United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 52. EMERGENCY ECONOMIC STABILIZATION |
SubChapter I. TROUBLED ASSETS RELIEF PROGRAM |
§ 5238. Study on mark-to-market accounting
Latest version.
-
(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.