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U.S.C.
Notes

§5202. Definitions — Inbound Citations

12 U.S.C. § 5202

Cited by 383 provisions in release 119-102.

Citations to §5202(1)

  • 12 U.S.C. § 5212(b)
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    (b) Not later than 90 days after October 3, 2008, the Secretary shall report to the appropriate committees of Congress on the program established under subsection (a).
  • 12 U.S.C. § 5214(g)
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    (g) The Financial Stability Oversight Board shall report to the appropriate committees of Congress and the Congressional Oversight Panel established under section 5233 of this title, not less frequently than quarterly, on the matters described under subsection (a)(1).
  • 12 U.S.C. § 5215(a)
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    (a) 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—
    (A) all agreements made or renewed;
    (B) all insurance contracts entered into pursuant to section 5212 of this title;
    (C) all transactions occurring during such period, including the types of parties involved;
    (D) the nature of the assets purchased;
    (E) all projected costs and liabilities;
    (F) operating expenses, including compensation for financial agents;
    (G) the valuation or pricing method used for each transaction; and
    (H) a description of the vehicles established to exercise such authority.
  • 12 U.S.C. § 5215(b)(1)
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    (1) The Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including—
    (A) a description of all of the transactions made during the reporting period;
    (B) a description of the pricing mechanism for the transactions;
    (C) a justification of the price paid for and other financial terms associated with the transactions;
    (D) a description of the impact of the exercise of such authority on the financial system, supported, to the extent possible, by specific data;
    (E) a description of challenges that remain in the financial system, including any benchmarks yet to be achieved; and
    (F) an estimate of additional actions under the authority provided under this chapter that may be necessary to address such challenges.
  • 12 U.S.C. § 5215(c)
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    (c) 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—
    (1) recommendations regarding—
    (A) whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system; and
    (B) enhancement of the clearing and settlement of over-the-counter swaps; and
    (2) the rationale underlying such recommendations.
  • 12 U.S.C. § 5226(a)(3)
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    (3) The Comptroller General shall submit reports of findings under this section annually 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.
  • 12 U.S.C. § 5226(b)(1)
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    (1) 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.
  • 12 U.S.C. § 5226(b)(3)(B)
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    (B) certify to appropriate committees of Congress that no action is necessary or appropriate.
  • 12 U.S.C. § 5227(b)(4)
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    (4) recommendations for the Board and appropriate committees of Congress with respect to the existing authority of the Board.
  • 12 U.S.C. § 5231(e)(4)(B)
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    (B) Whenever information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the appropriate committees of Congress without delay.
  • 12 U.S.C. § 5231(f)(2)
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    (2) certify to appropriate committees of Congress that no action is necessary or appropriate.
  • 12 U.S.C. § 5231(i)(1)
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    (1) 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. Each report shall include, for the period covered by such report, a detailed statement of all purchases, obligations, expenditures, and revenues associated with any program established by the Secretary of the Treasury under sections 5211 and 5212 of this title, as well as the information collected under subsection (c)(1).

Citations to §5202(2)

