#aacth ,,congress  #ast ,session  ,h4   
,r4 #acda  ,,an ,,act  ,to require the  
,financial ,stability ,oversight        
,council to conduct a study of the      
likely effects of the differences       
between the ,united ,states and other   
jurisdictions in implementing the       
derivatives credit valuation adjustment 
capital requirement4  #a4 ,short title  
,this ,act may be cited as the          
,financial ,competitive ,act of #bjac4  
#b4 ,study of implementation of basel   
iii capital requirements related to     
derivatives exposures  7a7 ,study ,the  
,financial ,stability ,oversight        
,council shall conduct a study of the   
likely effects that differences between 
the ,united ,states and other           
jurisdictions in implementing the       
derivatives credit valuation adjustment 
7in this section referred to as ,,cva7  
capital requirement would have on--     
7#a7 ,united ,states financial          
institutions that conduct derivatives   
transactions and participate in         

derivatives markets2  7#b7 end users of 
derivatives2 and  7#c7 international    
derivatives markets4  7b7 ,content ,the 
study required by subsection 7a7 shall  
include--  7#a7 an assessment of--  7,a7
 the extent to which there are          
differences in the approaches that the  
,united ,states and other jurisdictions 
are taking regarding implementation of  
the ,,cva capital requirement1 and the  
nature of the differences2  7,b7 the    
impact that the differences would have  
on--  7i7 ,united ,states financial     
institutions that conduct derivatives   
transactions and participate in         
derivatives markets1 including their    
ability to serve end users of           
derivatives2  7ii7 pricing and other    
costs of1 and services available to1 end
 users of derivatives in the ,united    
,states and other jurisdictions2 and    
7iii7 the competitiveness of ,united    
,states financial institutions and      
,united ,states derivatives markets1    
including the extent to which           

differences in the ,,cva capital        
requirement could shift derivatives     
business among jurisdictions2 and  7,c7 
the interaction between differing ,,cva 
capital requirements and margin rules2  
and  7#b7 recommendations regarding     
steps that the ,congress and the        
,federal financial regulatory agencies  
that comprise the ,financial ,stability 
,oversight ,council should take to--    
7,a7 minimize any expected negative     
effects on ,united ,states financial    
institutions1 derivatives markets1 and  
end users2  7,b7 encourage greater      
international consistency in            
implementation of internationally agreed
 capital1 liquidity1 and other          
prudential standards2 and  7,c7 ensure  
that the ,financial ,stability          
,oversight ,council fulfills its        
statutory mandate to identify risks and 
respond to emerging threats to financial
 stability4  7c7 ,report ,no later than 
#ij days after the date of the enactment
 of this ,act1 the ,financial ,stability

 ,oversight ,council shall submit a     
written report containing the results of
 the study to the ,chairman and ranking 
minority member of the ,committees on   
,agriculture and ,financial ,services of
 the ,house of ,representatives1 and the
 ,chairman and ranking minority member  
of the ,committees on ,agriculture1     
,nutrition1 and ,forestry1 and ,banking1
 ,housing1 and ,urban ,affairs of the   
,senate4  ,passed the ,house of         
,representatives ,july #h1              
#bjac4;,clerk4