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B-332218 1 (2020-06-10)

handle is hein.gao/gaobaeblh0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332218 June 10, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Regulations Q, Y, and YY: Regulatory Capital, Capital Plan, and Stress Test Rules Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Board of Governors of the Federal Reserve System (Board) entitled Regulations Q, Y, and YY: Regulatory Capital, Capital Plan, and Stress Test Rules (RIN: 71 00-AF02). We received the rule on May 20, 2020. It was published in the Federal Register as a final rule on March 18, 2020. 85 Fed. Reg. 15576. The effective date of the rule is May 18, 2020. The Board stated the final rule would integrate the Board's regulatory capital rule (capital rule) with the Comprehensive Capital Analysis and Review as implemented through the Board's capital plan rule (capital plan rule). According to the Board, the final rule amends the capital rule, capital plan rule, stress test rules, and Stress Testing Policy Statement. The Board stated that it will use the results of its supervisory stress test to establish the size of a firm's stress capital buffer requirement, which replaces the static 2.5 percent of risk-weighted assets component of a firm's capital conservation buffer requirement. According to the Board the final rule applies to bank holding companies and U.S. intermediate holding companies of foreign banking organizations that have $100 billion or more in total consolidated assets. The Congressional Review Act requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The Congressional Record does not reflect the date of receipt by either House of Congress. The rule was published in the Federal Register on March 18, 2020, and has a stated effective date of May 18, 2020. 85 Fed. Reg. 53. The final rule does not have the required 60-day delay in effective date.

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