  • 12 U.S.C. § 5211(b)
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    (b) In exercising the authority under this section, the Secretary shall consult with the Board, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the National Credit Union Administration Board, and the Secretary of Housing and Urban Development.
  • 12 U.S.C. § 5214(a)
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    (a) There is established the Financial Stability Oversight Board, which shall be responsible for—
    (1) reviewing the exercise of authority under a program developed in accordance with this chapter, including—
    (A) policies implemented by the Secretary and the Office of Financial Stability created under sections 5211 and 5212 of this title, including the appointment of financial agents, the designation of asset classes to be purchased, and plans for the structure of vehicles used to purchase troubled assets; and
    (B) the effect of such actions in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers;
    (2) making recommendations, as appropriate, to the Secretary regarding use of the authority under this chapter; and
    (3) reporting any suspected fraud, misrepresentation, or malfeasance to the Special Inspector General for the Troubled Assets Relief Program or the Attorney General of the United States, consistent with section 535(b) of title 28.
  • 12 U.S.C. § 5214(b)
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    (b) The Financial Stability Oversight Board shall be comprised of—
    (1) the Chairman of the Board of Governors of the Federal Reserve System;
    (2) the Secretary;
    (3) the Director of the Federal Housing Finance Agency;
    (4) the Chairman of the Securities Exchange Commission; and
    (5) the Secretary of Housing and Urban Development.
  • 12 U.S.C. § 5214(b)(1)
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    (1) the Chairman of the Board of Governors of the Federal Reserve System;
  • 12 U.S.C. § 5214(c)
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    (c) The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members other than the Secretary.
  • 12 U.S.C. § 5214(d)
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    (d) The Financial Stability Oversight Board shall meet 2 weeks after the first exercise of the purchase authority of the Secretary under this chapter, and monthly thereafter.
  • 12 U.S.C. § 5214(e)
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    (e) In addition to the responsibilities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policies implemented by the Secretary are—
    (1) in accordance with the purposes of this chapter;
    (2) in the economic interests of the United States; and
    (3) consistent with protecting taxpayers, in accordance with section 5223(a) of this title.
  • 12 U.S.C. § 5214(f)
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    (f) The Financial Stability Oversight Board may appoint a credit review committee for the purpose of evaluating the exercise of the purchase authority provided under this chapter and the assets acquired through the exercise of such authority, as the Financial Stability Oversight Board determines appropriate.
  • 12 U.S.C. § 5214(g)
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    (g) The Financial Stability Oversight Board shall report to the appropriate committees of Congress and the Congressional Oversight Panel established under section 5233 of this title, not less frequently than quarterly, on the matters described under subsection (a)(1).
  • 12 U.S.C. § 5214(h)
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    (h) 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—
    (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
    (2) the date of expiration of the last insurance contract issued under section 5212 of this title.
  • 12 U.S.C. § 5219(b)
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    (b) 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.
  • 12 U.S.C. § 5220(a)(1)(C)
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    (C) 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, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of this title,1 or as collateral for an advance or discount that is not in default;
  • 12 U.S.C. § 5220b(b)
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    (b) The Secretary of Housing and Urban Development may, in carrying out the program developed under this section, coordinate with the Secretary of the Treasury, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency, and any other Federal Government agency that the Secretary considers appropriate.
  • 12 U.S.C. § 5221(b)(3)(F)
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    (F) A requirement for the establishment of a Board Compensation Committee that meets the requirements of subsection (c).
  • 12 U.S.C. § 5221(c)(1)
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    (1) Each TARP recipient shall establish a Board Compensation Committee, comprised entirely of independent directors, for the purpose of reviewing employee compensation plans.
  • 12 U.S.C. § 5221(c)(2)
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    (2) The Board Compensation Committee of each TARP recipient shall meet at least semiannually to discuss and evaluate employee compensation plans in light of an assessment of any risk posed to the TARP recipient from such plans.
  • 12 U.S.C. § 5221(c)(3)
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    (3) In the case of any TARP recipient, the common or preferred stock of which is not registered pursuant to the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], and that has received $25,000,000 or less of TARP assistance, the duties of the Board Compensation Committee under this subsection shall be carried out by the board of directors of such TARP recipient.
  • 12 U.S.C. § 5221(d)
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    (d) The board of directors of any TARP recipient shall have in place a company-wide policy regarding excessive or luxury expenditures, as identified by the Secretary, which may include excessive expenditures on—
    (1) entertainment or events;
    (2) office and facility renovations;
    (3) aviation or other transportation services; or
    (4) other activities or events that are not reasonable expenditures for staff development, reasonable performance incentives, or other similar measures conducted in the normal course of the business operations of the TARP recipient.
  • 12 U.S.C. § 5221(e)(2)
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    (2) A shareholder vote described in paragraph (1) shall not be binding on the board of directors of a TARP recipient, and may not be construed as overruling a decision by such board, nor to create or imply any additional fiduciary duty by such board, nor shall such vote be construed to restrict or limit the ability of shareholders to make proposals for inclusion in proxy materials related to executive compensation.
  • 12 U.S.C. § 5227(b)(1)
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    (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;
  • 12 U.S.C. § 5227(b)(2)
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    (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;
  • 12 U.S.C. § 5227(b)(3)
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    (3) an analysis of any usage of the margin authority by the Board; and
  • 12 U.S.C. § 5227(b)(4)
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    (4) recommendations for the Board and appropriate committees of Congress with respect to the existing authority of the Board.
  • 12 U.S.C. § 5231(g)(4)
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    (4) The Inspector General of the Federal Reserve Board.
  • 12 U.S.C. § 5231(g)(5)
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    (5) The Inspector General of the Federal Housing Finance Board.
  • 12 U.S.C. § 5235(a)
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    (a) 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.
  • 12 U.S.C. § 5235(a)(2)
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    (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.
  • 12 U.S.C. § 5235(b)
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    (b) 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.
  • 12 U.S.C. § 5235(c)
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    (c) 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).
  • 12 U.S.C. § 5237(a)
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    (a) 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.
  • 12 U.S.C. § 5238(a)
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    (a) 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.
  • 12 U.S.C. § 5238(a)(4)
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    (4) the process used by the Financial Accounting Standards Board in developing accounting standards;
  • 12 U.S.C. § 5240
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    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.
  • 12 U.S.C. § 5241(a)(2)
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    (2) During the period beginning on October 3, 2008, and ending on December 31, 2013, the Board of Directors of the Corporation may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a), 1825(c)).
  • 12 U.S.C. § 5241(b)(2)
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    (2) During the period beginning on October 3, 2008, and ending on December 31, 2013, the National Credit Union Administration Board may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 203(d)(1) of the Federal Credit Union Act (12 U.S.C. 1783(d)(1)).

