Capital Markets Impact of Federal Reserve Study Act

Bill: 118-hr-8802
Sponsor: full_name: Rep. Lucas, Frank D. [R-OK-3]
Introduced: 2024-06-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-08-08
text: Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8802 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. Short title This Act may be cited as the Capital Markets Impact of Federal Reserve Study Act . 2. SEC and CFTC joint study (a) Joint study The Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading 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 Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y–15) (88 Fed. Reg. 60385; published September 1, 2023). (b) Consultation In carrying out the study required 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 Committee; (2) the CFTC Energy and Environmental Markets Advisory Committee; (3) the CFTC Global Markets Advisory Committee; and (4) the CFTC Market Risk Advisory Committee. (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 available to the public, containing— (1) all findings and determinations made in carrying 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 foreign exchange dealers, and derivative end-users.