Short title and table of contents

(a)

Short title

This Act may be cited as the

TRIA Reform Act of 2014

. (b)

Table of contents

The table of contents for this Act is as follows:

Sec. 1. Short title and table of contents.

Sec. 2. References.

Sec. 3. Extension of program.

Sec. 4. Certification of acts of terrorism.

Sec. 5. Separate treatment of conventional terrorism from NBCR terrorism.

Sec. 6. Availability of coverage.

Sec. 7. Terrorism loss risk-spreading premiums amount.

Sec. 8. Increase of aggregate retention amount; mandatory recoupment.

Sec. 9. Terrorism loss risk-spreading premium.

Sec. 10. Risk-sharing mechanisms.

Sec. 11. Reporting of terrorism insurance data.

Sec. 12. Delivery of notices to policyholders.

Sec. 13. Definition of control.

Sec. 14. Annual study of small insurer market competitiveness.

Sec. 15. CBO and OMB studies regarding budgeting for costs of Federal insurance programs.

Sec. 16. GAO study on upfront premiums and capital reserve fund.

References

Except as otherwise expressly provided, wherever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note).

Extension of program

(a)

In general

Subsection (a) of section 108 (15 U.S.C. 6701 note) is amended by striking December 31, 2014 and inserting December 31, 2019. (b)

Program years

Subparagraph (G) of section 102(11) (15 U.S.C. 6701 note) is amended by striking 2014 and inserting 2019.

Certification of acts of terrorism

(a)

In general

Paragraph (1) of section 102 (15 U.S.C. 6701 note) is amended— (1)in subparagraph (A), in the matter preceding clause (i), by striking concurrence with the Secretary of State and inserting consultation with the Secretary of Homeland Security; (2)in subparagraph (B)— (A)in clause (i), by striking ; or and inserting a period; (B)by striking clause (ii); and (C)by striking terrorism if— and all that follows through (I) the act and inserting terrorism if the act; (3)by redesignating subparagraphs (C) and (D) as subparagraphs (E) and (G), respectively; (4)by inserting after subparagraph (B) the following new subparagraph:

(C)

Timing of certification

(i)

Preliminary certification notice

The Secretary shall issue a preliminary certification notice indicating whether an act is expected to be a certified act of terrorism not later than 15 days after— (I)the date of the occurrence of a potential act of terrorism; or (II)the receipt of a petition seeking a preliminary certification decision submitted by an insurer having an in-force policy or policies that could be affected by a certification decision. (ii)

Final certification notice

Not later than 90 days after the date of the occurrence of a potential act of terrorism or the receipt of a petition submitted to the Secretary pursuant to clause (i)(II), the Secretary shall issue a final certification notice indicating whether an act is a certified act of terrorism for purposes of this Act. (iii)

Rule of construction

Failure to issue a preliminary certification notice under clause (i) shall not prevent the Secretary from issuing a final certification notice under clause (ii).

; and

(5)by inserting before subparagraph (G), as so redesignated by paragraph (3) of this subsection, the following new subparagraph:

(F)

Failure to make determination

If the Secretary does not certify, or make a determination not to certify, an act as an act of terrorism before the expiration of the 90-day period beginning on the occurrence of such act, such act shall be treated for purposes of this Act as having been determined by the Secretary not to be an act of terrorism and such determination shall be final and shall not be subject to judicial review.

(b)

Applicability

The amendments made by subsection (a) shall apply to the Program Year for the Terrorism Insurance Program established by title I of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) that begins on January 1, 2015, and Program Years thereafter.

Separate treatment of conventional terrorism from NBCR terrorism

(a)

Definition

(1)

In general

Section 102 (15 U.S.C. 6701 note) is amended— (A)in paragraph (1), by inserting after subparagraph (C), as added by section 4(a)(4) of this Act, the following new subparagraph:

(D)

Act of NBCR terrorism

Each certification of an act of terrorism under subparagraph (A) shall include a determination of whether such act involves NBCR terrorism.

