12 U.S.C. § 5238 — Study on mark-to-market accounting

FEDERAL · 12 U.S.C. · Chapter 52

Study on mark-to-market accounting

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 52 — EMERGENCY ECONOMIC STABILIZATION·Subch. I

(a)Study The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—

(1)the effects of such accounting standards on a financial institution's balance sheet;

(2)the impacts of such accounting on bank failures in 2008;

(3)the impact of such standards on the quality of financial information available to investors;

(4)the process used by the Financial Accounting Standards Board in developing accounting standards;

(5)the advisability and feasibility of modifications to such standards;

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(a) Study
The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—
(1) the effects of such accounting standards on a financial institution's balance sheet;
(2) the impacts of such accounting on bank failures in 2008;
(3) the impact of such standards on the quality of financial information available to investors;
(4) the process used by the Financial Accounting Standards Board in developing accounting standards;
(5) the advisability and feasibility of modifications to such standards; and
(6) alternative accounting standards to those provided in such Statement Number 157.
(b) Report
The Securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on October 3, 2008, containing the findings and determinations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate.

12 U.S.C. § 5238 (Study on mark-to-market accounting) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 110–343, div. A, title I, §133, Oct. 3, 2008, 122 Stat. 3798.)