the Federal Register. We expect activity to pick up in the coming months once the freeze expires and the regulators have reviewed the affected pending regulations and guidance.
Meanwhile, Congress passed another stimulus package, the American Rescue Plan Act of 2021, which President Joseph Biden signed into law on March 11. While the act includes more funding for the reopened Paycheck Protection Program, the program’s March 31, 2021, cutoff date was not extended. There is some bipartisan interest in an extension.
We have seen a great deal of interest in environmental, social, and governance (ESG) as well as climate change disclosures. The past few months have brought more interest from the Securities and Exchange Commission and other stakeholders from around the world. As a side note, I find awareness is evolving: More people than not admit to “Googling ESG” to learn the acronym. Many signs point to ESG and climate change disclosures making strides in 2021.
I hope this message finds you, your friends, your family, and your colleagues safe.