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 fol-
lowing bill; which was referred to the Committee on Financial Services, 
and in addition to the Committee on Agriculture, for a period to be sub-
sequently 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Capital Markets Im-
pact of Federal Reserve Study Act’’. 
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SEC. 2. SEC AND CFTC JOINT STUDY. 
(a) JOINT STUDY.—The Securities and Exchange 
Commission (‘‘SEC’’ ) and the Commodity Futures Trad-
ing Commission (‘‘CFTC’’ ) shall jointly conduct a study 
on the cumulative impact on markets regulated by the 
SEC and CFTC that would be imposed by— 
(1) the proposed rule titled ‘‘Regulatory Capital 
Rule: Large Banking Organizations and Banking 
Organizations with Significant Trading Activity’’ (88 
Fed. Reg. 64028; published September 18, 2023); 
and 
(2) the proposed rule titled ‘‘Regulatory Capital 
Rule: Risk-Based Capital Surcharges for Global Sys-
temically Important Bank Holding Companies; Sys-
temic Risk Report (FR Y–15)’’ (88 Fed. Reg. 
60385; published September 1, 2023). 
(b) CONSULTATION.—In carrying out the study re-
quired under subsection (a), the SEC and the CFTC shall 
consult with CFTC advisory committees on the impact the 
proposed rules described under subsection (a) would have 
on United States derivatives markets, including— 
(1) the CFTC Agricultural Advisory Com-
mittee; 
(2) the CFTC Energy and Environmental Mar-
kets Advisory Committee; 
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(3) the CFTC Global Markets Advisory Com-
mittee; and 
(4) the CFTC Market Risk Advisory Com-
mittee. 
(c) REPORT.—Not later than 90 days after the date 
of enactment of this Act, the SEC and CFTC shall jointly 
issue a report to the Congress, and make sure report avail-
able to the public, containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) a description of the specific impacts the 
proposed rules described under subsection (a) would 
have on the trading and capital markets activities of 
United States depository institutions, bank holding 
companies, futures commission merchants, retail for-
eign exchange dealers, and derivative end-users. 
Æ 
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