;

(B)by redesignating paragraphs (9) through (16) as paragraphs (10) through (17), respectively; and (C)by inserting after paragraph (8) the following new paragraph:

(9)

NBCR terrorism

Notwithstanding paragraph (1), the term NBCR terrorism means an act of terrorism to the extent that the insured losses involve, regardless of any other cause or event that contributes concurrently or in any sequence to such insurance loss— (A)an act of terrorism that is carried out by means of the dispersal or application of radioactive material, or through the use of a nuclear weapon or device that involves or produces a nuclear reaction, nuclear radiation, or radioactive contamination; (B)the release of radioactive material, and it appears that one purpose of the act of terrorism was to release such material; (C)an act of terrorism that is carried out by means of the dispersal or application of pathogenic or poisonous biological or chemical material; or (D)the release of pathogenic or poisonous biological or chemical material, and it appears that one purpose of the act of terrorism was to release such material.

(2)

Applicability

The amendments made by paragraph (1) shall apply to the Program Year for the Terrorism Insurance Program established by title I of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) that begins on January 1, 2016, and Program Years thereafter. (b)

Federal share of insured loss compensation

Subparagraph (A) of section 103(e)(1) (15 U.S.C. 6701 note) is amended— (1)by striking The Federal share and inserting Subject to subparagraphs (B) and (C), the Federal share; (2)by striking an insurer during the Transition period and inserting the following:

an insurer—(i)during the Transition period,

;

(3)by inserting through the Program Year ending on December 31, 2015, after each Program Year thereafter; (4)by striking the period at the end and inserting ; and; and (5)by adding at the end the following new clause:

(ii)shall be equal to— (I)except as provided in subclause (II)— (aa)during the Program Year beginning on January 1, 2016, 84 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; (bb)during the Program Year beginning on January 1, 2017, 83 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; (cc)during the Program Year beginning on January 1, 2018, 82 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; and (dd)during the Program Year beginning on January 1, 2019, 80 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; and (II)in the case of insured losses resulting from acts of NBCR terrorism, during the Program Year beginning on January 1, 2016, and each Program Year thereafter, 85 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year.

(c)

Program trigger

Subparagraph (B) of section 103(e)(1) (15 U.S.C. 6701 note) is amended— (1)in the matter preceding clause (i)— (A)by striking a certified act and inserting certified acts; and (B)by striking such certified act and inserting such certified acts; (2)in clause (i) by striking or at the end; (3)in clause (ii), by striking the period at the end and inserting the following through the Program Year ending on December 31, 2015; or; (4)by adding at the end the following:

(iii) (I)except as provided in subclause (II)— (aa)$200,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2016; (bb)$300,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2017; (cc)$400,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2018; and (dd)$500,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2019; and (II)in the case of an act of NBCR terrorism, $100,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2016, or any Program Year thereafter.

; and

(5)by adding after and below clause (iii), as added by paragraph (4) of this subsection, the following:

In determining the aggregate industry insured losses resulting from certified acts of terrorism for purposes of this subparagraph, the Secretary shall not consider any act of terrorism resulting, in the aggregate, in less than $50,000,000 in insured losses.

Availability of coverage

Subsection (c) of section 103 (15 U.S.C. 6701 note) is amended to read as follows:

(c)

Mandatory availability

(1)

In general

Except as provided in paragraph (2), during each Program Year, each entity that meets the definition of an insurer under section 102 shall make available— (A)in all of its property and casualty insurance policies, coverage for insured losses; and (B)property and casualty insurance coverage for insured losses that does not differ materially from the terms, amounts, and other coverage limitations applicable to losses arising from events other than acts of terrorism. (2)

No mandatory availability for small insurers

The Secretary shall provide, by regulation and in consultation with State insurance regulatory authorities, that paragraph (1) shall not apply for a Program Year with respect to any small insurer (as such term is defined in such regulations by the Secretary) that, at the option of the insurer, makes a request for such inapplicability for such Program Year to the appropriate State insurance regulatory authority for the State in which such insurer is domiciled and is determined by such State insurance regulatory authority to meet such requirements for financial hardship or financial infeasibility of providing coverage for insured losses as the Secretary shall establish in such regulations. The insurer shall provide notice, in a manner satisfactory to the State insurance regulatory authority, informing affected prospective and current policyholders whether such coverage is not provided by the insurer. This paragraph may not be construed to require any State insurance regulatory authority to undertake making determinations under this paragraph.

