((a)) ** Annual reporting requirement** Beginning on the date that is 1 year after , and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report, which may include a classified annex, if applicable, on the status of the payment stablecoin industry, including—

((1)) a summary of trends in payment stablecoin activities;

((2)) a summary of the number of applications for approval as a permitted payment stablecoin issuer under , including aggregate approvals and rejections of applications; and

((3)) a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities.

((b)) ** FSOC report** The Financial Stability Oversight Council shall incorporate the findings in the report under subsection (a) into the annual report of the Council required under .section 5322(a)(2)(N) of this title