§ 5227. Study and report on margin authority

Statutory text

Study

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.

Content

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.

Report

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.

Sharing of information

Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

2008
Emergency Economic Stabilization Act of 2008
Pub. L. 110–343 div. A title I § 117 · 122 Stat. 3765
Enacted · 12 U.S.C. § 5227
(Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)
Source evidence
Code source credit
(Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)
Enacted provision · exact public law section
SEC. 117. STUDY AND REPORT ON MARGIN AUTHORITY. (a) Study.— 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. (b) Content.— The study required by this section shall include— (1) 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; (2) 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; (3) an analysis of any usage of the margin authority by the Board; and (4) recommendations for the Board and appropriate committees of Congress with respect to the existing authority of the Board. (c) Report.— 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. (d) Sharing of Information.— Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 125.

1 of 1 references resolved to an enrolled provision

Credits

(Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)