The Capital Markets Impact of Federal Reserve Study Act requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly study how two proposed Federal Reserve banking capital rules would affect U.S. financial markets. These rules, published in September 2023, would set new capital requirements for large banks and systemically important financial institutions. The two agencies must consult with four CFTC advisory committees representing agriculture, energy, global markets, and market risk when conducting their analysis. Within 90 days of the bill's enactment, the SEC and CFTC must submit a report to Congress and release it publicly detailing how these rules would specifically impact banks, investment firms, futures traders, and other market participants. The legislation essentially creates a mandatory impact assessment before these banking regulations take effect, giving Congress and the public visibility into potential market consequences.
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