Page:United States Statutes at Large Volume 124.djvu/1438

 124 STAT. 1412 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 123. STUDY OF THE EFFECTS OF SIZE AND COMPLEXITY OF FINAN - CIAL 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 effi- ciency 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 diver- sification 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 oper- ations 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 eco- nomic impact. (b) REPORT.—Not later than the end of the 180-day period beginning on the date of enactment of this title, 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 required under subsection (a). Subtitle B—Office of Financial Research SEC. 151. DEFINITIONS. For purposes of this subtitle— (1) the terms ‘‘Office’’ and ‘‘Director’’ mean the Office of Financial Research established under this subtitle and the Director thereof, respectively; (2) the term ‘‘financial company’’ has the same meaning as in title II, and includes an insured depository institution and an insurance company; (3) the term ‘‘Data Center’’ means the data center estab- lished under section 154; (4) the term ‘‘Research and Analysis Center’’ means the research and analysis center established under section 154; 12 USC 5341. Cost estimate. 12 USC 5333.