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124 STAT. 1412 PUBLIC LAW 111–203—JULY 21, 2010

12 USC 5333. SEC. 123. STUDY OF THE EFFECTS OF SIZE AND COMPLEXITY OF FINAN- CIAL INSTITUTIONS ON CAPITAL MARKET EFFICIENCY AND ECONOMIC GROWTH. (a) STUDY REQUIRED.— (1) IN GENERAL.—The Chairperson of the Council shall carry out a study of the economic impact of possible financial services regulatory limitations intended to reduce systemic risk. Cost estimate. Such study shall estimate the benefits and costs on the effi- ciency of capital markets, on the financial sector, and on national economic growth, of— (A) explicit or implicit limits on the maximum size of banks, bank holding companies, and other large financial institutions; (B) limits on the organizational complexity and diver- sification of large financial institutions; (C) requirements for operational separation between business units of large financial institutions in order to expedite resolution in case of failure; (D) limits on risk transfer between business units of large financial institutions; (E) requirements to carry contingent capital or similar mechanisms; (F) limits on commingling of commercial and financial activities by large financial institutions; (G) segregation requirements between traditional financial activities and trading or other high-risk oper- ations in large financial institutions; and (H) other limitations on the activities or structure of large financial institutions that may be useful to limit systemic risk. (2) RECOMMENDATIONS.—The study required by this section shall include recommendations for the optimal structure of any limits considered in subparagraphs (A) through (E), in order to maximize their effectiveness and minimize their eco- nomic impact. (b) REPORT.—Not later than the end of the 180-day period beginning on the date of enactment of this title, and not later than every 5 years thereafter, the Chairperson shall issue a report to the Congress containing any findings and determinations made in carrying out the study required under subsection (a).

Subtitle B—Office of Financial Research

12 USC 5341. SEC. 151. DEFINITIONS.
For purposes of this subtitle—
(1) the terms ‘‘Office’’ and ‘‘Director’’ mean the Office of
Financial Research established under this subtitle and the
Director thereof, respectively;
(2) the term ‘‘financial company’’ has the same meaning
as in title II, and includes an insured depository institution
and an insurance company;
(3) the term ‘‘Data Center’’ means the data center estab-

LAWS lished under section 154; (4) the term ‘‘Research and Analysis Center’’ means the research and analysis center established under section 154;PUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00038 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203