Terrorism loss risk-spreading premiums amount

(a)

In general

Subparagraph (C) of section 103(e)(7) (15 U.S.C. 6701 note) is amended— (1)by striking subparagraphs (A) through (E) and inserting subparagraphs (A) through (F); and (2)by striking 133 percent and inserting 150 percent. (b)

Applicability

The amendment made by subsection (a) shall apply to the Program Year for the Terrorism Insurance Program established by title I of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) that begins on January 1, 2016, and Program Years thereafter.

Increase of aggregate retention amount; mandatory recoupment

(a)

In General

Paragraph (6) of section 103(e) (15 U.S.C. 6701 note) is amended— (1)in subparagraph (D)(ii), by striking and at the end; (2)in subparagraph (E)— (A)in the matter preceding clause (i), by inserting through the Program Year ending on December 31, 2015 before the comma; and (B)in clause (ii), by striking the period at the end and inserting ; and; and (3)by adding at the end the following new subparagraph:

(F)for the Program Year beginning January 1, 2016, and each Program Year thereafter, the lesser of— (i)the amount that is equal to the sum of the insurer deductibles for the Program Year for all insurers participating in the Program; and (ii)the aggregate amount, for all insurers, of insured losses during such Program Year.

(b)

Mandatory recoupment

(1)

Amount; timing

Paragraph (7) of section 103(e) (15 U.S.C. 6701 note) is amended— (A)by striking subparagraphs (A) and (B) and inserting the following new subparagraph:

(A)

Mandatory recoupment amount

For purposes of this paragraph, the mandatory recoupment amount for each of the periods referred to in subparagraphs (A) through (F) of paragraph (6) shall be equal to the lesser of— (i)the aggregate amount, for all insurers, of insured losses during such period that are compensated by the Federal Government pursuant to paragraph (1); or (ii)the insurance marketplace aggregate retention amount under paragraph (6) for such period.

;

(B)in subparagraph (E)(i)(III), by striking after January 1, 2012 and inserting before December 31, 2014; and (C)by redesignating subparagraphs (C), (D), (E) (as so amended), and (F) as subparagraphs (B), (C), (D), and (E), respectively. (2)

Conforming amendments

Section 103(e) (15 U.S.C. 6701 note) is amended— (A)in paragraph (7)(D)(i), as so redesignated by paragraph (1)(B) of this subsection, by striking subparagraph (C) and inserting subparagraph (B); and (B)in paragraph (8)— (i)in subparagraph (C), by striking paragraph (7)(D) and inserting paragraph (7)(C); and (ii)in subparagraph (D)(ii), by striking paragraph (7)(E) and inserting paragraph (7)(D).

Terrorism loss risk-spreading premium

(a)

In general

Section 103(e) (15 U.S.C. 6701 note) is amended by striking paragraph (8) and inserting the following new paragraph:

(8)

Terrorism loss risk-spreading premiums

(A)

Establishment

After an act of terrorism, the Secretary shall, to the extent provided in subparagraph (7)(C), and may, to the extent provided in subparagraph (7)(D), establish terrorism loss risk-spreading premiums, which shall be imposed as a policyholder premium surcharge on property and casualty insurance policies for all participating insurers in force after the date of such establishment. (B)

Collection

The Secretary shall provide for insurers to collect terrorism loss risk-spreading premiums and remit such amounts collected to the Secretary. (C)

