I 

118TH CONGRESS 

2D SESSION H. R. 8802 

To require the Securities and Exchange Commission and the Commodity 

Futures Trading Commission to carry out a joint study of the impact 

of certain proposed rules on trading and capital markets activities, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 21, 2024 

Mr. LUCAS (for himself and Mr. DAVID SCOTT of Georgia) introduced the following bill; which was referred to the Committee on Financial Services, 

and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of 

such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To require the Securities and Exchange Commission and 

the Commodity Futures Trading Commission to carry 

out a joint study of the impact of certain proposed 

rules on trading and capital markets activities, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Capital Markets Im5 pact of Federal Reserve Study Act’’. 


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•HR 8802 IH

1 SEC. 2. SEC AND CFTC JOINT STUDY. 

2 (a) JOINT STUDY.—The Securities and Exchange 

3 Commission (‘‘SEC’’ ) and the Commodity Futures Trad4 ing Commission (‘‘CFTC’’ ) shall jointly conduct a study 

5 on the cumulative impact on markets regulated by the 

6 SEC and CFTC that would be imposed by— 

7 (1) the proposed rule titled ‘‘Regulatory Capital 

8 Rule: Large Banking Organizations and Banking 

9 Organizations with Significant Trading Activity’’ (88 

10 Fed. Reg. 64028; published September 18, 2023); 

11 and 

12 (2) the proposed rule titled ‘‘Regulatory Capital 

13 Rule: Risk-Based Capital Surcharges for Global Sys14 temically Important Bank Holding Companies; Sys15 temic Risk Report (FR Y–15)’’ (88 Fed. Reg. 

16 60385; published September 1, 2023). 

17 (b) CONSULTATION.—In carrying out the study re18 quired under subsection (a), the SEC and the CFTC shall 

19 consult with CFTC advisory committees on the impact the 

20 proposed rules described under subsection (a) would have 

21 on United States derivatives markets, including— 

22 (1) the CFTC Agricultural Advisory Com23 mittee; 

24 (2) the CFTC Energy and Environmental Mar25 kets Advisory Committee; 


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•HR 8802 IH

1 (3) the CFTC Global Markets Advisory Com2 mittee; and 

3 (4) the CFTC Market Risk Advisory Com4 mittee. 

5 (c) REPORT.—Not later than 90 days after the date 

6 of enactment of this Act, the SEC and CFTC shall jointly 

7 issue a report to the Congress, and make sure report avail8 able to the public, containing— 

9 (1) all findings and determinations made in car10 rying out the study required under subsection (a); 

11 and 

12 (2) a description of the specific impacts the 

13 proposed rules described under subsection (a) would 

14 have on the trading and capital markets activities of 

15 United States depository institutions, bank holding 

16 companies, futures commission merchants, retail for17 eign exchange dealers, and derivative end-users. 

Æ 


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