S. 731 — Introduced in Senate

II 113th CONGRESS 1st Session S. 731 IN THE SENATE OF THE UNITED STATES April 16, 2013 Mr. Manchin (for himself and Mr. Heller) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency to conduct an empirical impact study on proposed rules relating to the International Basel III agreement on general risk-based capital requirements, as they apply to community banks. 1. Short title This Act may be cited as the Basel III Commonsense Approach for Small Entities Act or the Basel III CASE Act. 2. Final rules pending Impact Study (a) In general 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 Act collectively referred to as the Federal banking agencies) shall conduct an empirical study in accordance with subsection (b) prior to issuing any final rule in relation to proposals issued by the Federal banking agencies for the International Basel III agreement on general risk-based capital requirements. (b) Issues To be studied The study required by this section shall include— (1) a quantitative analysis of the impact of such rule on the financial services sector of the United States, specifically community, mid-size, and regional financial institutions; and (2) a determination of the long-term impact of the such rule, including changes to the current risk weight framework. 3. Voluntary Participation Any financial institution may voluntarily provide information for the study upon the request of the agencies, but may not be required to provide such information. 4. Final report (a) Availability to the public A final report on the completed study required by this Act shall be made available to the public for notice and comment for a period of not less than 3 months. (b) Review The Federal banking agencies shall review any comments submitted under subsection (a), and following such review, shall prescribe new rules, if appropriate, based on the results of the study and such comments. Notwithstanding any other provision of law, a new rulemaking following such comment period shall include an additional comment period of not less than 3 months.