dreamproit/uscode huggingface dataset:
12 U.S.C. § 2279bb–3 (BANKS AND BANKING)
§ 2279bb–3. Critical capital level
For purposes of this part, the critical capital level for the Corporation shall be an amount of core capital equal to 50 percent of the total minimum capital amount determined under section 2279bb–2 of this title.
(Pub. L. 92–181, title VIII, § 8.34, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1874; amended Pub. L. 104–105, title I, § 115, Feb. 10, 1996, 110 Stat. 167.)
heading: Amendments
text: 1996—Pub. L. 104–105 amended section generally. Prior to amendment, section read as follows: “For purposes of this part, the critical capital level for the Corporation shall be an amount of core capital equal to the sum of—
“(1) 1.25 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (3)), as determined in accordance with generally accepted accounting principles;
“(2) 0.25 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and
“(3) a percentage of any aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 2279aa–6(g) of this title, which shall be—
“(A) during the 5-year period beginning on December 13, 1991, one-half of the percentage that is determined under section 2279bb–2(c)(1) of this title; and
“(B) after the expiration of such 5-year period, 1.25 percent of any such aggregate assets.”
12 U.S.C. § 2279bb–5 (BANKS AND BANKING)
§ 2279bb–5. Mandatory actions applicable to level II
(a) Capital restoration plan
If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan.
(b) Restriction on dividends
If the Corporation is classified as within level II, the Corporation may not make any payment of dividends that would result in the Corporation being reclassified as within level III or IV.
(c) Reclassification from level II to level III
The Director shall immediately reclassify the Corporation as within level III (and the Corporation shall be subject to the provisions of section 2279bb–6 of this title), if—
(1) the Corporation is within level II; and
(2)
(A) the Corporation does not submit a capital restoration plan that is approved by the Director; or
(B) the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director.
(d) Effective date
This section shall take effect upon the expiration of the 30-month period beginning on December 13, 1991.
(Pub. L. 92–181, title VIII, § 8.36, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)
12 U.S.C. § 2279bb–6 (BANKS AND BANKING)
§ 2279bb–6. Supervisory actions applicable to level III
(a) Mandatory supervisory actions
(1) Capital restoration plan
If the Corporation is classified as within level III, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan.
(2) Restrictions on dividends
(A) Prior approval
If the Corporation is classified as within level III, the Corporation—
(i) may not make any payment of dividends that would result in the Corporation being reclassified as within level IV; and
(ii) may make any other payment of dividends only if the Director approves the payment before the payment.
(B) Standard for approval
If the Corporation is classified as within level III, the Director may approve a payment of dividends by the Corporation only if the Director determines that the payment (i) will enhance the ability of the Corporation to meet the risk-based capital level and the minimum capital level promptly, (ii) will contribute to the long-term safety and soundness of the Corporation, or (iii) is otherwise in the public interest.
(3) Reclassification from level III to level IV
The Director shall immediately reclassify the Corporation as within level IV if—
(A) the Corporation is classified as within level III; and
(B)
(i) the Corporation does not submit a capital restoration plan that is approved by the Director; or
(ii) the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director.
(b) Discretionary supervisory actions
In addition to any other actions taken by the Director (including actions under subsection (a) of this section), the Director may, at any time, take any of the following actions if the Corporation is classified as within level III:
(1) Limitation on increase in obligations
Limit any increase in, or order the reduction of, any obligations of the Corporation, including off-balance sheet obligations.
(2) Limitation on growth
Limit or prohibit the growth of the assets of the Corporation or require contraction of the assets of the Corporation.
(3) Prohibition on dividends
Prohibit the Corporation from making any payment of dividends.
(4) Acquisition of new capital
Require the Corporation to acquire new capital in any form and in any amount sufficient to provide for the reclassification of the Corporation as within level II.
(5) Restriction of activities
Require the Corporation to terminate, reduce, or modify any activity that the Director determines creates excessive risk to the Corporation.
(6) Conservatorship
Appoint a conservator for the Corporation consistent with this chapter.
(c) Effective date
This section shall take effect on January 1, 1992.
(Pub. L. 92–181, title VIII, § 8.37, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)
12 U.S.C. § 2279bb–7 (BANKS AND BANKING)
§ 2279bb–7. Recapitalization of Corporation
(a) Mandatory recapitalization
The Corporation shall increase the core capital of the Corporation to an amount equal to or greater than $25,000,000, not later than the earlier of—
(1) the date that is 2 years after February 10, 1996; or
(2) the date that is 180 days after the end of the first calendar quarter that the aggregate on-balance sheet assets of the Corporation, plus the outstanding principal of the off-balance sheet obligations of the Corporation, equal or exceed $2,000,000,000.
