12 U.S.C. § 5227 — Study and report on margin authority
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 214 words · no verdicts yet
The Comptroller General must study leverage and deleveraging during the financial crisis. The report must address regulators' roles, the Board's margin authority, its use, and possible recommendations.
(a) Study. The Comptroller General must study how much financial institutions' leverage and sudden reduction of leverage contributed to the current financial crisis.
(b) Content. The study must include: (1) the roles and responsibilities of the Board*, the Securities and Exchange Commission, the Secretary*, and other Federal banking agencies in monitoring leverage and limiting excessive leverage; (2) the Board's authority to regulate leverage, including margin requirements, and how it decided whether to use that authority; (3) any use of the Board's margin authority; and (4) recommendations for the Board and the appropriate congressional committees about the Board's existing authority.
(c) Report. By June 1, 2009, the Comptroller General must finish the study and send its report to the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee.
(d) Sharing. The report must also be sent to the Congressional Oversight Panel established under section 5233.
The Comptroller General shall undertake a study to determine the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.
The study required by this section shall include—
an analysis of the roles and responsibilities of the Board*, the Securities and Exchange Commission, the Secretary*, and other Federal banking agencies with respect to monitoring leverage and acting to curtail excessive leveraging;
an analysis of the authority of the Board to regulate leverage, including by setting margin requirements, and what process the Board used to decide whether or not to use its authority;
an analysis of any usage of the margin authority by the Board; and
recommendations for the Board and appropriate committees of Congress* with respect to the existing authority of the Board.
Not later than June 1, 2009, the Comptroller General shall complete and submit a report on the study required by this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
Source credit: (Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3786
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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