Page:United States Statutes at Large Volume 124.djvu/1422

 124 STAT. 1396 PUBLIC LAW 111–203—JULY 21, 2010 (L) review and, as appropriate, may submit comments to the Commission and any standard-setting body with respect to an existing or proposed accounting principle, standard, or procedure; (M) provide a forum for— (i) discussion and analysis of emerging market developments and financial regulatory issues; and (ii) resolution of jurisdictional disputes among the members of the Council; and (N) annually report to and testify before Congress on— (i) the activities of the Council; (ii) significant financial market and regulatory developments, including insurance and accounting regulations and standards, along with an assessment of those developments on the stability of the financial system; (iii) potential emerging threats to the financial stability of the United States; (iv) all determinations made under section 113 or title VIII, and the basis for such determinations; (v) all recommendations made under section 119 and the result of such recommendations; and (vi) recommendations— (I) to enhance the integrity, efficiency, competitiveness, and stability of United States financial markets; (II) to promote market discipline; and (III) to maintain investor confidence. (b) STATEMENTS BY VOTING MEMBERS OF THE COUNCIL.—At the time at which each report is submitted under subsection (a), each voting member of the Council shall— (1) if such member believes that the Council, the Govern- ment, and the private sector are taking all reasonable steps to ensure financial stability and to mitigate systemic risk that would negatively affect the economy, submit a signed statement to Congress stating such belief; or (2) if such member does not believe that all reasonable steps described under paragraph (1) are being taken, submit a signed statement to Congress stating what actions such member believes need to be taken in order to ensure that all reasonable steps described under paragraph (1) are taken. (c) TESTIMONY BY THE CHAIRPERSON.—The Chairperson shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate at an annual hearing, after the report is submitted under subsection (a)— (1) to discuss the efforts, activities, objectives, and plans of the Council; and (2) to discuss and answer questions concerning such report. (d) AUTHORITY TO OBTAIN INFORMATION.— (1) IN GENERAL.—The Council may receive, and may request the submission of, any data or information from the Office of Financial Research, member agencies, and the Federal Insurance Office, as necessary— (A) to monitor the financial services marketplace to identify potential risks to the financial stability of the United States; or Deadline. Reports.