Determination of premiums

In determining the method and manner of imposing terrorism loss risk-spreading premiums, including the amount of such premiums, the Secretary shall— (i)impose such terrorism loss risk-spreading premiums beginning with such period of coverage during the year as the Secretary determines appropriate, but shall commence imposition of such premiums not later than 18 months after the occurrence of the act of terrorism for which such premiums are imposed; (ii)base any terrorism loss risk-spreading premium on a percentage of the premium amount charged for property and casualty insurance coverage under the policy; and (iii)take into consideration— (I)the economic impact on commercial centers of urban areas, including the effect on commercial rents and commercial insurance premiums, particularly rents and premiums charged to small businesses, and the availability of lease space and commercial insurance within urban areas; (II)the risk factors related to rural areas and smaller commercial centers, including the potential exposure to loss and the likely magnitude of such loss, as well as any resulting cross-subsidization that might result; and (III)the various exposures to terrorism risk for different lines of insurance. (D)

Percentage limitation

A terrorism loss risk-spreading premium collected on a discretionary basis pursuant to paragraph (7)(D) shall not be less than, on an annual basis, the amount equal to 3 percent of the premium charged for property and casualty insurance coverage under the policy. (E)

Timing of premiums

The Secretary may adjust the timing of terrorism loss risk-spreading premiums to provide for equivalent application of the provisions of this title to policies that are not based on a calendar year, or to apply such provisions on a daily, monthly, or quarterly basis, as appropriate.

(b)

Applicability

10.

Risk-sharing mechanisms

(a)

In General

Section 103(e) (15 U.S.C. 6701 note) is amended by adding at the end the following new paragraph:

(9)

Risk-sharing mechanisms

(A)

Finding; rule of construction

The Congress finds that it is desirable to encourage the growth of nongovernmental, private market reinsurance capacity for protection against losses arising from acts of terrorism. Therefore, nothing in this title shall prohibit insurers from developing risk-sharing mechanisms (including mutual reinsurance facilities and agreements, use of the capital markets, and insurance-linked securities) to voluntarily reinsure terrorism losses between and among themselves that are not subject to reimbursement under this section. (B)

Establishment of advisory committee

The Secretary shall appoint an Advisory Committee to— (i)encourage the creation and development of such risk-sharing mechanisms; (ii)assist the Secretary and be available to administer such risk-sharing mechanisms; and (iii)develop articles of incorporation, bylaws, and a plan of operation for any long-term reinsurance facility authorized or created in the future. (C)

Membership

The Advisory Committee shall be composed of nine members who are directors, officers, or other employees of insurers, reinsurers, or capital market participants that are participating or that desire to participate in such mechanisms, and who are representative of the affected sectors of the insurance industry, including commercial property insurance, commercial casualty insurance, reinsurance, and alternative risk transfer industries.

(b)

Applicability

11.

Reporting of terrorism insurance data

Section 104 (15 U.S.C. 6701 note) is amended by adding at the end the following new subsection:

(h)

Reporting of terrorism insurance data

(1)

Authority

During the Program Year beginning on January 1, 2016, and in each Program Year thereafter, the Secretary shall require insurers participating in the Program to submit to the Secretary such information regarding insurance coverage for terrorism losses of such insurers as the Secretary considers appropriate to analyze the effectiveness of the Program, which shall include information regarding— (A)lines of insurance with exposure to such losses; (B)premiums earned on such coverage; (C)geographical location of exposures; (D)pricing of such coverage; (E)the take-up rate for such coverage; (F)the amount of private reinsurance for acts of terrorism purchased; and (G)such other matters as the Secretary considers appropriate. (2)

Reports

Not later than 6 months after the termination of the Program Year beginning on January 1, 2016, and not later than 6 months after the termination of each Program Year thereafter, the Secretary shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that includes— (A)an analysis of the overall effectiveness of the Program; (B)an evaluation of any changes or trends in the data collected under paragraph (1); (C)an evaluation of whether any aspects of the Program have the effect of discouraging or impeding insurers from providing commercial property casualty insurance coverage or coverage for acts of terrorism; (D)an evaluation of the impact of the Program on workers’ compensation insurers; (E)an evaluation of the impact on availability and affordability of terrorism insurance coverage and fiscal protection of the taxpayers of separate Federal treatment under the Program for nuclear, biological, chemical, and radiological terrorism; and (F)in the case of the data reported in paragraph (1)(B), an updated estimate of the total amount earned since the commencement of Program Year 1. (3)

