Capital Markets Impact of Federal Reserve Study Act

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).

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.

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.