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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
7/8/2013--Passed House amended. Financial Competitive Act of 2013 - Directs the Financial Stability Oversight Council (FSOC) to study and report to Congress on the likely effects that differences between the United States and other jurisdictions in implementing the derivatives credit valuation adjustment capital requirement would have upon: (1) U.S. financial institutions that conduct derivatives transactions and participate in derivatives markets, (2) end users of derivatives, and (3) international derivatives markets.
Requires the study to recommend steps Congress and the constituent agencies of the FSOC should take to: (1) minimize any expected negative effects on U.S. financial institutions, derivatives markets, and end users; (2) encourage greater international consistency in implementation of internationally agreed capital, liquidity, and other prudential standards; and (3) ensure that the FSOC fulfills its statutory mandate to identify risks and respond to emerging threats to financial stability.