dreamproit/uscode huggingface dataset:
12 U.S.C. § 5216 (BANKS AND BANKING)
§ 5216. Rights; management; sale of troubled assets; revenues and sale proceeds
(a) Exercise of rights
The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
(b) Management of troubled assets
The Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
(c) Sale of troubled assets
The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this chapter.
(d) Transfer to Treasury
Revenues of, and proceeds from the sale of troubled assets purchased under this chapter, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 5223 of this title shall be paid into the general fund of the Treasury for reduction of the public debt.
(e) Application of sunset to troubled assets
The authority of the Secretary to hold any troubled asset purchased under this chapter before the termination date in section 5230 of this title, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 5230 of this title, is not subject to the provisions of section 5230 of this title.
(f) Report
The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).
(Pub. L. 110–343, div. A, title I, § 106, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–203, title XIII, § 1303, July 21, 2010, 124 Stat. 2133.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
heading: Amendments
text: 2010—Subsec. (f). Pub. L. 111–203 added subsec. (f).
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.
12 U.S.C. § 5218 (BANKS AND BANKING)
§ 5218. Conflicts of interest
(a) Standards required
The Secretary shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under this chapter, including—
(1) conflicts arising in the selection or hiring of contractors or advisors, including asset managers;
(2) the purchase of troubled assets;
(3) the management of the troubled assets held;
(4) post-employment restrictions on employees; and
(5) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest.
(b) Timing
Regulations or guidelines required by this section shall be issued as soon as practicable after October 3, 2008.
(Pub. L. 110–343, div. A, title I, § 108, Oct. 3, 2008, 122 Stat. 3774.)
heading: References in Text
text: This chapter, referred to in subsec. (a), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5219 (BANKS AND BANKING)
§ 5219. Foreclosure mitigation efforts
(a) Residential mortgage loan servicing standards
(1) In general
To the extent that the Secretary acquires mortgages, mortgage backed 1 securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 1715z–23 of this title or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.
(2) Waiver of certain provisions in connection with loan modifications
The Secretary shall not be required to apply executive compensation restrictions under section 5221 of this title, or to receive warrants or debt instruments under section 5223 of this title, solely in connection with any loan modification under this section.
(b) Coordination
The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, as provided in section 5220(a)(1)(C) of this title), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal Government entities that hold troubled assets to attempt to identify opportunities for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and, where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease. In the case of a mortgage on a residential rental property, the plan required under this section shall include protecting Federal, State, and local rental subsidies and protections, and ensuring any modification takes into account the need for operating funds to maintain decent and safe conditions at the property.
(c) Consent to reasonable loan modification requests
Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.
(Pub. L. 110–343, div. A, title I, § 109, Oct. 3, 2008, 122 Stat. 3774; Pub. L. 111–5, div. B, title VII, § 7002, Feb. 17, 2009, 123 Stat. 521.)
heading: Amendments
text: 2009—Subsec. (a). Pub. L. 111–5 designated existing provisions as par. (1), inserted par. (1) heading, and added par. (2).
12 U.S.C. § 5220a (BANKS AND BANKING)
§ 5220a. Application of GSE conforming loan limit to mortgages assisted with TARP funds
In making any assistance available to prevent and mitigate foreclosures on residential properties, including any assistance for mortgage modifications, using any amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5211 et seq.], the Secretary shall provide that the limitation on the maximum original principal obligation of a mortgage that may be modified, refinanced, made, guaranteed, insured, or otherwise assisted, using such amounts shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect, at the time that the mortgage is modified, refinanced, made, guaranteed, insured, or otherwise assisted using such amounts, for the area in which the property involved in the transaction is located.
(Pub. L. 111–22, div. A, title II, § 205, May 20, 2009, 123 Stat. 1654.)
heading: References in Text
text: The Emergency Economic Stabilization Act of 2008, referred to in text, is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765. Title I of the Act is classified principally to this subchapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.
12 U.S.C. § 5222 (BANKS AND BANKING)
§ 5222. Coordination with foreign authorities and central banks
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 5211 of this title.