(b) Raising core capital
In carrying out this section, the Corporation may issue stock under section 2279aa–4 of this title and otherwise employ any recognized and legitimate means of raising core capital in the power of the Corporation under section 2279aa–3 of this title.
(c) Limitation on growth of total assets
During the 2-year period beginning on February 10, 1996, the aggregate on-balance sheet assets of the Corporation plus the outstanding principal of the off-balance sheet obligations of the Corporation may not exceed $3,000,000,000 if the core capital of the Corporation is less than $25,000,000.
(d) Enforcement
If the Corporation fails to carry out subsection (a) of this section by the date required under paragraph (1) or (2) of subsection (a) of this section, the Corporation may not purchase a new qualified loan or issue or guarantee a new loan-backed security until the core capital of the Corporation is increased to an amount equal to or greater than $25,000,000.
(Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168.)
12 U.S.C. § 2281 (BANKS AND BANKING)
§ 2281. Congressional findings and declaration of purpose
The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings are not adequately coordinated with overall Federal fiscal and debt management policies. The purpose of this chapter is to assure coordination of these programs with the overall economic and fiscal policies of the Government, to reduce the cost of Federal and federally assisted borrowings from the public, and to assure that such borrowings are financed in a manner least disruptive of private financial markets and institutions.
(Pub. L. 93–224, § 2, Dec. 29, 1973, 87 Stat. 937.)
heading: Effective Date
text: Pub. L. 93–224, § 20, Dec. 29, 1973, 87 Stat. 942, provided that: “This Act [enacting this chapter and amending section 24 of this title] becomes effective upon the date of its enactment [Dec. 29, 1973], except that section 7 [section 2286 of this title] becomes effective upon the expiration of thirty days after such date [Dec. 29, 1973].”
heading: Short Title
text: Pub. L. 93–224, § 1, Dec. 29, 1973, 87 Stat. 937, provided: “That this Act [enacting this chapter and amending section 24 of this title] may be cited as the ‘Federal Financing Bank Act of 1973’.”
heading: Separability
text: Pub. L. 93–224, § 19, Dec. 29, 1973, 87 Stat. 942, provided that: “If any provision of this Act [enacting this chapter and amending section 24 of this title], or the application thereof to any person or circumstance, is held invalid, the validity of the remainder of the Act [this chapter], and the application of such provisions to other persons or circumstances, shall not be affected.”
heading: Executive Order No. 11782
text: Ex. Ord. No. 11782, May 6, 1974, 39 F.R. 15991, which established the Federal Financing Bank Advisory Council and provided for its membership, functions, etc., was revoked by Ex. Ord. No. 12379, § 15, Aug. 17, 1982, 47 F.R. 36099, formerly set out as a note under section 14 of the Federal Advisory Committee Act in the Appendix to Title 5, Government Organization and Employees.
heading: Termination of Advisory Councils
text: Advisory councils established after Jan. 5, 1973, to terminate not later than the expiration of the 2-year period beginning on the date of their establishment, unless, in the case of a council established by the President or an officer of the Federal Government, such council is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a council established by the Congress, its duration is otherwise provided for by law. See sections 3(2) and 14 of Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, 776, set out in the Appendix to Title 5, Government Organization and Employees.
12 U.S.C. § 2282 (BANKS AND BANKING)
§ 2282. Definitions
For the purposes of this chapter—
(1) The term “Federal agency” means an executive department, an independent Federal establishment, or a corporation or other entity established by the Congress which is owned in whole or in part by the United States.
(2) The term “obligation” means any note, bond, debenture, or other evidence of indebtedness, but does not include Federal Reserve notes or stock evidencing an ownership interest in the issuing Federal agency.
(3) The term “guarantee” means any guarantee, insurance, or other pledge with respect to the payment of all or part of the principal or interest on any obligation, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions, or any guarantee or pledge arising out of a statutory obligation to insure such deposits, shares, or other withdrawable accounts.
(4) The term “Bank” means the Federal Financing Bank established by section 2283 of this title.
(Pub. L. 93–224, § 3, Dec. 29, 1973, 87 Stat. 937.)
12 U.S.C. § 2283 (BANKS AND BANKING)
§ 2283. Creation of Federal Financing Bank
There is hereby created a body corporate to be known as the Federal Financing Bank, which shall have succession until dissolved by an Act of Congress. The Bank shall be subject to the general supervision and direction of the Secretary of the Treasury. The Bank shall be an instrumentality of the United States Government and shall maintain such offices as may be necessary or appropriate in the conduct of its business.