Citations to §5202(3)

  • 12 U.S.C. § 5251
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    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.

Citations to §5202(4)

Citations to §5202(5)

Citations to §5202(6)

  • 12 U.S.C. § 5201(2)(A)
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    (A) protects home values, college funds, retirement accounts, and life savings;
  • 12 U.S.C. § 5211(a)(1)
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    (1) The Secretary is authorized to establish the Troubled Asset Relief Program (or “TARP”) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this chapter and the policies and procedures developed and published by the Secretary.
  • 12 U.S.C. § 5212(c)(4)
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    (4) The purchase authority limit in section 5225 of this title shall be reduced by an amount equal to the difference between the total of the outstanding guaranteed obligations and the balance in the Troubled Assets Insurance Financing Fund.
  • 12 U.S.C. § 5212(d)(1)
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    (1) The Secretary shall deposit fees collected under this section into the Fund established under paragraph (2).
  • 12 U.S.C. § 5212(d)(2)
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    (2) There is established a Troubled Assets Insurance Financing Fund that shall consist of the amounts collected pursuant to paragraph (1), and any balance in such fund shall be invested by the Secretary in United States Treasury securities, or kept in cash on hand or on deposit, as necessary.
  • 12 U.S.C. § 5212(d)(3)
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    (3) The Secretary shall make payments from amounts deposited in the Fund to fulfill obligations of the guarantees provided to financial institutions under subsection (a).
  • 12 U.S.C. § 5213(4)
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    (4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this chapter;
  • 12 U.S.C. § 5215(a)(2)
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    (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
  • 12 U.S.C. § 5216(d)
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    (d) 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.
  • 12 U.S.C. § 5216(e)
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    (e) 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.
  • 12 U.S.C. § 5216(f)
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    (f) The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).
  • 12 U.S.C. § 5219(b)
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    (b) 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.
  • 12 U.S.C. § 5220(b)(3)(B)
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    (B) that modifications take into account the need for operating funds to maintain decent and safe conditions at the property.
  • 12 U.S.C. § 5220b(a)(3)
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    (3) providing funds for rehabilitation; and
  • 12 U.S.C. § 5221(g)
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    (g) Subject to consultation with the appropriate Federal banking agency (as that term is defined in section 1813 of this title), if any, the Secretary shall permit a TARP recipient to repay any assistance previously provided under the TARP to such financial institution, without regard to whether the financial institution has replaced such funds from any other source or to any waiting period, and when such assistance is repaid, the Secretary, at the market price, may liquidate warrants associated with such assistance.
  • 12 U.S.C. § 5226(a)(1)(E)
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    (E) Efficiency of the operations of the TARP in the use of appropriated funds.
  • 12 U.S.C. § 5228
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    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.
  • 12 U.S.C. § 5230(b)
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    (b) 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. Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.
  • 12 U.S.C. § 5231(e)(5)(A)
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    (A) Except as provided under subparagraph (B), if an annuitant receiving an annuity from the Civil Service Retirement and Disability Fund becomes employed in a position within the Office of the Special Inspector General for the Troubled Asset Relief Program, his annuity shall continue. An annuitant so reemployed shall not be considered an employee for purposes of chapter 83 or 84.1
  • 12 U.S.C. § 5231(i)(2)
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    (2) Not later than September 1, 2009, the Special Inspector General shall submit a report to Congress assessing use of any funds, to the extent practical, received by a financial institution under the TARP and make the report available to the public, including posting the report on the home page of the website of the Special Inspector General within 24 hours after the submission of the report.
  • 12 U.S.C. § 5231a(b)(1)
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    (1) 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 Trouble1 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);
    (C) allow the Special Inspector General access to all books and records of a public-private investment fund, including all records of financial transactions in machine readable form, and the confidentiality of all such information shall be maintained by the Special Inspector General;
    (D) require each manager of a public-private investment fund to retain all books, documents, and records relating to such public-private investment fund, including electronic messages;
    (E) require each manager of a public-private investment fund to acknowledge, in writing, a fiduciary duty to both the public and private investors in such fund;
    (F) require each manager of a public-private investment fund to develop a robust ethics policy that includes methods to ensure compliance with such policy;
    (G) require strict investor screening procedures for public-private investment funds; and
    (H) require each manager of a public-private fund to identify for the Secretary, on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund.
  • 12 U.S.C. § 5231a(b)(1)(A)
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    (A) in consultation with the Special Inspector General of the Trouble1 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);
  • 12 U.S.C. § 5231a(b)(1)(B)
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    (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);
  • 12 U.S.C. § 5231a(b)(1)(C)
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    (C) allow the Special Inspector General access to all books and records of a public-private investment fund, including all records of financial transactions in machine readable form, and the confidentiality of all such information shall be maintained by the Special Inspector General;
  • 12 U.S.C. § 5231a(b)(1)(D)
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    (D) require each manager of a public-private investment fund to retain all books, documents, and records relating to such public-private investment fund, including electronic messages;
  • 12 U.S.C. § 5231a(b)(1)(E)
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    (E) require each manager of a public-private investment fund to acknowledge, in writing, a fiduciary duty to both the public and private investors in such fund;
  • 12 U.S.C. § 5231a(b)(1)(F)
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    (F) require each manager of a public-private investment fund to develop a robust ethics policy that includes methods to ensure compliance with such policy;
  • 12 U.S.C. § 5231a(b)(1)(G)
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    (G) require strict investor screening procedures for public-private investment funds; and
  • 12 U.S.C. § 5231a(b)(1)(H)
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    (H) require each manager of a public-private fund to identify for the Secretary, on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund.
  • 12 U.S.C. § 5231a(c)(2)
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    (2) In utilizing funds made available under this section, the Special Inspector General shall prioritize the performance of audits or investigations of recipients of non-recourse Federal loans made under any program that is funded in whole or in part by funds appropriated under the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.], to the extent that such priority is consistent with other aspects of the mission of the Special Inspector General. Such audits or investigations shall determine the existence of any collusion between the loan recipient and the seller or originator of the asset used as loan collateral, or any other conflict of interest that may have led the loan recipient to deliberately overstate the value of the asset used as loan collateral.
  • 12 U.S.C. § 5231a(e)
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    (e) In this section, the term “public-private investment fund” means a financial vehicle that is—
    (1) established by the Federal Government to purchase pools of loans, securities, or assets from a financial institution described in section 101(a)(1) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)(1)); and
    (2) funded by a combination of cash or equity from private investors and funds provided by the Secretary of the Treasury or funds appropriated under the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.].
  • 12 U.S.C. § 5231a(e)(2)
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    (2) funded by a combination of cash or equity from private investors and funds provided by the Secretary of the Treasury or funds appropriated under the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.].
  • 12 U.S.C. § 5233(g)(1)
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    (1) 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.
  • 12 U.S.C. § 5233(g)(2)
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    (2) 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).
  • 12 U.S.C. § 5236(a)
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    (a) 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.
  • 12 U.S.C. § 5236(b)
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    (b) 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.

