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12 U.S.C. § 5342 — Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5342 — Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth

**(a) Study required** (1) **In general** — The Chairperson of the Council shall carry out a study of the economic impact of possible financial services regulatory limitations intended to reduce systemic risk. Such study shall estimate the benefits and costs on the efficiency of capital markets, on the financial sector, and on national economic growth, of— (A) explicit or implicit limits on the maximum size of banks, bank holding companies, and other large financial institutions; (B) limits on the organizational complexity and diversification of large financial institutions; (C) requirements for operational separation between business units of large financial institutions in order to expedite resolution in case of failure; (D) limits on risk transfer between business units of large financial institutions; (E) requirements to carry contingent capital or similar mechanisms; (F) limits on commingling of commercial and financial activities by large financial institutions; (G) segregation requirements between traditional financial activities and trading or other high-risk operations in large financial institutions; and (H) other limitations on the activities or structure of large financial institutions that may be useful to limit systemic risk. (2) **Recommendations** — The study required by this section shall include recommendations for the optimal structure of any limits considered in subparagraphs (A) through (E), in order to maximize their effectiveness and minimize their economic impact. **(b) Report** Not later than the end of the 180-day period beginning on July 21, 2010, and not later than every 5 years thereafter, the Chairperson shall issue a report to the Congress containing any findings and determinations made in carrying out the study

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Source location: Title 12, Chapter 53, § 5342; chapter-053-wall-street-reform-and-consumer-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5324 — Definitions

**(a) In general** For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply: (1) **Bank holding company** — The term “bank holding company” has the same meaning as in section 2 of the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.], pursuant to [section 3106(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3106/a&num=0&edition=prelim), shall be treated as a bank holding company for purposes of this subchapter. (2) **Chairperson** — The term “Chairperson” means the Chairperson of the Council. (3) **Member agency** — The term “member agency” means an agency represented by a voting member of the Council. (4) **Nonbank financial company definitions** (A) *Foreign nonbank financial company* — The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is— (i) incorporated or organized in a country other than the United States; and (ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6). (B) *U.S. nonbank financial company* — The term “U.S. nonbank financial company” means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 ([12 U.S.C. 2001]

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5342 — Office of Financial Research established

Page 1850 TITLE 12—BANKS AND BANKING § 5342 (4) the term ‘‘Research and Analysis Center’’ means the research and analysis center estab- lished under section 5344 of this title; (5) the term ‘‘financial transaction data’’ means the structure and legal description of a financial contract, with sufficient detail to de- scribe the rights and obligations between counterparties and make possible an inde- pendent valuation; (6) the term ‘‘position data’’— (A) means data on financial assets or li- abilities held on the balance sheet of a finan- cial company, where positions are created or changed by the execution of a financial transaction; and (B) includes information that identifies counterparties, the valuation by the finan- cial company of the position, and informa- tion that makes possible an independent valuation of the position; (7) the term ‘‘financial contract’’ means a le- gally binding agreement between 2 or more counterparties, describing rights and obliga- tions relating to the future delivery of items of intrinsic or extrinsic value among the counterparties; and (8) the term ‘‘financial instrument’’ means a financial contract in which the terms and con- ditions are publicly available, and the roles of one or more of the counterparties are assign- able without the consent of any of the other counterparties (including common stock of a publicly traded company, government bonds, or exchange traded futures and options con- tracts). (Pub. L. 111–203, title I, § 151, July 21, 2010, 124 Stat. 1412.) Editorial Notes REFERENCES IN TEXT Subchapter II, referred to in par. (2), was in the origi- nal ‘‘title II’’, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to subchapter II (§ 5381 et seq.) of th

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