(Pub. L. 93–224, § 4, Dec. 29, 1973, 87 Stat. 937.)
12 U.S.C. § 2284 (BANKS AND BANKING)
§ 2284. Board of Directors
(a) The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or employees of the Bank or of any Federal agency. The Chairman and each other member of the Board may designate some other officer or employee of the Government to serve in his place.
(b) The Board of Directors shall meet at the call of its Chairman. The Board shall determine the general policies which shall govern the operations of the Bank. The Chairman of the Board shall select and effect the appointment of qualified persons to fill such offices as may be provided for in the bylaws, and such persons shall be the executive officers of the Bank and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the Board of Directors. The members of the Board and their designees shall not receive compensation for their services on the Board.
(Pub. L. 93–224, § 5, Dec. 29, 1973, 87 Stat. 937.)
12 U.S.C. § 2285 (BANKS AND BANKING)
§ 2285. Functions
(a) Purchase and sale of obligations issued, sold, or guaranteed by Federal agencies
The Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaranteed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.
(b) Yield
Any purchase by the Bank shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration (1) the current average yield on outstanding marketable obligations of the United States of comparable maturity, or (2) whenever the Bank’s own obligations outstanding are sufficient, the current average yield on outstanding obligations of the Bank of comparable maturity.
(c) Fees
The Bank is authorized to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.
(Pub. L. 93–224, § 6, Dec. 29, 1973, 87 Stat. 938.)
12 U.S.C. § 2285a (BANKS AND BANKING)
§ 2285a. Acquisition of obligations involving loan guarantees for New York City
Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire any obligation the payment of interest or principal of which has at any time been guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978.
(Pub. L. 95–339, title II, § 201(b), Aug. 8, 1978, 92 Stat. 467.)
heading: References in Text
text: Title I of the New York City Loan Guarantee Act of 1978, referred to in text, is title I of Pub. L. 95–339, Aug. 8, 1978, 92 Stat. 460, as amended, which was classified generally to subchapter II (§ 1521 et seq.) of chapter 27 of former Title 31, and was omitted from the Code in the general revision and reenactment of Title 31, Money and Finance, by Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 877.
heading: Codification
text: Section was enacted as part of the New York City Loan Guarantee Act of 1978, and not as part of the Federal Financing Bank Act of 1973 which comprises this chapter.
12 U.S.C. § 2286 (BANKS AND BANKING)
§ 2286. Approval of financing plans by Secretary of the Treasury
(a) Method, source, timing, terms, and conditions of sale of obligations issued or sold by Federal agencies
To insure the orderly and coordinated marketing of Treasury and Federal agency obligations and appropriate financing planning with respect thereto, and to facilitate the effective financing of programs authorized by law subject to the applicable provisions of such law, the prior approval of the Secretary of the Treasury shall be required with respect to—
(1) the method of financing,
(2) the source of financing,
(3) the timing of financing in relation to market conditions and financing by other Federal agencies, and
(4) the financing terms and conditions, including rates of interest and maturities,
of obligations issued or sold by any Federal agency; except that the approval of the Secretary of the Treasury shall not be required with respect to (A) obligations issued or sold pursuant to an Act of Congress which expressly prohibits any guarantee of such obligations by the United States, and (B) obligations issued or sold by the Farmers Home Administration.
(b) Grant or denial of approval by Secretary
Upon receipt of a request from a Federal agency for his approval under subsection (a) of this section, the Secretary of the Treasury shall act promptly either to grant his approval or to advise the agency of the reasons for withholding his approval. In no case shall the Secretary of the Treasury withhold such approval for a period longer than sixty days unless, prior to the end of such period, he submits to the Congress a detailed explanation of his reasons for so doing. In no case shall the Secretary withhold such approval for a period longer than one hundred and twenty days. To the maximum extent practicable, withholdings of approval shall be made in a manner which is not disproportionately detrimental to the functioning of any particular type of Federal program. Expedited treatment shall be accorded in any case in which the Federal agency advises the Secretary of the Treasury that unusual circumstances require such treatment.
(c) Time and form for submission of financing plans
Federal agencies subject to this section shall submit financing plans to the Secretary of the Treasury at such times and in such forms as he shall prescribe.
(Pub. L. 93–224, § 7, Dec. 29, 1973, 87 Stat. 938.)
heading: Effective Date
text: Section effective on expiration of 30 days after Dec. 29, 1973, see section 20 of Pub. L. 93–224, set out as a note under section 2281 of this title.
