dreamproit/uscode huggingface dataset:
12 U.S.C. § 5240 (BANKS AND BANKING)
§ 5240. Preservation of authority
With the exception of section 5236 of this title, nothing in this chapter may be construed to limit the authority of the Secretary or the Board under any other provision of law.
(Pub. L. 110–343, div. A, title I, § 135, Oct. 3, 2008, 122 Stat. 3799.)
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. § 5251 (BANKS AND BANKING)
§ 5251. Information for congressional support agencies
Upon request, and to the extent otherwise consistent with law, all information used by the Secretary in connection with activities authorized under this chapter (including the records to which the Comptroller General is entitled under this chapter) shall be made available to congressional support agencies (in accordance with their obligations to support the Congress as set out in their authorizing statutes) for the purposes of assisting the committees of Congress with conducting oversight, monitoring, and analysis of the activities authorized under this chapter.
(Pub. L. 110–343, div. A, title II, § 201, Oct. 3, 2008, 122 Stat. 3800.)
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. § 5253 (BANKS AND BANKING)
§ 5253. Emergency treatment
All provisions of this chapter are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res 1 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008 and rescissions of any amounts provided in this chapter shall not be counted for purposes of budget enforcement.
(Pub. L. 110–343, div. A, title II, § 204, Oct. 3, 2008, 122 Stat. 3801.)
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.
S. Con. Res. 21 (110th Congress), referred to in text, is S. Con. Res. 21, May 17, 2007, 121 Stat. 2590, which is not classified to the Code.
12 U.S.C. § 5302 (BANKS AND BANKING)
§ 5302. Severability
If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby.
(Pub. L. 111–203, § 3, July 21, 2010, 124 Stat. 1390.)
heading: References in Text
text: This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 5303 (BANKS AND BANKING)
§ 5303. Antitrust savings clause
Nothing in this Act, or any amendment made by this Act, shall be construed to modify, impair, or supersede the operation of any of the antitrust laws, unless otherwise specified. For purposes of this section, the term “antitrust laws” has the same meaning as in subsection (a) of section 12 of title 15, except that such term includes section 45 of title 15, to the extent that such section 45 applies to unfair methods of competition.
(Pub. L. 111–203, § 6, July 21, 2010, 124 Stat. 1390.)
heading: References in Text
text: This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 5324 (BANKS AND BANKING)
§ 5324. Registration of nonbank financial companies supervised by the Board of Governors
Not later than 180 days after the date of a final Council determination under section 5323 of this title that a nonbank financial company is to be supervised by the Board of Governors, such company shall register with the Board of Governors, on forms prescribed by the Board of Governors, which shall include such information as the Board of Governors, in consultation with the Council, may deem necessary or appropriate to carry out this subchapter.
(Pub. L. 111–203, title I, § 114, July 21, 2010, 124 Stat. 1403.)
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5326 (BANKS AND BANKING)
§ 5326. Reports
(a) In general
Subject to subsection (b), the Council, acting through the Office of Financial Research, may require a bank holding company with total consolidated assets of $50,000,000,000 or greater or a nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit certified reports to keep the Council informed as to—
(1) the financial condition of the company;
(2) systems for monitoring and controlling financial, operating, and other risks;
(3) transactions with any subsidiary that is a depository institution; and
(4) the extent to which the activities and operations of the company and any subsidiary thereof, could, under adverse circumstances, have the potential to disrupt financial markets or affect the overall financial stability of the United States.
(b) Use of existing reports
(1) In general
For purposes of compliance with subsection (a), the Council, acting through the Office of Financial Research, shall, to the fullest extent possible, use—
(A) reports that a bank holding company, nonbank financial company supervised by the Board of Governors, or any functionally regulated subsidiary of such company has been required to provide to other Federal or State regulatory agencies or to a relevant foreign supervisory authority;
(B) information that is otherwise required to be reported publicly; and
(C) externally audited financial statements.
(2) Availability
Each bank holding company described in subsection (a) and nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, shall provide to the Council, at the request of the Council, copies of all reports referred to in paragraph (1).
(3) Confidentiality
The Council shall maintain the confidentiality of the reports obtained under subsection (a) and paragraph (1)(A) of this subsection.
(Pub. L. 111–203, title I, § 116, July 21, 2010, 124 Stat. 1406.)
