12 USC § 5471 - Consultation

---
identifier: "/us/usc/t12/s5471"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 5471 - Consultation"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "5471"
section_name: "Consultation"
chapter_number: 53
chapter_name: "WALL STREET REFORM AND CONSUMER PROTECTION"
subchapter_number: "IV"
subchapter_name: "PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 111–203, title VIII, § 812, July 21, 2010, 124 Stat. 1821.)"
---


# § 5471. Consultation

**(a)** **CFTC** The Commodity Futures Trading Commission shall consult with the Board of Governors—

**(1)** prior to exercising its authorities under sections 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as amended by the Wall Street Transparency and Accountability Act of 2010;

**1** with respect to any rule or rule amendment of a derivatives clearing organization for which a stay of certification has been issued under section 745(b)(3) [^1] of the Wall Street Transparency and Accountability Act of 2010; and

See References in Text note below.

**(3)** prior to exercising its rulemaking authorities under section 728 of the Wall Street Transparency and Accountability Act of 2010 [7 U.S.C. 24a].

**(b)** **SEC** The Commission shall consult with the Board of Governors—

**(1)** prior to exercising its authorities under sections 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as amended by the Wall Street Transparency and Accountability Act of 2010;

**(2)** with respect to any proposed rule change of a clearing agency for which an extension of the time for review has been designated under section 78s(b)(2) of title 15; and

**(3)** prior to exercising its rulemaking authorities under section 78m(n) of title 15, as added by section 763(i) of the Wall Street Transparency and Accountability Act of 2010.

---

**Source Credit**: (Pub. L. 111–203, title VIII, § 812, July 21, 2010, 124 Stat. 1821.)

## Editorial Notes

### References in Text

The Wall Street Transparency and Accountability Act of 2010, referred to in subsecs. (a) and (b), is title VII of , , . Section 728 of the Act amended the , to add a new section 21 which is classified to , Agriculture. For complete classification of this Act to the Code, see Short Title note set out under , Commerce and Trade, and Tables.

Section 745(b)(3) of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(2), probably means section 5c(c)(3) of the Commodity Exchange Act, which is classified to , Agriculture. Section 745(b) of the Wall Street Transparency and Accountability Act of 2010, which is , added subsec. (c) of  and struck out former subsec. (c) of that section.  relates to stays of the certification for rules.  does not contain a par. (3).