12 U.S.C. § 2287 (BANKS AND BANKING)
§ 2287. Initial capital
The Secretary of the Treasury is authorized to advance the funds necessary to provide initial capital to the Bank. Each such advance shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. Interest payments on such advances may be deferred, at the discretion of the Secretary, but any such deferred payments shall themselves bear interest at the rate specified in this section. There is authorized to be appropriated not to exceed $100,000,000, which shall be available for the purposes of this section without fiscal year limitation.
(Pub. L. 93–224, § 8, Dec. 29, 1973, 87 Stat. 939.)
12 U.S.C. § 2289 (BANKS AND BANKING)
§ 2289. General powers
The Bank shall have power—
(1) to sue and be sued, complain, and defend, in its corporate name;
(2) to adopt, alter, and use a corporate seal, which shall be judicially noticed;
(3) to adopt, amend, and repeal bylaws, rules, and regulations as may be necessary for the conduct of its business;
(4) to conduct its business, carry on its operations, and have offices and exercise the powers granted by this chapter in any State without regard to any qualification or similar statute in any State;
(5) to lease, purchase, or otherwise acquire, own, hold, improve, use, or otherwise deal in and with any property, real, personal, or mixed, or any interest therein, wherever situated;
(6) to accept gifts or donations of services, or of property, real, personal, or mixed, tangible or intangible, in aid of any of the purposes of the Bank;
(7) to sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of its property and assets;
(8) to appoint such officers, attorneys, employees, and agents as may be required, to define their duties, to fix and to pay such compensation for their services as may be determined, subject to the civil service and classification laws, to require bonds for them and pay the premium thereof;
(9) to enter into contracts, to execute instruments to incur liabilities, and to do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business;
(10) to act through any corporate or other agency or instrumentality of the United States, and to utilize the services thereof on a reimbursable basis, and any such agency or instrumentality is authorized to provide services as requested by the Bank; and
(11) to determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to Government corporations.
(Pub. L. 93–224, § 10, Dec. 29, 1973, 87 Stat. 940.)
12 U.S.C. § 2290 (BANKS AND BANKING)
§ 2290. Exemptions
(a) Federal, State, and local taxes
The Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority; except that (1) any real property and any tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed, and (2) any obligations issued by the Bank shall be subject to Federal taxation to the same extent as the obligations of private corporations are taxed.
(b) Exempt securities
All obligations issued by the Bank pursuant to this chapter shall be deemed to be exempted securities within the meaning of sections 77c(a)(2), 77ddd(a)(4), and 78c(a)(12) of title 15.
(c) Budget status of Federal agencies; restrictions
Nothing herein shall affect the budget status of the Federal agencies selling obligations to the Bank under section 2285(a) of this title, or the method of budget accounting for their transactions. The receipts and disbursements of the Bank in the discharge of its functions shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation imposed by statute on expenditures and net lending (budget outlays) of the United States.
(Pub. L. 93–224, § 11, Dec. 29, 1973, 87 Stat. 940.)
12 U.S.C. § 2291 (BANKS AND BANKING)
§ 2291. Preparation of obligations
In order to furnish obligations for delivery by the Bank, the Secretary of the Treasury is authorized to prepare such obligations in such form as the Bank may approve, such obligations when prepared to be held in the Treasury subject to delivery upon order by the Bank. The engraved plates, dies, bed pieces, and other material executed in connection therewith, shall remain in the custody of the Secretary of the Treasury. The Bank shall reimburse the Secretary of the Treasury for any expenditures made in preparation, custody, and delivery of such obligations.
(Pub. L. 93–224, § 12, Dec. 29, 1973, 87 Stat. 941.)
12 U.S.C. § 2292 (BANKS AND BANKING)
§ 2292. Annual report to the President and Congress
The Bank shall, as soon as practicable after the end of each fiscal year, transmit to the President and the Congress an annual report of its operations and activities.
(Pub. L. 93–224, § 13, Dec. 29, 1973, 87 Stat. 941.)
12 U.S.C. § 2293 (BANKS AND BANKING)
§ 2293. Budget and audit provisions of Government corporation control law applicable
The budget and audit provisions of chapter 91 of title 31 shall be applicable to the Federal Financing Bank in the same manner as they are applied to the wholly owned Government corporations named in section 9101(3) of title 31.
(Pub. L. 93–224, § 15, Dec. 29, 1973, 87 Stat. 941.)
heading: Codification
text: “Chapter 91 of title 31” and “section 9101(3) of title 31” substituted in text for “the Government Corporation Control Act (31 U.S.C. 841 et seq.)” and “section 101 of such Act (31 U.S.C. 846)”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.