12 U.S.C. § 5329 (BANKS AND BANKING)
§ 5329. Resolution of supervisory jurisdictional disputes among member agencies
(a) Request for Council recommendation
The Council shall seek to resolve a dispute among 2 or more member agencies, if—
(1) a member agency has a dispute with another member agency about the respective jurisdiction over a particular bank holding company, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under title X); 1
(2) the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; and
(3) any of the member agencies involved in the dispute—
(A) provides all other disputants prior notice of the intent to request dispute resolution by the Council; and
(B) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute.
(b) Council recommendation
The Council shall seek to resolve each dispute described in subsection (a)—
(1) within a reasonable time after receiving the dispute resolution request;
(2) after consideration of relevant information provided by each agency party to the dispute; and
(3) by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position.
(c) Form of recommendation
Any Council recommendation under this section shall—
(1) be in writing;
(2) include an explanation of the reasons therefor; and
(3) be approved by the affirmative vote of ⅔ of the voting members of the Council then serving.
(d) Nonbinding effect
Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.
(Pub. L. 111–203, title I, § 119, July 21, 2010, 124 Stat. 1408.)
heading: References in Text
text: Title X, referred to in subsec. (a)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5332 (BANKS AND BANKING)
§ 5332. GAO audit of Council
(a) Authority to audit
The Comptroller General of the United States may audit the activities of—
(1) the Council; and
(2) any person or entity acting on behalf of or under the authority of the Council, to the extent that such activities relate to work for the Council by such person or entity.
(b) Access to information
(1) In general
Notwithstanding any other provision of law, the Comptroller General shall, upon request and at such reasonable time and in such reasonable form as the Comptroller General may request, have access to—
(A) any records or other information under the control of or used by the Council;
(B) any records or other information under the control of a person or entity acting on behalf of or under the authority of the Council, to the extent that such records or other information is relevant to an audit under subsection (a); and
(C) the officers, directors, employees, financial advisors, staff, working groups, and agents and representatives of the Council (as related to the activities on behalf of the Council of such agent or representative), at such reasonable times as the Comptroller General may request.
(2) Copies
The Comptroller General may make and retain copies of such books, accounts, and other records, access to which is granted under this section, as the Comptroller General considers appropriate.
(Pub. L. 111–203, title I, § 122, July 21, 2010, 124 Stat. 1411.)
12 U.S.C. § 5333 (BANKS AND BANKING)
§ 5333. Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth
(a) Study required
(1) In general
The Chairperson of the Council shall carry out a study of the economic impact of possible financial services regulatory limitations intended to reduce systemic risk. Such study shall estimate the benefits and costs on the efficiency of capital markets, on the financial sector, and on national economic growth, of—
(A) explicit or implicit limits on the maximum size of banks, bank holding companies, and other large financial institutions;
(B) limits on the organizational complexity and diversification of large financial institutions;
(C) requirements for operational separation between business units of large financial institutions in order to expedite resolution in case of failure;
(D) limits on risk transfer between business units of large financial institutions;
(E) requirements to carry contingent capital or similar mechanisms;
(F) limits on commingling of commercial and financial activities by large financial institutions;
(G) segregation requirements between traditional financial activities and trading or other high-risk operations in large financial institutions; and
(H) other limitations on the activities or structure of large financial institutions that may be useful to limit systemic risk.
(2) Recommendations
The study required by this section shall include recommendations for the optimal structure of any limits considered in subparagraphs (A) through (E), in order to maximize their effectiveness and minimize their economic impact.
(b) Report
Not later than the end of the 180-day period beginning on July 21, 2010, and not later than every 5 years thereafter, the Chairperson shall issue a report to the Congress containing any findings and determinations made in carrying out the study required under subsection (a).
(Pub. L. 111–203, title I, § 123, July 21, 2010, 124 Stat. 1412.)