Protection of data

To the extent possible, the Secretary shall contract with an insurance statistical aggregator to collect the information described in paragraph (1), which shall keep any nonpublic information confidential and provide it to the Secretary in an aggregate form or in such other form or manner that does not permit identification of the insurer submitting such information. (4)

Advance coordination

Before collecting any data or information under paragraph (1) from an insurer, or affiliate of an insurer, the Secretary shall coordinate with the appropriate State insurance regulatory authorities or their representatives and any relevant government agency or publicly available sources to determine if the information to be collected is available from, and may be obtained in a timely manner by, individually or collectively, such entities. If the Secretary determines that such data or information is available, and may be obtained in a timely matter, from such entities, the Secretary shall obtain the data or information from such entities. If the Secretary determines that such data or information is not so available, the Secretary may collect such data or information from an insurer and affiliates. (5)

Confidentiality

(A)

Retention of privilege

The submission of any non-publicly available data and information to the Secretary and the sharing of any non-publicly available data with or by the Secretary among other Federal agencies, the State insurance regulatory authorities and their collective agents, or any other entities under this subsection shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject. (B)

Continued application of prior confidentiality agreements

Any requirement under Federal or State law to the extent otherwise applicable, or any requirement pursuant to a written agreement in effect between the original source of any non-publicly available data or information and the source of such data or information to the Secretary, regarding the privacy or confidentiality of any data or information in the possession of the source to the Secretary, shall continue to apply to such data or information after the data or information has been provided pursuant to this subsection. (C)

Information-sharing agreement

Any data or information obtained by the Secretary under this subsection may be made available to State insurance regulatory authorities, individually or collectively through an information-sharing agreement that— (i)shall comply with applicable Federal law; and (ii)shall not constitute a waiver of, or otherwise affect, any privilege under Federal or State law (including any privilege referred to in subparagraph (A) and the rules of any Federal or State court) to which the data or information is otherwise subject. (D)

Agency disclosure requirements

Section 552 of title 5, United States Code, including any exceptions thereunder, shall apply to any data or information submitted under this subsection to the Secretary by an insurer or affiliate of an insurer.

12.

Delivery of notices to policyholders

Section 103(b)(2) (15 U.S.C. 6701 note) is amended— (1)in subparagraph (B), by striking , purchase,; and (2)in subparagraph (C), by striking , purchase,.

13.

Definition of control

Paragraph (3) of section 102 (15 U.S.C. 6701 note) is amended— (1)by redesignating subparagraphs (A), (B), and (C) as clauses (i), (ii), and (iii), respectively and realigning such clauses, as so redesignated, so as to be indented six ems from the left margin; (2)in the matter preceding clause (i) (as so redesignated), by striking An entity has and inserting the following:

(A)

In general

An entity has

; and

(3)by adding at the end the following new subparagraph:

(B)

Rule of construction

An entity, including any affiliate thereof, does not have control over another entity if, as of the date of the enactment of the TRIA Reform Act of 2014, the entity is acting as an attorney-in-fact, as defined by the Secretary, for the other entity and such other entity is a reciprocal insurer, provided that the entity is not, for reasons other than the attorney-in-fact relationship, defined as having control under subparagraph (A).

14.

