such guidance current. (b) Pandemic preparedness testing (1) In general Not later than the end of the 2-year period beginning on the date of enactment of this section, and every 5 years thereafter, the Federal financial regulators shall carry out testing along with the institutions regulated by the Federal financial regulators to determine how effectively such institutions will be able to respond to a pandemic or major disaster. (2) Report After the end of each test required under paragraph (1), the Federal financial regulators shall, jointly, issue a report to Congress containing the results of such test and any regulatory or legislative recommendations the regulators may have to increase pandemic preparedness. (c) Definitions In this section: (1) Federal financial regulators The term Federal financial regulators means the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Comptroller of the Currency, the Director of the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Secretary of Agriculture, and the Secretary of Housing and Urban Development. (2) Major disaster The term major disaster means a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 ), under which assistance is authorized under section 408 of such Act ( 42 U.S.C. 5174 ), or section 501 of such Act ( 42 U.S.C. 5191 ). 503. SEC pandemic guidance for investors (a) Pandemic guidance (1) Guidance Not later than the end of the 60-day period beginning on the date of enactment of this section, the Securities and Exchange Commission shall issue regulatory guidance on preparedness, flexibility, relief, and investor protection for investors in pandemics and major disasters, including relevant disclosures. (2) Updates The Commission shall update the guidance required under paragraph (1) as necessary to keep such guidance current. (b) Pandemic