12 U.S.C. § 5341 (BANKS AND BANKING)
§ 5341. Definitions
For purposes of this part—
(1) the terms “Office” and “Director” mean the Office of Financial Research established under this part and the Director thereof, respectively;
(2) the term “financial company” has the same meaning as in subchapter II, and includes an insured depository institution and an insurance company;
(3) the term “Data Center” means the data center established under section 5344 of this title;
(4) the term “Research and Analysis Center” means the research and analysis center established under section 5344 of this title;
(5) the term “financial transaction data” means the structure and legal description of a financial contract, with sufficient detail to describe the rights and obligations between counterparties and make possible an independent valuation;
(6) the term “position data”—
(A) means data on financial assets or liabilities held on the balance sheet of a financial company, where positions are created or changed by the execution of a financial transaction; and
(B) includes information that identifies counterparties, the valuation by the financial company of the position, and information that makes possible an independent valuation of the position;
(7) the term “financial contract” means a legally binding agreement between 2 or more counterparties, describing rights and obligations relating to the future delivery of items of intrinsic or extrinsic value among the counterparties; and
(8) the term “financial instrument” means a financial contract in which the terms and conditions are publicly available, and the roles of one or more of the counterparties are assignable without the consent of any of the other counterparties (including common stock of a publicly traded company, government bonds, or exchange traded futures and options contracts).
(Pub. L. 111–203, title I, § 151, July 21, 2010, 124 Stat. 1412.)
heading: References in Text
text: Subchapter II, referred to in par. (2), was in the original “title II”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to subchapter II (§ 5381 et seq.) of this chapter. For complete classification of title II to the Code, see Tables.
12 U.S.C. § 5345 (BANKS AND BANKING)
§ 5345. Funding
(a) Financial Research Fund
(1) Fund established
There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”.
(2) Fund receipts
All amounts provided to the Office under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund.
(3) Investments authorized
(A) Amounts in fund may be invested
The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office.
(B) Eligible investments
Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director.
(4) Interest and proceeds credited
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund.
(b) Use of funds
(1) In general
Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office.
(2) Fees, assessments, and other funds not Government funds
Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys.
(3) Amounts not subject to apportionment
Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose.
(c) Interim funding
During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office.
(d) Permanent self-funding
Beginning 2 years after July 21, 2010, the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $50,000,000,000 or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under section 5325 of this title, to collect assessments equal to the total expenses of the Office.
(Pub. L. 111–203, title I, § 155, July 21, 2010, 124 Stat. 1418.)
12 U.S.C. § 5346 (BANKS AND BANKING)
§ 5346. Transition oversight
(a) Purpose
The purpose of this section is to ensure that the Office—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
(b) Reporting requirement
(1) In general
The Office shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) Plans
The plans described in this paragraph are as follows:
(A) Training and workforce development plan
The Office shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) Workplace flexibility plan
The Office shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) Recruitment and retention plan
The Office shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools with diverse backgrounds;
(ii) streamlined employment application processes;
(iii) the provision of timely notification of the status of employment applications to applicants; and
(iv) the collection of information to measure indicators of hiring effectiveness.
(c) Expiration
The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.
(d) Rule of construction
Nothing in this section may be construed to affect—
(1) a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or
(2) the rights of employees under chapter 71 of title 5.
(Pub. L. 111–203, title I, § 156, July 21, 2010, 124 Stat. 1419.)
12 U.S.C. § 5362 (BANKS AND BANKING)
§ 5362. Enforcement
(a) In general
Except as provided in subsection (b), a nonbank financial company supervised by the Board of Governors and any subsidiaries of such company (other than any depository institution subsidiary) shall be subject to the provisions of subsections (b) through (n) of section 1818 of this title, in the same manner and to the same extent as if the company were a bank holding company, as provided in section 1818(b)(3) of this title.
(b) Enforcement authority for functionally regulated subsidiaries
(1) Referral
If the Board of Governors determines that a condition, practice, or activity of a depository institution subsidiary or functionally regulated subsidiary of a nonbank financial company supervised by the Board of Governors does not comply with the regulations or orders prescribed by the Board of Governors under this Act, or otherwise poses a threat to the financial stability of the United States, the Board of Governors may recommend, in writing, to the primary financial regulatory agency for the subsidiary that such agency initiate a supervisory action or enforcement proceeding. The recommendation shall be accompanied by a written explanation of the concerns giving rise to the recommendation.
(2) Back-up authority of the Board of Governors
If, during the 60-day period beginning on the date on which the primary financial regulatory agency receives a recommendation under paragraph (1), the primary financial regulatory agency does not take supervisory or enforcement action against a subsidiary that is acceptable to the Board of Governors, the Board of Governors (upon a vote of its members) may take the recommended supervisory or enforcement action, as if the subsidiary were a bank holding company subject to supervision by the Board of Governors.
(Pub. L. 111–203, title I, § 162, July 21, 2010, 124 Stat. 1421.)
heading: References in Text
text: This Act, referred to in subsec. (b)(1), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.