Title 12 — Banks and BankingRelease 119-73

§5238 Study on mark-to-market accounting

Title 12 › Chapter CHAPTER 52— - EMERGENCY ECONOMIC STABILIZATION › Subchapter SUBCHAPTER I— - TROUBLED ASSETS RELIEF PROGRAM › § 5238

Last updated Apr 6, 2026|Official source

Summary

The Securities and Exchange Commission must study mark-to-market accounting rules in Financial Accounting Standards Board Statement Number 157 as they apply to financial institutions, including banks. The SEC must work with the Board and the Secretary. The study must at least look at effects on banks’ balance sheets, the role of the rules in 2008 bank failures, how the rules affect information for investors, how FASB makes rules, whether changes are advisable and possible, and other accounting options. The SEC must send a report with findings and any administrative or legislative recommendations to Congress by the end of the 90-day period that starts on October 3, 2008.

Full Legal Text

Title 12, §5238

Banks and Banking — Source: USLM XML via OLRC

(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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5238

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73