,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cahb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #aj1 #bjai,mr4  
,gonzalez ( ,texas 7= himself1 ,mr4     
,%]man1 ,mr4 ,david ,scott ( ,georgia1  
,mr4 ,got!im]1 ,mr4 ,cuell>1 ,mr4       
,luetkemey]1 ,mr4 ,williams1 ,mr4 ,hill 
( ,arkansas1 ,mr4 ,l\d]milk1 & ,mr4     
,budd7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,agriculture1 = a p]iod to be        
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to require !       
,securities & ,ex*ange ,commission &    
c]ta9 ,f$]al ag5cies to c>ry out a /udy 
relat+ to acc\nt+ /&>ds1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,,cecl ,consum] ,impact &  
,/udy ,bill ( #bjai4  #b4 ,def9itions ,9
 ?is ,act--  7#a7 ! t]m appropriate     
committees ( ,congress means-- 7,a7 !   
,committee on ,bank+1 ,h\s+1 & ,urban   

,affairs ( ! ,s5ate2 &  7,b7 !          
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives2  7#b7 ! t]m    
,,cecl means ! acc\nt+ /&>d 9 ,acc\nt+  
,/&>ds ,update #bjaf-ac1 ,f9ancial      
,in/rum5ts--,cr$it ,losses 7,topic      
#cbf71 issu$ by ! ,f9ancial ,acc\nt+    
,/&>ds ,bo>d 9 ,june #bjaf1 z am5d$ by  
,acc\nt+ ,/&>ds ,update #bjah-ai1       
,codification ,improvem5ts to ,topic    
#cbf1 ,f9ancial ,in/rum5ts--,cr$it      
,losses1 issu$ by ! ,f9ancial ,acc\nt+  
,/&>ds ,bo>d 9 ,novemb] #bjah2  7#c7 !  
t]m ,commission means ! ,securities &   
,ex*ange ,commission2  7#d7 ! t]m ,f$]al
 f9ancial regulators means--  7,a7 !    
,secret>y ( ! ,treasury2  7,b7 ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2   
7,c7 ! ,bureau ( ,consum] ,f9ancial     
,protection2  7,d7 ! ,comptroll] ( !    
,curr5cy2  7,e7 ! ,commodity ,futures   
,trad+ ,commission2  7,f7 ! ,f$]al      
,deposit ,insurance ,corporation2  7,g7 
! ,director ( ! ,f$]al ,h\s+ ,f9ance    
,ag5cy2 &  7,h7 ! ,national ,cr$it      

,union ,adm9i/ration2 &  7#e7 ! t]m     
small bus9ess conc]n has ! mean+ giv5 ! 
t]m 9 section #c7;a7 ( ! ,small ,bus9ess
 ,act 7#ae ,u4,s4,c4 #fcb7;a774  #c4    
,/udy & report  7a7 ,9 g5]al ,!         
,commission & ! ,f$]al f9ancial         
regulators1 9 consultation ) ! ,f9ancial
 ,acc\nt+ ,/&>ds ,bo>d1 %all conduct a  
quantitative /udy (--  7#a7 ! pot5tial  
impact t ! implem5tation ( ,,cecl may h 
on ! availability ( cr$it1 ) a p>ticul> 
focus on ! impact on t availability--   
7,a7 = consum]s & small bus9ess conc]ns2
 &  7,b7 ) respect to ! cr$it products  
on :i* consum]s & small bus9ess conc]ns 
rely dur+ p]iods ( economic expansion & 
dur+ recessions2  7#b7 :e!r implem5t+   
,,cecl c\ld-- 7,a7 accel]ate ! depletion
 ( regulatory capital t is available =  
l5d+ purposes dur+ a recession2  7,b7 h 
a great] impact on regulatory capital1  
or ext5d ! p]iod 9 :i* regulatory       
capital is r$uc$1 dur+ a recession2 or  
7,c7 pose any o!r sy/emic risks to !    
economy ( ! ,unit$ ,/ates2  7#c7 !      

pot5tially disproportionate impact t !  
implem5tation ( ,,cecl may h on f9ancial
 in/itutions1 tak+ into acc\nt--  7,a7 !
 v>i\s sizes & levels ( complexity ( ^? 
f9ancial in/itutions2 &  7,b7 ! diff]5t 
am\nts ( res\rces t are available to ^? 
f9ancial in/itutions2  7#d7 ! pot5tial  
impact t ! implem5tation ( ,,cecl may h 
on ! decisions made by inve/ors2 &  7#e7
 ! pot5tial competitive impact t !      
implem5tation ( ,,cecl may h on         
in/itutions 9 ! ,unit$ ,/ates z a result
 ( diff]+ int]national acc\nt+ /&>ds us$
 to measure cr$it loss4  7b7 ,report ,n 
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,commission & ! ,f$]al     
f9ancial regulators %all submit to !    
,f9ancial ,acc\nt+ ,/&>ds ,bo>d & !     
appropriate committees ( ,congress a    
report--  7#a7 reg>d+ ! results ( ! /udy
 conduct$ "u subsection 7a72 &  7#b7 t  
%all include--  7,a7 ! id5tification (  
any negative impacts result+ f !        
implem5tation ( ,,cecl2 &  7,b7         
recomm5dations = *anges to ,,cecl to    

elim9ate or mitigate ! negative impacts 
describ$ 9 subp>agraph 7,a74  #d4       
,co/-b5efit /udy ( ,,cecl impact on     
non-f9ancial in/itutions1 insur]s1 &    
,gov]nm5t-sponsor$ ent]prises  7a7 ,/udy
 ,! ,commission & ! ,f$]al f9ancial     
regulators1 9 consultation ) ! ,f9ancial
 ,acc\nt+ ,/&>ds ,bo>d1 %all c>ry out a 
/udy on ! pot5tial co/s & b5efits ( !   
impact ( ,,cecl on non-f9ancial         
in/itutions1 ! insurance indu/ry        
7includ+ re9surance71 &                 
,gov]nm5t-sponsor$ ent]prises4  7b7     
,report ,n lat] ?an #a ye> aft] ! date (
 enactm5t ( ?is ,act1 ! ,commission & ! 
,f$]al f9ancial regulators %all submit  
to ! ,f9ancial ,acc\nt+ ,/&>ds ,bo>d & !
 appropriate committees ( ,congress a   
report conta9+ all f9d+s & det]m9ations 
made 9 c>ry+ out ! /udy requir$ "u      
subsection 7a74  #e4 ,delay 9           
implem5tation ( ,,cecl ,dur+ ! p]iod    
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on ! date t is #a ye> aft] ! date 
on :i* ! ,commission & ! ,f$]al f9ancial

 regulators submit ! report requir$ "u  
section #c7;b71 nei!r ! ,commission nor 
any ( ! ,f$]al f9ancial regulators may  
require a p]son to comply ) ,,cecl4