Sec. 401. Basel III impact study

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The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (in this section collectively referred to as the Federal banking agencies ) shall conduct an empirical study on the Regulatory Capital Rules finalized by the Board of Governors of the Federal Reserve on July 2, 2013 ( Final Rule ) in accordance with subsection

(b)and release a final report in accordance with subsection (d). The study required under subsection

(a)shall include— the potential impact of the Final Rule on the financial services sector of the United States, and specifically covered financial institutions, including changes to required capital levels in the aggregate, per asset class and institution size; the long-term potential impact of the Final Rule, including changes to the current risk weight framework; the potential cost and complexity of the Final Rule for covered financial institutions; the potential indicators of covered financial institutions having to maintain higher leverage capital ratios and higher total risk-based capital ratios than non-covered financial institutions, and if such capital levels are commensurate with higher historical losses or greater risk; whether the Final Rule will cause capital levels at covered financial institutions to fluctuate with more frequency or by greater amounts than the current capital rules and what, if any, safety and soundness issues such fluctuations raise for covered financial institutions or the financial system including whether such fluctuations will make the United States financial system more or less safe than the current rules; whether the Final Rule will result in the discontinuation of the use of certain risk management tools by covered financial institutions and thereby undermine the safety and soundness of covered financial institutions and the financial system; the cumulative impact that the Final Rule will have on— United States economic growth, in general, and specifically, on the Gross Domestic Product; the availability and cost of credit, both generally and in low- and moderate-income areas; the availability and cost of residential mortgages and home equity lines of credit, auto loans, student loans, and commercial loans, including small business loans; and regulatory capital levels, capital quality, asset quality, and risk management at covered financial institutions. Any financial institution may voluntarily provide information for the study upon the request of the Federal banking agencies, but may not be required to provide such information. A final report on the completed study required under subsection

(a)shall be made available to the public for notice and comment for a period of not less than 90 days. The Federal banking agencies shall issue a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and testify before such committees, on the results of the study required under subsection

(a)and a summary of the comments received under paragraph (1). The Federal banking agencies shall review any comments submitted under paragraphs

(1)and

(2)and considerations provided pursuant to paragraphs

(1)and (2), and following such review, shall prescribe new rules, if appropriate, based on the results of the study and such comments and considerations. Notwithstanding any other provision of law, a new rulemaking following such comment period shall include an additional comment period of not less than 90 days. The Final Rule may not take effect for a covered financial institution until the later of— 2 years after the date of the enactment of this Act; and 1 year after the promulgation of revised rules in accordance with subsection (d)(3) or a determination by the Federal banking agencies that no revised rules are needed in accordance with that subsection, which shall be published in the Federal Register. For purposes of this section, the term covered financial institution means any bank, thrift, bank holding company, and savings and loan holding company (as such terms are defined under section 3 of the Federal Deposit Insurance Act) other than a bank, thrift, bank holding company, or savings and loan holding company identified by the Financial Stability Board as a global systemically important bank , as of the date of the enactment of this Act.