,i #aafth ,,congress #ast ,session ,h4 ,r4 #cahb ,,in ,,the ,,house ,,of ,,representatives ,june #aj1 #bjai,mr4 ,gonzalez of ,texas 7for himself1 ,mr4 ,sherman1 ,mr4 ,david ,scott of ,georgia1 ,mr4 ,gottheimer1 ,mr4 ,cuellar1 ,mr4 ,luetkemeyer1 ,mr4 ,williams1 ,mr4 ,hill of ,arkansas1 ,mr4 ,loudermilk1 and ,mr4 ,budd7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,securities and ,exchange ,commission and certain ,federal agencies to carry out a study relating to accounting standards1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,cecl ,consumer ,impact and ,study ,bill of #bjai4 #b4 ,definitions ,in this ,act-- 7#a7 the term appropriate committees of ,congress means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7,b7 the ,committee on ,financial ,services of the ,house of ,representatives2 7#b7 the term ,,cecl means the accounting standard in ,accounting ,standards ,update #bjaf-ac1 ,financial ,instruments--,credit ,losses 7,topic #cbf71 issued by the ,financial ,accounting ,standards ,board in ,june #bjaf1 as amended by ,accounting ,standards ,update #bjah-ai1 ,codification ,improvements to ,topic #cbf1 ,financial ,instruments--,credit ,losses1 issued by the ,financial ,accounting ,standards ,board in ,november #bjah2 7#c7 the term ,commission means the ,securities and ,exchange ,commission2 7#d7 the term ,federal financial regulators means-- 7,a7 the ,secretary of the ,treasury2 7,b7 the ,board of ,governors of the ,federal ,reserve ,system2 7,c7 the ,bureau of ,consumer ,financial ,protection2 7,d7 the ,comptroller of the ,currency2 7,e7 the ,commodity ,futures ,trading ,commission2 7,f7 the ,federal ,deposit ,insurance ,corporation2 7,g7 the ,director of the ,federal ,housing ,finance ,agency2 and 7,h7 the ,national ,credit ,union ,administration2 and 7#e7 the term small business concern has the meaning given the term in section #c7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7;a774 #c4 ,study and report 7a7 ,in general ,the ,commission and the ,federal financial regulators1 in consultation with the ,financial ,accounting ,standards ,board1 shall conduct a quantitative study of-- 7#a7 the potential impact that the implementation of ,,cecl may have on the availability of credit1 with a particular focus on the impact on that availability-- 7,a7 for consumers and small business concerns2 and 7,b7 with respect to the credit products on which consumers and small business concerns rely during periods of economic expansion and during recessions2 7#b7 whether implementing ,,cecl could-- 7,a7 accelerate the depletion of regulatory capital that is available for lending purposes during a recession2 7,b7 have a greater impact on regulatory capital1 or extend the period in which regulatory capital is reduced1 during a recession2 or 7,c7 pose any other systemic risks to the economy of the ,united ,states2 7#c7 the potentially disproportionate impact that the implementation of ,,cecl may have on financial institutions1 taking into account-- 7,a7 the various sizes and levels of complexity of those financial institutions2 and 7,b7 the different amounts of resources that are available to those financial institutions2 7#d7 the potential impact that the implementation of ,,cecl may have on the decisions made by investors2 and 7#e7 the potential competitive impact that the implementation of ,,cecl may have on institutions in the ,united ,states as a result of differing international accounting standards used to measure credit loss4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,commission and the ,federal financial regulators shall submit to the ,financial ,accounting ,standards ,board and the appropriate committees of ,congress a report-- 7#a7 regarding the results of the study conducted under subsection 7a72 and 7#b7 that shall include-- 7,a7 the identification of any negative impacts resulting from the implementation of ,,cecl2 and 7,b7 recommendations for changes to ,,cecl to eliminate or mitigate the negative impacts described in subparagraph 7,a74 #d4 ,cost-benefit study of ,,cecl impact on non-financial institutions1 insurers1 and ,government-sponsored enterprises 7a7 ,study ,the ,commission and the ,federal financial regulators1 in consultation with the ,financial ,accounting ,standards ,board1 shall carry out a study on the potential costs and benefits of the impact of ,,cecl on non-financial institutions1 the insurance industry 7including reinsurance71 and ,government-sponsored enterprises4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,commission and the ,federal financial regulators shall submit to the ,financial ,accounting ,standards ,board and the appropriate committees of ,congress a report containing all findings and determinations made in carrying out the study required under subsection 7a74 #e4 ,delay in implementation of ,,cecl ,during the period beginning on the date of enactment of this ,act and ending on the date that is #a year after the date on which the ,commission and the ,federal financial regulators submit the report required under section #c7;b71 neither the ,commission nor any of the ,federal financial regulators may require a person to comply with ,,cecl4