(Pub. L. 110–343, div. A, title I, § 112, Oct. 3, 2008, 122 Stat. 3777.)
12 U.S.C. § 5224 (BANKS AND BANKING)
§ 5224. Market transparency
(a) Pricing
To facilitate market transparency, the Secretary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this chapter, within 2 business days of purchase, trade, or other disposition.
(b) Disclosure
For each type of financial institutions 1 that sells troubled assets to the Secretary under this chapter, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions. If such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional disclosure requirements to the relevant regulators.
(Pub. L. 110–343, div. A, title I, § 114, Oct. 3, 2008, 122 Stat. 3780.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5227 (BANKS AND BANKING)
§ 5227. Study and report on margin authority
(a) Study
The Comptroller General shall undertake a study to determine the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.
(b) Content
The study required by this section shall include—
(1) an analysis of the roles and responsibilities of the Board, the Securities and Exchange Commission, the Secretary, and other Federal banking agencies with respect to monitoring leverage and acting to curtail excessive leveraging;
(2) an analysis of the authority of the Board to regulate leverage, including by setting margin requirements, and what process the Board used to decide whether or not to use its authority;
(3) an analysis of any usage of the margin authority by the Board; and
(4) recommendations for the Board and appropriate committees of Congress with respect to the existing authority of the Board.
(c) Report
Not later than June 1, 2009, the Comptroller General shall complete and submit a report on the study required by this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
(d) Sharing of information
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
(Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)
12 U.S.C. § 5228 (BANKS AND BANKING)
§ 5228. Funding
For the purpose of the authorities granted in this chapter, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include actions authorized by this chapter, including the payment of administrative expenses. Any funds expended or obligated by the Secretary for actions authorized by this chapter, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure or obligation.
(Pub. L. 110–343, div. A, title I, § 118, Oct. 3, 2008, 122 Stat. 3786.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5230 (BANKS AND BANKING)
§ 5230. Termination of authority
(a) Termination
The authorities provided under sections 5211(a), excluding section 5211(a)(3), and 5212 of this title shall terminate on December 31, 2009.
(b) Extension upon certification
The Secretary, upon submission of a written certification to Congress, may extend the authority provided under this chapter to expire not later than 2 years from October 3, 2008. Such certification shall include a justification of why the extension is necessary to assist American families and stabilize financial markets, as well as the expected cost to the taxpayers for such an extension.
(Pub. L. 110–343, div. A, title I, § 120, Oct. 3, 2008, 122 Stat. 3788.)
heading: References in Text
text: This chapter, referred to in subsec. (b), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5232 (BANKS AND BANKING)
§ 5232. Credit reform
(a) In general
Subject to subsection (b), the costs of purchases of troubled assets made under section 5211(a) of this title and guarantees of troubled assets under section 5212 of this title, and any cash flows associated with the activities authorized in section 5212 of this title and subsections (a), (b), and (c) of section 5216 of this title shall be determined as provided under the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et.1 seq.).
(b) Costs
For the purposes of section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))—
(1) the cost of troubled assets and guarantees of troubled assets shall be calculated by adjusting the discount rate in section 502(5)(E) (2 U.S.C. 661a(5)(E)) for market risks; and
(2) the cost of a modification of a troubled asset or guarantee of a troubled asset shall be the difference between the current estimate consistent with paragraph (1) under the terms of the troubled asset or guarantee of the troubled asset and the current estimate consistent with paragraph (1) under the terms of the troubled asset or guarantee of the troubled asset, as modified.
(Pub. L. 110–343, div. A, title I, § 123, Oct. 3, 2008, 122 Stat. 3790.)
heading: References in Text
text: The Federal Credit Reform Act of 1990, referred to in subsec. (a), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables.
12 U.S.C. § 5234 (BANKS AND BANKING)
§ 5234. Cooperation with the FBI
Any Federal financial regulatory agency shall cooperate with the Federal Bureau of Investigation and other law enforcement agencies investigating fraud, misrepresentation, and malfeasance with respect to development, advertising, and sale of financial products.
(Pub. L. 110–343, div. A, title I, § 127, Oct. 3, 2008, 122 Stat. 3796.)