Annual study of small insurer market competitiveness

Section 108 (15 U.S.C. 6701 note) is amended by adding at the end the following new subsection:

(h)

Study of small insurer market competitiveness

(1)

In general

The Secretary shall conduct an annual study of small insurers participating in the Program, and identify any competitive challenges small insurers face in the terrorism risk insurance marketplace, including— (A)changes to the market share, premium volume, and policyholder surplus of small insurers relative to large insurers; (B)how the property and casualty insurance market for terrorism risk differs between small and large insurers, and whether such a difference exists within other perils; (C)the impact of the Program’s mandatory availability requirement under section 103(c) and the voluntary opt-out for small insurers; (D)the effect of increasing the trigger amount for the Program under section 103(e)(1)(B)(iii)(I) on small insurers; (E)the availability and cost of private reinsurance for small insurers; and (F)the impact that State workers compensation laws have on small insurers, particularly the impact of mandatory, non-excludable participation and unlimited financial liability. (2)

Timing and report

The Secretary shall complete the first study under paragraph (1) and submit a report to the Congress setting forth the findings and conclusions of the study not later than June 30, 2016, and shall complete an annual study under paragraph (1) and submit a report regarding such study to the Congress by June 1 annually thereafter.

15.

CBO and OMB studies regarding budgeting for costs of Federal insurance programs

Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Director of the Congressional Budget Office and the Director of the Office of Management and Budget shall each— (1)conduct a study to determine the feasibility of applying accrual accounting concepts to budgeting for the costs of the Terrorism Risk Insurance Program and for the costs of the other Federal insurance programs; and (2)submit a report regarding such study to the Committees on the Budget of the House of Representatives and the Senate, which shall include a recommendation specifically addressing the feasibility of applying fair value concepts to budgeting for the costs of Federal insurance programs, including the Terrorism Risk Insurance Program.

16.

GAO study on upfront premiums and capital reserve fund

(a)

Study

Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall complete a study on the viability of the Federal Government— (1)assessing and collecting upfront premiums on insurers that participate in the Terrorism Risk Insurance Program established under the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) (in this section referred to as the Program), which shall include a comparison of practices in international markets to assess and collect premiums either before or after terrorism losses are incurred; and (2)creating a capital reserve fund under the Program and requiring insurers participating in the Program to dedicate capital specifically for terrorism losses before such losses are incurred, which shall include a comparison of practices in international markets to establish reserve funds. (b)

Required content

The study required under subsection (a) shall examine, but shall not be limited to, the following issues: (1)

Upfront premiums

With respect to upfront premiums described in subsection (a)(1)— (A)how the Federal Government could determine the price of such upfront premiums on insurers that participate in the Program; (B)how the Federal Government could collect such upfront premiums; (C)how the Federal Government could ensure that such upfront premiums are not spent for purposes other than satisfying claims through the Program; (D)how the assessment and collection of such upfront premiums could affect take-up rates for terrorism risk coverage in different regions and industries; (E)the effect of collecting such upfront premiums on the private market for terrorism risk reinsurance; and (F)the size of the Federal Government subsidy insurers currently receive through their participation in the Program. (2)

Capital reserve fund

With respect to the capital reserve fund described in subsection (a)(2)— (A)how the creation of a capital reserve fund would affect the Federal Government’s fiscal exposure under the Terrorism Risk Insurance Program and the ability of the Program to meet its statutory purposes; (B)how a capital reserve fund would impact insurers and reinsurers, including liquidity, insurance pricing, and capacity to provide terrorism risk coverage; (C)the feasibility of segregating funds attributable to terrorism risk from funds attributable to other insurance lines; (D)how a capital reserve fund would be viewed and treated under current Financial Accounting Standards Board accounting rules and the tax laws; and (E)how a capital reserve fund would affect the States’ ability to regulate insurers participating in the Program. (3)

International practices

With respect to international markets referred to in paragraphs (1) and (2) of subsection (A), how other countries, if any— (A)have established terrorism insurance structures; (B)charge premiums or otherwise collect funds to pay for the costs of terrorism insurance structures, including risk and administrative costs; and (C)have established capital reserve funds to pay for the costs of terrorism insurance structures. (4)

Duration

With respect to the capital reserve fund described in subsection (a)(2), how the duration of the Program would affect the viability of such capital reserve fund. (c)

Report

Upon completion of the study required under subsection (a), the Comptroller General shall submit a report on the results of such study to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. (d)

Public availability

The study and report required under this section shall be made available to the public in electronic form and shall be published on the website of the Government Accountability Office.