; (4) the degree to which State and Federal regulations, other than the covered rules, impact the solicitation of municipal securities business; and (5) the degree to which persons subject to the covered rules are disadvantaged from participating in the political process, both as a general matter and relative to persons that solicit or receive government business or government licenses, permits, and approvals other than in connection with the offer or sale of municipal securities. (d) Report (1) In general Not later than 1 year after the date of enactment of this Act, the Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the study required under this section. (2) Contents The report required under paragraph (1) shall include— (A) a discussion of the extent to which persons affiliated with small businesses, and persons affiliated with minority- and women-opened businesses, have been affected by the covered rules; and (B) a discussion of regulatory or legislative steps that are recommended, or that may be necessary, to address any concerns identified in the study required under this section.