§ 5238. Study on mark-to-market accounting

• (a) The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—
  • (1) the effects of such accounting standards on a financial institution’s balance sheet;
  • (2) the impacts of such accounting on bank failures in 2008;
  • (3) the impact of such standards on the quality of financial information available to investors;
  • (4) the process used by the Financial Accounting Standards Board in developing accounting standards;
  • (5) the advisability and feasibility of modifications to such standards; and
  • (6) alternative accounting standards to those provided in such Statement Number 157.
• (b) The Securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on October 3, 2008 , containing the findings and determinations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate.