Source: https://www.govinfo.gov/content/pkg/USCODE-2011-title12/html/USCODE-2011-title12-chap52.htm
Timestamp: 2019-10-15 21:51:24
Document Index: 131760440

Matched Legal Cases: ['§5202', '§104', '§5215', '§105', '§5216', '§106', '§1303', '§107', '§1608', '§5218', '§108', '§5219', '§109', '§7002', '§1482', '§5219', '§1483', '§110', '§702', '§1484', '§1400', '§205', '§1481', '§5222', '§112', '§5223', '§113', '§5224', '§114', '§5225', '§115', '§202', '§402', '§1302', '§1302', '§1302', '§1302', '§402', '§202', '§116', '§601', '§364', '§601', '§5227', '§117', '§5228', '§118', '§5229', '§119', '§5230', '§120', '§121', '§2', '§2', '§2', '§5', '§6', '§402', '§5232', '§123', '§5233', '§125', '§501', '§5234', '§127', '§5235', '§129', '§131', '§5237', '§132', '§5238', '§133', '§5239', '§134', '§5240', '§135', '§136', '§204', '§2', '§1811', '§1751', '§204', '§204', '§204', '§204', '§5251', '§201', '§5252', '§202', '§5253', '§204', '§5261', '§301', '§1716', '§1451']

5219a.
Home Affordable Modification Program guidelines.
5219b.
Public availability of information of Making Home Affordable Program.
5220a.
Application of GSE conforming loan limit to mortgages assisted with TARP funds.
5220b.
Multifamily mortgage resolution program.
5231a.
Temporary increase in deposit and share insurance coverage.
Information for congressional support agencies.
Reports by the Office of Management and Budget and the Congressional Budget Office.
Gain or loss from sale or exchange of certain preferred stock.
§5202. Definitions
The Financial Stability Oversight Board, and its authority under this section, shall terminate on the expiration of the 15-day period beginning upon the later of—
(Pub. L. 110–343, div. A, title I, §104, Oct. 3, 2008, 122 Stat. 3770.)
§5215. Reports
Before the expiration of the 60-day period beginning on the date of the first exercise of the authority granted in section 5211(a) of this title, or of the first exercise of the authority granted in section 5212 of this title, whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate committees of Congress, with respect to each such period—
(1) an overview of actions taken by the Secretary, including the considerations required by section 5213 of this title and the efforts under section 5219 of this title;
(2) the actual obligation and expenditure of the funds provided for administrative expenses by section 5228 of this title during such period and the expected expenditure of such funds in the subsequent period; and
(3) a detailed financial statement with respect to the exercise of authority under this chapter, including—
(B) all insurance contracts entered into pursuant to section 5212 of this title;
(b) Tranche reports to Congress
The Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including—
(F) an estimate of additional actions under the authority provided under this chapter that may be necessary to address such challenges.
The report required by this subsection shall be submitted not later than 7 days after the date on which commitments to purchase troubled assets under the authorities provided in this chapter first reach an aggregate of $50,000,000,000 and not later than 7 days after each $50,000,000,000 interval of such commitments is reached thereafter.
(c) Regulatory modernization report
The Secretary shall review the current state of the financial markets and the regulatory system and submit a written report to the appropriate committees of Congress not later than April 30, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial markets, including the over-the-counter swaps market and government-sponsored enterprises, and providing recommendations for improvement, including—
(B) enhancement of the clearing and settlement of over-the-counter swaps; and
Any report required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
The reporting requirements under this section shall terminate on the later of—
(Pub. L. 110–343, div. A, title I, §105, Oct. 3, 2008, 122 Stat. 3771.)
This chapter, referred to in subsecs. (a)(3) and (b)(1)(F), (2), 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.
§5216. Rights; management; sale of troubled assets; revenues and sale proceeds
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.
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.)
In any solicitation or contract where the Secretary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minority- and women-owned businesses (as such terms are defined in section 1441a(r)(4) 1 of this title), and individuals with disabilities and businesses owned by individuals with disabilities (for purposes of this subsection the term “individual with disability” has the same meaning as the term “handicapped individual” as that term is defined in section 632(f) of title 15), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.
Notwithstanding subsections (a) and (b), the Corporation—
(Pub. L. 110–343, div. A, title I, §107, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–5, div. A, title XVI, §1608, Feb. 17, 2009, 123 Stat. 304.)
§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—
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.)
§5219. Foreclosure mitigation efforts
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.
(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.)
1 So in original. Probably should be “mortgage-backed”.
The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary—
(Pub. L. 111–203, title XIV, §1482, July 21, 2010, 124 Stat. 2203.)
§5219b. Public availability of information of Making Home Affordable Program
(a) Revisions to Program guidelines
The Secretary of the Treasury (in this section referred to as the “Secretary”) shall revise the guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to provide that the data being collected by the Secretary from each mortgage servicer and lender participating in the Program is made public in accordance with subsection (b).
Data shall be made available according to the following guidelines:
(B) such deletions as the Secretary may determine to be appropriate to protect any privacy interest of any mortgage modification applicant, including the deletion or alteration of the applicant's name and identification number.
(Pub. L. 111–203, title XIV, §1483, July 21, 2010, 124 Stat. 2203.)
(2) the term “consumer” has the same meaning as in section 1602 of title 15;
(3) the term “insured depository institution” has the same meaning as in section 1813 of this title; and
(4) the term “servicer” has the same meaning as in section 2605(i)(2) of this title.
In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
In the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure—
In any case in which a Federal property manager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans, the Federal property manager shall—
(Pub. L. 110–343, div. A, title I, §110, Oct. 3, 2008, 122 Stat. 3775.)
Sections 348a and 353 to 359 of this title, referred to in subsec. (a)(1)(C), was in the original a reference to “section 14 of the Federal Reserve Act (12 U.S.C. 353)”. For classification of section 14 to the Code, see Codification note set out under section 353 of this title.
Pub. L. 111–22, div. A, title VII, §702, May 20, 2009, 123 Stat. 1660, as amended by Pub. L. 111–203, title XIV, §1484(1), July 21, 2010, 124 Stat. 2204, provided that:
“(a) In General.—In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title [May 20, 2009], any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to—
“(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and
“(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure—
“(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or
“(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),
“(b) Bona Fide Lease or Tenancy.—For purposes of this section, a lease or tenancy shall be considered bona fide only if—
“(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;
“(2) the lease or tenancy was the result of an arms-length transaction; and
“(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy.
“(c) Definition.—For purposes of this section, the term ‘federally-related mortgage loan’ has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602).”
[Pub. L. 111–203, title XIV, §§1400(c), 1484(1), July 21, 2010, 124 Stat. 2136, 2204, provided that, section 702 of Pub. L. 111–22, set out above, is amended, effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date (defined in section 1495 of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade) if such regulations have not been issued by that date, in subsection (a)(2), by striking “, as of the date of such notice of foreclosure” and, in subsection (c), by inserting after the period the following: “For purposes of this section, the date of a notice of foreclosure shall be deemed to be the date on which complete title to a property is transferred to a successor entity or person as a result of an order of a court or pursuant to provisions in a mortgage, deed of trust, or security deed.”]
[Section 702 of Pub. L. 111–22, set out above, repealed Dec. 31, 2014, see section 704 of Pub. L. 111–22, set out as a Termination Date of 2009 Amendment note under section 1437f of Title 42, The Public Health and Welfare.]
2 So in original. Probably should be “mortgage-backed”.
(Pub. L. 111–22, div. A, title II, §205, May 20, 2009, 123 Stat. 1654.)
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.
The Secretary of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants and at-risk multifamily properties, where feasible, based on criteria that may include—
(Pub. L. 111–203, title XIV, §1481, July 21, 2010, 124 Stat. 2202.)
The term “senior executive officer” means an individual who is 1 of the top 5 most highly paid executives of a public company, whose compensation is required to be disclosed pursuant to the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], and any regulations issued thereunder, and non-public company counterparts.
The term “golden parachute payment” means any payment to a senior executive officer for departure from a company for any reason, except for payments for services performed or benefits accrued.
The term “TARP recipient” means any entity that has received or will receive financial assistance under the financial assistance provided under the TARP.
Subsec. (g). Pub. L. 111–22 substituted “, at the market price, may liquidate warrants associated with such assistance” for “shall liquidate warrants associated with such assistance at the current market price”.
§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.)
§5223. Minimization of long-term costs and maximization of benefits for taxpayers
(a) Long-term costs and benefits
(1) Minimizing negative impact
The Secretary shall use the authority under this chapter in a manner that will minimize any potential long-term negative impact on the taxpayer, taking into account the direct outlays, potential long-term returns on assets purchased, and the overall economic benefits of the program, including economic benefits due to improvements in economic activity and the availability of credit, the impact on the savings and pensions of individuals, and reductions in losses to the Federal Government.
(3) Private sector participation
The Secretary shall encourage the private sector to participate in purchases of troubled assets, and to invest in financial institutions, consistent with the provisions of this section.
(b) Use of market mechanisms
In making purchases under this chapter, the Secretary shall—
(1) make such purchases at the lowest price that the Secretary determines to be consistent with the purposes of this chapter; and
(c) Direct purchases
If the Secretary determines that use of a market mechanism under subsection (b) is not feasible or appropriate, and the purposes of the chapter are best met through direct purchases from an individual financial institution, the Secretary shall pursue additional measures to ensure that prices paid for assets are reasonable and reflect the underlying value of the asset.
The Secretary may not purchase, or make any commitment to purchase, any troubled asset under the authority of this chapter, unless the Secretary receives from the financial institution from which such assets are to be purchased—
(A) in the case of a financial institution, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such financial institution, or voting stock with respect to which,1 the Secretary agrees not to exercise voting power, as the Secretary determines appropriate; or
The terms and conditions of any warrant or senior debt instrument required under paragraph (1) shall meet the following requirements:
Such terms and conditions shall, at a minimum, be designed—
(i) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument; and
(ii) to provide additional protection for the taxpayer against losses from sale of assets by the Secretary under this chapter and the administrative expenses of the TARP.
(B) Authority to sell, exercise, or surrender
The Secretary may sell, exercise, or surrender a warrant or any senior debt instrument received under this subsection, based on the conditions established under subparagraph (A).
The warrant shall provide that if, after the warrant is received by the Secretary under this subsection, the financial institution that issued the warrant is no longer listed or traded on a national securities exchange or securities association, as described in paragraph (1)(A), such warrants shall convert to senior debt, or contain appropriate protections for the Secretary to ensure that the Treasury is appropriately compensated for the value of the warrant, in an amount determined by the Secretary.
Any warrant representing securities to be received by the Secretary under this subsection shall contain anti-dilution provisions of the type employed in capital market transactions, as determined by the Secretary. Such provisions shall protect the value of the securities from market transactions such as stock splits, stock distributions, dividends, and other distributions, mergers, and other forms of reorganization or recapitalization.
(E) Exercise price
The exercise price for any warrant issued pursuant to this subsection shall be set by the Secretary, in the interest of the taxpayers.
The financial institution shall guarantee to the Secretary that it has authorized shares of nonvoting stock available to fulfill its obligations under this subsection. Should the financial institution not have sufficient authorized shares, including preferred shares that may carry dividend rights equal to a multiple number of common shares, the Secretary may, to the extent necessary, accept a senior debt note in an amount, and on such terms as will compensate the Secretary with equivalent value, in the event that a sufficient shareholder vote to authorize the necessary additional shares cannot be obtained.
(A) De minimis
The Secretary shall establish de minimis exceptions to the requirements of this subsection, based on the size of the cumulative transactions of troubled assets purchased from any one financial institution for the duration of the program, at not more than $100,000,000.
(B) Other exceptions
The Secretary shall establish an exception to the requirements of this subsection and appropriate alternative requirements for any participating financial institution that is legally prohibited from issuing securities and debt instruments, so as not to allow circumvention of the requirements of this section.
(Pub. L. 110–343, div. A, title I, §113, Oct. 3, 2008, 122 Stat. 3777.)
§5224. Market transparency
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.
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.)
§5225. Graduated authorization to purchase
The authority of the Secretary to purchase troubled assets under this chapter shall be limited as follows:
(1) Effective upon October 3, 2008, such authority shall be limited to $250,000,000,000 outstanding at any one time.
(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $475,000,000,000.
(4) For purposes of this subsection, the amount of authority considered to be exercised by the Secretary shall not be reduced by—
(A) any amounts received by the Secretary before, on, or after July 21, 2010, from repayment of the principal of financial assistance by an entity that has received financial assistance under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this chapter;
(B) any amounts committed for any guarantees pursuant to the TARP that became or become uncommitted; or
(C) any losses realized by the Secretary.
(5) No authority under this chapter may be used to incur any obligation for a program or initiative that was not initiated prior to June 25, 2010.
(b) Aggregation of purchase prices
The amount of troubled assets purchased by the Secretary outstanding at any one time shall be determined for purposes of the dollar amount limitations under subsection (a) by aggregating the purchase prices of all troubled assets held.
(c) Joint resolution of disapproval
Notwithstanding any other provision of this section, the Secretary may not exercise any authority to make purchases under this chapter with regard to any amount in excess of $350,000,000,000 previously obligated, as described in this section if, within 15 calendar days after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3), there is enacted into law a joint resolution disapproving the plan of the Secretary with respect to such additional amount.
(2) Contents of joint resolution
For the purpose of this section, the term “joint resolution” means only a joint resolution—
(C) the title of which is as follows: “Joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008”; and
(D) the matter after the resolving clause of which is as follows: “That Congress disapproves the obligation of any amount exceeding the amounts obligated as described in paragraphs (1) and (2) of section 115(a) of the Emergency Economic Stabilization Act of 2008.”.
(d) Fast track consideration in House of Representatives
(1) Reconvening
Upon receipt of a report under subsection (a)(3), the Speaker, if the House would otherwise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than the second calendar day after receipt of such report; 1
(2) Reporting and discharge
Any committee of the House of Representatives to which a joint resolution is referred shall report it to the House not later than 5 calendar days after the date of receipt of the report described in subsection (a)(3). If a committee fails to report the joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar.
(3) Proceeding to consideration
After each committee authorized to consider a joint resolution reports it to the House or has been discharged from its consideration, it shall be in order, not later than the sixth day after Congress receives the report described in subsection (a)(3), to move to proceed to consider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.
(e) Fast track consideration in Senate
Upon receipt of a report under subsection (a)(3), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than the second calendar day after receipt of such message.
(2) Placement on calendar
Upon introduction in the Senate, the joint resolution shall be placed immediately on the calendar.
(3) Floor consideration
Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time during the period beginning on the 4th day after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3) and ending on the 6th day after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3) (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of.
(C) Vote on passage
The vote on passage shall occur immediately following the conclusion of the debate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate.
(f) Rules relating to Senate and House of Representatives
(1) Coordination with action by other House
If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply:
(2) Treatment of joint resolution of other House
If one House fails to introduce or consider a joint resolution under this section, the joint resolution of the other House shall be entitled to expedited floor procedures under this section.
(3) Treatment of companion measures
(4) Consideration after passage
If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and ending on the date the President takes action with respect to the joint resolution shall be disregarded in computing the 15-calendar day period described in subsection (a)(3).
(B) Vetoes
If the President vetoes the joint resolution—
(5) Rules of House of Representatives and Senate
This subsection and subsections (c), (d), and (e) are enacted by Congress—
(Pub. L. 110–343, div. A, title I, §115, Oct. 3, 2008, 122 Stat. 3780; Pub. L. 111–22, div. A, title II, §202(b), title IV, §402(f), May 20, 2009, 123 Stat. 1643, 1658; Pub. L. 111–203, title XIII, §1302, July 21, 2010, 124 Stat. 2133.)
2010—Subsec. (a)(3). Pub. L. 111–203, §1302(1)(B), struck out “outstanding at any one time” before the period at the end.
Pub. L. 111–203, §1302(1)(A), which directed substitution of “$475,000,000,000” for “, $700,000,000,000, as such amount is reduced by $1,259,000,000, as such amount is reduced by $1,244,000,000”, was executed by making the substitution for “$700,000,000,000, as such amount is reduced by $1,259,000,000,, as such amount is reduced by $1,244,000,000,”, to reflect the probable intent of Congress.
Subsec. (a)(4), (5). Pub. L. 111–203, §1302(2), added pars. (4) and (5).
2009—Subsec. (a)(3). Pub. L. 111–22, §402(f), inserted “, as such amount is reduced by $1,259,000,000,” after “$700,000,000,000”.
Pub. L. 111–22, §202(b), inserted of “, as such amount is reduced by $1,244,000,000,” after “$700,000,000,000”.
The Comptroller General of the United States shall, upon establishment of the troubled assets relief program 1 under this chapter (in this section referred to as the “TARP”), commence ongoing oversight of the activities and performance of the TARP and of any agents and representatives of the TARP (as related to the agent or representative's activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this chapter. The subjects of such oversight shall include the following:
(A) The performance of the TARP in meeting the purposes of this chapter, particularly those involving—
In this paragraph, the term “governmental unit” has the meaning given under section 101(27) of title 11, and does not include any insured depository institution as defined under section 1813 of this title.
The Treasury shall reimburse the Government Accountability Office for the full cost of any such oversight activities as billed therefor by the Comptroller General of the United States. Such reimbursements shall be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received and remain available until expended.
The Comptroller General shall submit reports of findings under this section, regularly and no less frequently than once every 60 days, to the appropriate committees of Congress, and the Special Inspector General for the Troubled Asset Relief Program established under this chapter on the activities and performance of the TARP. The Comptroller may also submit special reports under this subsection as warranted by the findings of its oversight activities.
The TARP shall annually prepare and issue to the appropriate committees of Congress and the public audited financial statements prepared in accordance with generally accepted accounting principles, and the Comptroller General shall annually audit such statements in accordance with generally accepted auditing standards. The Treasury shall reimburse the Government Accountability Office for the full cost of any such audit as billed therefor by the Comptroller General. Such reimbursements shall be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received and remain available until expended. The financial statements prepared under this paragraph shall be on the fiscal year basis prescribed under section 1102 of title 31.
The TARP shall establish and maintain an effective system of internal control, consistent with the standards prescribed under section 3512(c) of title 31, that provides reasonable assurance of—
In conjunction with each annual financial statement issued under this section, the TARP shall—
Any oversight, reporting, or audit requirement under this section shall terminate on the later of—
(Pub. L. 110–343, div. A, title I, §116, Oct. 3, 2008, 122 Stat. 3783; Pub. L. 111–22, div. A, title VI, §601, May 20, 2009, 123 Stat. 1659.)
Section 1441a of this title, referred to in subsec. (a)(1)(H), was repealed by Pub. L. 111–203, title III, §364(b), July 21, 2010, 124 Stat. 1555.
2009—Subsec. (a)(1)(A)(v). Pub. L. 111–22, §601(1), added cl. (v).
1 So in original. Probably should be “Troubled Asset Relief Program”.
§5227. Study and report on margin authority
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.
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.
(Pub. L. 110–343, div. A, title I, §117, Oct. 3, 2008, 122 Stat. 3786.)
§5228. Funding
(Pub. L. 110–343, div. A, title I, §118, Oct. 3, 2008, 122 Stat. 3786.)
§5229. Judicial review and related matters
No injunction or other form of equitable relief shall be issued against the Secretary for actions pursuant to section 1 5211, 5212, 5216, and 5219 of this title, other than to remedy a violation of the Constitution.
Any injunction or other form of equitable relief issued against the Secretary for actions pursuant to section 1 5211, 5212, 5216, and 5219 of this title, shall be automatically stayed. The stay shall be lifted unless the Secretary seeks a stay from a higher court within 3 calendar days after the date on which the relief is issued.
Any exercise of the authority of the Secretary pursuant to this chapter shall not impair the claims or defenses that would otherwise apply with respect to persons other than the Secretary. Except as established in any contract, a servicer of pooled residential mortgages owes any 2 duty to determine whether the net present value of the payments on the loan, as modified, is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and holders of beneficial interests in such investment, but not to any individual or groups of investors or beneficial interest holders, and shall be deemed to act in the best interests of all such investors or holders of beneficial interests if the servicer agrees to or implements a modification or workout plan when the servicer takes reasonable loss mitigation actions, including partial payments.
(Pub. L. 110–343, div. A, title I, §119, Oct. 3, 2008, 122 Stat. 3787.)
2 So in original. Probably should be “a”.
§5230. Termination of authority
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.)
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.
(3) The Office of the Special Inspector General for the Troubled Asset Relief Program shall be treated as an office included under section 6(e)(3) of the Inspector General Act of 1978 (5 U.S.C. App.) relating to the exemption from the initial determination of eligibility by the Attorney General.
(ii) In exercising the employment authorities under subsection (b) of section 3161 of title 5, as provided under clause (i) of this subparagraph—
(B) Subparagraph (A) shall apply to—
(3) Nothing in this subsection shall be construed to authorize the public disclosure of information that is—
The Office of the Special Inspector General shall terminate on the later of—
(Pub. L. 110–343, div. A, title I, §121, Oct. 3, 2008, 122 Stat. 3788; Pub. L. 111–15, §§2–6, Apr. 24, 2009, 123 Stat. 1603–1605.)
2009—Subsec. (c)(4). Pub. L. 111–15, §2(1), added par. (4).
Subsec. (d)(2). Pub. L. 111–15, §2(2)(A), substituted “subsection (c)(1) and (4)” for “subsection (c)(1)”.
Subsec. (i)(1). Pub. L. 111–15, §5(1), substituted “Not later than 60 days after the confirmation of the Special Inspector General, and not later than 30 days following the end of each fiscal quarter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during that fiscal quarter.” for “Not later than 60 days after the confirmation of the Special Inspector General, and every calendar quarter thereafter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the 120-day period ending on the date of such report.”
Subsec. (j)(1). Pub. L. 111–15, §6, inserted “, not later than 7 days after April 24, 2009” before period at end.
This section may be cited as the “Public-Private Investment Program Improvement and Oversight Act of 2009”.
Any program established by the Federal Government to create a public-private investment fund shall—
(A) in consultation with the Special Inspector General of the Trouble 1 Asset Relief Program (in this section referred to as the “Special Inspector General”), impose strict conflict of interest rules on managers of public-private investment funds to ensure that securities bought by the funds are purchased in arms-length transactions, that fiduciary duties to public and private investors in the fund are not violated, and that there is full disclosure of relevant facts and financial interests (which conflict of interest rules shall be implemented by the manager of a public-private investment fund prior to such fund receiving Federal Government financing);
(B) require each public-private investment fund to make a quarterly report to the Secretary of the Treasury (in this section referred to as the “Secretary”) that discloses the 10 largest positions of such fund (which reports shall be publicly disclosed at such time as the Secretary of the Treasury determines that such disclosure will not harm the ongoing business operations of the fund);
In this section, the term “public-private investment fund” means a financial vehicle that is—
(Pub. L. 111–22, div. A, title IV, §402, May 20, 2009, 123 Stat. 1656.)
1 So in original. Probably should be “Troubled”.
§5232. Credit reform
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.).
For the purposes of section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))—
(Pub. L. 110–343, div. A, title I, §123, Oct. 3, 2008, 122 Stat. 3790.)
§5233. Congressional Oversight Panel
There is hereby established the Congressional Oversight Panel (hereafter in this section referred to as the “Oversight Panel”) as an establishment in the legislative branch.
The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to Congress:
Regular reports of the Oversight Panel shall include the following:
(i) The use by the Secretary of authority under this chapter, including with respect to the use of contracting authority and administration of the program.
(ii) The impact of purchases made under the 1 chapter on the financial markets and financial institutions.
The reports required under this paragraph shall be submitted not later than 30 days after the first exercise by the Secretary of the authority under section 5211(a) or 5212 of this title, and every 30 days thereafter.
(2) Special report on regulatory reform
The Oversight Panel shall submit a special report on regulatory reform not later than January 20, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting consumers, and providing recommendations for improvement, including recommendations regarding whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system, the rationale underlying such recommendation, and whether there are any gaps in existing consumer protections.
(3) Special report on farm loan restructuring
Not later than 60 days after May 20, 2009, the Oversight Panel shall submit a special report on farm loan restructuring that—
(A) analyzes the state of the commercial farm credit markets and the use of loan restructuring as an alternative to foreclosure by recipients of financial assistance under the Troubled Asset Relief Program; and
(B) includes an examination of and recommendation on the different methods for farm loan restructuring that could be used as part of a foreclosure mitigation program for farm loans made by recipients of financial assistance under the Troubled Asset Relief Program, including any programs for direct loan restructuring or modification carried out by the Farm Service Agency of the Department of Agriculture, the farm credit system, and the Making Home Affordable Program of the Department of the Treasury.
The Oversight Panel shall consist of 5 members, as follows:
Each member of the Oversight Panel shall each 2 be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Commission.
(3) Prohibition of compensation of Federal employees
Members of the Oversight Panel who are full-time officers or employees of the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel.
(4) Travel expenses
Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5.
Four members of the Oversight Panel shall constitute a quorum but a lesser number may hold hearings.
A vacancy on the Oversight Panel shall be filled in the manner in which the original appointment was made.
The Oversight Panel shall meet at the call of the Chairperson or a majority of its members.
The Oversight Panel may appoint and fix the pay of any personnel as the Commission considers appropriate.
(2) Experts and consultants
The Oversight Panel may procure temporary and intermittent services under section 3109(b) of title 5.
(3) Staff of agencies
Upon request of the Oversight Panel, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Oversight Panel to assist it in carrying out its duties under this chapter.
(1) Hearings and sessions
The Oversight Panel may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Panel considers appropriate and may administer oaths or affirmations to witnesses appearing before it.
(2) Powers of members and agents
Any member or agent of the Oversight Panel may, if authorized by the Oversight Panel, take any action which the Oversight Panel is authorized to take by this section.
The Oversight Panel may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Oversight Panel, the head of that department or agency shall furnish that information to the Oversight Panel.
The Oversight Panel shall receive and consider all reports required to be submitted to the Oversight Panel under this chapter.
The Oversight Panel shall terminate 6 months after the termination date specified in section 5230 of this title.
(g) Funding for expenses
There is authorized to be appropriated to the Oversight Panel such sums as may be necessary for any fiscal year, half of which shall be derived from the applicable account of the House of Representatives, and half of which shall be derived from the contingent fund of the Senate.
(2) Reimbursement of amounts
An amount equal to the expenses of the Oversight Panel shall be promptly transferred by the Secretary, from time to time upon the presentment of a statement of such expenses by the Chairperson of the Oversight Panel, from funds made available to the Secretary under this chapter to the applicable fund of the House of Representatives and the contingent fund of the Senate, as appropriate, as reimbursement for amounts expended from such account and fund under paragraph (1).
(Pub. L. 110–343, div. A, title I, §125, Oct. 3, 2008, 122 Stat. 3791; Pub. L. 111–22, div. A, title V, §501, May 20, 2009, 123 Stat. 1658.)
2009—Subsec. (b)(3). Pub. L. 111–22 added par. (3).
§5234. Cooperation with the FBI
(Pub. L. 110–343, div. A, title I, §127, Oct. 3, 2008, 122 Stat. 3796.)
§5235. Disclosures on exercise of loan authority
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—
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—
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).
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
(Pub. L. 110–343, div. A, title I, §129, Oct. 3, 2008, 122 Stat. 3796.)
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.
(Pub. L. 110–343, div. A, title I, §131, Oct. 3, 2008, 122 Stat. 3797.)
§5237. Authority to suspend mark-to-market accounting
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.
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.)
§5238. Study on mark-to-market accounting
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—
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.)
§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.)
§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.)
Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 207(k)(5) of the Federal Credit Union Act (12 U.S.C. 1787(k)(5)) shall apply with “$250,000” substituted for “$100,000”.
(Pub. L. 110–343, div. A, title I, §136, Oct. 3, 2008, 122 Stat. 3799; Pub. L. 111–22, div. A, title II, §204(a), May 20, 2009, 123 Stat. 1648.)
That Act, referred to in subsec. (c), means the Federal Deposit Insurance Act, act Sept. 21, 1950, ch. 967, §2, 64 Stat. 873, which is classified generally to chapter 16 (§1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
The Federal Credit Union Act, referred to in subsec. (c), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.
2009—Subsec. (a)(1). Pub. L. 111–22, §204(a)(1)(A), substituted “December 31, 2013” for “December 31, 2009”.
Subsec. (a)(2), (3). Pub. L. 111–22, §204(a)(1)(B)–(D), redesignated par. (3) as (2), substituted “December 31, 2013” for “December 31, 2009”, and struck out former par. (2). Prior to amendment, text read as follows: “The temporary increase in the standard maximum deposit insurance amount made under paragraph (1) shall not be taken into account by the Board of Directors of the Corporation for purposes of setting assessments under section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)).”
Subsec. (b)(1). Pub. L. 111–22, §204(a)(2)(A), substituted “December 31, 2013” for “December 31, 2009”.
Subsec. (b)(2), (3). Pub. L. 111–22, §204(a)(2)(B)–(D), redesignated par. (3) as (2), substituted “December 31, 2013” for “December 31, 2009”, and struck out former par. (2). Prior to amendment, text read as follows: “The temporary increase in the standard maximum share insurance amount made under paragraph (1) shall not be taken into account by the National Credit Union Administration Board for purposes of setting insurance premium charges and share insurance deposit adjustments under section 202(c)(2) of the Federal Credit Union Act (12 U.S.C. 1782(c)(2)).”
§5251. Information for congressional support agencies
(Pub. L. 110–343, div. A, title II, §201, Oct. 3, 2008, 122 Stat. 3800.)
§5252. Reports by the Office of Management and Budget and the Congressional Budget Office
(a) Reports by the Office of Management and Budget
Within 60 days of the first exercise of the authority granted in section 5211(a) of this title, but in no case later than December 31, 2008, and semiannually thereafter, the Office of Management and Budget shall report to the President and the Congress—
(1) the estimate, notwithstanding section 661a(5)(F) of title 2, as of the first business day that is at least 30 days prior to the issuance of the report, of the cost of the troubled assets, and guarantees of the troubled assets, determined in accordance with section 5232 of this title;
(b) Reports by the Congressional Budget Office
Within 45 days of receipt by the Congress of each report from the Office of Management and Budget under subsection (a), the Congressional Budget Office shall report to the Congress the Congressional Budget Office's assessment of the report submitted by the Office of Management and Budget, including—
(c) Financial expertise
In carrying out the duties in this subsection 1 or performing analyses of activities under this chapter, the Director of the Congressional Budget Office may employ personnel and procure the services of experts and consultants.
There are authorized to be appropriated such sums as may be necessary to produce reports required by this section.
(Pub. L. 110–343, div. A, title II, §202, Oct. 3, 2008, 122 Stat. 3800.)
§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.)
§5261. Gain or loss from sale or exchange of certain preferred stock
(b) Applicable preferred stock
For purposes of this section, the term “applicable preferred stock” means any stock—
(c) Applicable financial institution
Except as provided in paragraph (2), the term “applicable financial institution” means—
(A) a financial institution referred to in section 582(c)(2) of title 26, or
(B) a depository institution holding company (as defined in section 1813(w)(1) of this title).
(2) Special rules for certain sales
(d) Special rule for certain property not held on September 6, 2008
The Secretary of the Treasury or the Secretary's delegate may extend the application of this section to all or a portion of the gain or loss from a sale or exchange in any case where—
The Secretary of the Treasury or the Secretary's delegate may prescribe such guidance, rules, or regulations as are necessary to carry out the purposes of this section.
(Pub. L. 110–343, div. A, title III, §301, Oct. 3, 2008, 122 Stat. 3802.)
The Federal National Mortgage Association Charter Act, referred to in subsec. (b)(1)(A), is title III of act June 27, 1934, ch. 847, 48 Stat. 1252, which is classified generally to subchapter III (§1716 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1716 of this title and Tables.
The Federal Home Loan Mortgage Corporation Act, referred to in subsec. (b)(1)(B), is title III of Pub. L. 91–351, July 24, 1970, 84 Stat. 451, which is classified generally to chapter 11A (§1451 et seq.) of this title. For complete classification of this Act to the Code, see Short Title and Statement of Purpose note set out under section 1451 of this title and Tables.