12 U.S.C. § 5235 (BANKS AND BANKING)
§ 5235. Disclosures on exercise of loan authority
(a) In general
Not later than 7 days after the date on which the Board exercises its authority under the third paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 343; relating to discounts for individuals, partnerships, and corporations) the Board shall provide 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 which includes—
(1) the justification for exercising the authority; and
(2) the specific terms of the actions of the Board, including the size and duration of the lending, available information concerning the value of any collateral held with respect to such a loan, the recipient of warrants or any other potential equity in exchange for the loan, and any expected cost to the taxpayers for such exercise.
(b) Periodic updates
The Board shall provide updates to the Committees specified in subsection (a) not less frequently than once every 60 days while the subject loan is outstanding, including—
(1) the status of the loan;
(2) the value of the collateral held by the Federal reserve bank which initiated the loan; and
(3) the projected cost to the taxpayers of the loan.
(c) Confidentiality
The information submitted to the Congress under this section shall be kept confidential, upon the written request of the Chairman of the Board, in which case it shall be made available only to the Chairpersons and Ranking Members of the Committees described in subsection (a).
(d) Applicability
The provisions of this section shall be in force for all uses of the authority provided under section 13 of the Federal Reserve Act occurring during the period beginning on March 1, 2008 and ending on the after 1 October 3, 2008, and reports described in subsection (a) shall be required beginning not later than 30 days after October 3, 2008, with respect to any such exercise of authority.
(e) Sharing of information
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
(Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)
heading: References in Text
text: Section 13 of the Federal Reserve Act, referred to in subsecs. (a) and (d), is classified to sections 92, 342 to 347, 347c, 347d, 361, 372, and 373 of this title. The third paragraph (now designated par. (3)) of section 13 of the Act is classified to section 343(3) of this title. For further details, see Codification notes under sections 342 and 343 of this title.
12 U.S.C. § 5236 (BANKS AND BANKING)
§ 5236. Exchange Stabilization Fund reimbursement
(a) Reimbursement
The Secretary shall reimburse the Exchange Stabilization Fund established under section 5302 of title 31 for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry, from funds under this chapter.
(b) Limits on use of Exchange Stabilization Fund
The Secretary is prohibited from using the Exchange Stabilization Fund for the establishment of any future guaranty programs for the United States money market mutual fund industry.
(Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.)
heading: References in Text
text: This chapter, referred to in subsec. (a), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5237 (BANKS AND BANKING)
§ 5237. Authority to suspend mark-to-market accounting
(a) Authority
The Securities and Exchange Commission shall have the authority under the securities laws (as such term is defined in section 78c(a)(47) of title 15) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 78c(a)(8) of such title) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.
(b) Savings provision
Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on October 3, 2008.
(Pub. L. 110–343, div. A, title I, § 132, Oct. 3, 2008, 122 Stat. 3798.)
12 U.S.C. § 5238 (BANKS AND BANKING)
§ 5238. Study on mark-to-market accounting
(a) Study
The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—
(1) the effects of such accounting standards on a financial institution’s balance sheet;
(2) the impacts of such accounting on bank failures in 2008;
(3) the impact of such standards on the quality of financial information available to investors;
(4) the process used by the Financial Accounting Standards Board in developing accounting standards;
(5) the advisability and feasibility of modifications to such standards; and
(6) alternative accounting standards to those provided in such Statement Number 157.
(b) Report
The Securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on October 3, 2008, containing the findings and determinations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate.
(Pub. L. 110–343, div. A, title I, § 133, Oct. 3, 2008, 122 Stat. 3798.)
12 U.S.C. § 5239 (BANKS AND BANKING)
§ 5239. Recoupment
Upon the expiration of the 5-year period beginning upon October 3, 2008, the Director of the Office of Management and Budget, in consultation with the Director of the Congressional Budget Office, shall submit a report to the Congress on the net amount within the Troubled Asset Relief Program under this chapter. In any case where there is a shortfall, the President shall submit a legislative proposal that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt.
(Pub. L. 110–343, div. A, title I, § 134, Oct. 3, 2008, 122 Stat. 3798.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.