Page:United States Statutes at Large Volume 124.djvu/1475

 124 STAT. 1449 PUBLIC LAW 111–203—JULY 21, 2010 (ii) ways to maximize the efficiency and effective- ness of the Court; and (iii) ways to make the orderly liquidation process under the Bankruptcy Code for financial companies more effective. (2) REPORTS.—Not later than 1 year after the date of enact- ment of this Act, in each successive year until the third year, and every fifth year after that date of enactment, the Adminis- trative Office of the United States Courts and the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on the Judiciary of the Senate and the Committee on Financial Services and the Committee on the Judiciary of the House of Representatives separate reports summarizing the results of the studies conducted under paragraph (1). (f) STUDY OF INTERNATIONAL COORDINATION RELATING TO BANK- RUPTCY PROCESS FOR FINANCIAL COMPANIES.— (1) STUDY.— (A) IN GENERAL.—The Comptroller General of the United States shall conduct a study regarding international coordination relating to the orderly liquidation of financial companies under the Bankruptcy Code. (B) ISSUES TO BE STUDIED.—In conducting the study under subparagraph (A), the Comptroller General of the United States shall evaluate, with respect to the bank- ruptcy process for financial companies— (i) the extent to which international coordination currently exists; (ii) current mechanisms and structures for facili- tating international cooperation; (iii) barriers to effective international coordination; and (iv) ways to increase and make more effective international coordination. (2) REPORT.—Not later than 1 year after the date of enact- ment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on the Judiciary of the Senate and the Committee on Financial Services and the Committee on the Judiciary of the House of Representatives and the Sec- retary a report summarizing the results of the study conducted under paragraph (1). (g) STUDY OF PROMPT CORRECTIVE ACTION IMPLEMENTATION BY THE APPROPRIATE FEDERAL AGENCIES.— (1) STUDY.—The Comptroller General of the United States shall conduct a study regarding the implementation of prompt corrective action by the appropriate Federal banking agencies. (2) ISSUES TO BE STUDIED.—In conducting the study under paragraph (1), the Comptroller General shall evaluate— (A) the effectiveness of implementation of prompt corrective action by the appropriate Federal banking agen- cies and the resolution of insured depository institutions by the Corporation; and (B) ways to make prompt corrective action a more effective tool to resolve the insured depository institutions at the least possible long-term cost to the Deposit Insurance Fund. Evaluation.