Page:United States Statutes at Large Volume 122.djvu/3821

 12 2 STA T .3798PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 forthe e s t abli sh m e n tofan y f u ture g uaranty p rograms for the U nite dS tates money mar k et mutual fund industry .SEC.132 . AUTHORI T Y TO SUS P E NDM AR K- TO-MARKET ACCOUNTIN G . ( a )AUTHORI T Y . —T he Se c urities and Ex change C ommission shall ha v e the authority under the securities la w s (as such term is defined in section 3 (a)( 47 ) of the Securities Exchange Act of 19 34 (1 5 U.S.C. 7 8 c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement N umber 157 of the F inancial Accounting Standards B oard for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is nec - essary or appropriate in the public interest and is consistent with the protection of investors. (b) S AV I NGSP ROVISION.—Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on the date of enactment of this Act. SEC. 133. STUDY ON MARK-TO-MARKET ACCOUNTING. (a) STU D Y.—The Securities and Exchange Commission, in con- sultation 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 deposi- tory 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 2 0 08; (3) the impact of such standards on the q uality 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) REP ORT.—The Securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on the date of the enactment of this Act containing the findings and determinations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate. SEC. 13 4 . RECOUPMENT. Upon the expiration of the 5-year period beginning upon the date of the enactment of this Act, the D irector of the O ffice of M anagement and Budget, in consultation with the Director of the Congressional Budget Office, shall submit a report to the Congress on the net amount within the Troubled Asset Relief Program under this Act. I n any case where there is a shortfall, the President shall submit a legislative proposal that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt. Presid e nt.L e g is la ti o n. R e p orts. D eadline. 12USC5 2 39 . 12 USC 523 8 . 12 USC 523 7.

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