Citations to §5202(7)

  • 12 U.S.C. § 5201(1)
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    (1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and
  • 12 U.S.C. § 5211(a)(1)
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    (1) The Secretary is authorized to establish the Troubled Asset Relief Program (or “TARP”) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this chapter and the policies and procedures developed and published by the Secretary.
  • 12 U.S.C. § 5211(a)(2)
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    (2) Establishment of the policies and procedures and other similar administrative requirements imposed on the Secretary by this chapter are not intended to delay the commencement of the TARP.
  • 12 U.S.C. § 5211(a)(3)(A)
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    (A) The Secretary shall implement any program under paragraph (1) through an Office of Financial Stability, established for such purpose within the Office of Domestic Finance of the Department of the Treasury, which office shall be headed by an Assistant Secretary of the Treasury, appointed by the President, by and with the advice and consent of the Senate, except that an interim Assistant Secretary may be appointed by the Secretary.
  • 12 U.S.C. § 5211(b)
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    (b) In exercising the authority under this section, the Secretary shall consult with the Board, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the National Credit Union Administration Board, and the Secretary of Housing and Urban Development.
  • 12 U.S.C. § 5211(c)
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    (c) The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this chapter, including, without limitation, the following:
    (1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this chapter.
    (2) Entering into contracts, including contracts for services authorized by section 3109 of title 5.
    (3) Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this chapter as financial agents of the Federal Government as may be required.
    (4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.
    (5) Issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this chapter.
  • 12 U.S.C. § 5211(c)(1)
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    (1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this chapter.
  • 12 U.S.C. § 5211(c)(4)
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    (4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.
  • 12 U.S.C. § 5211(d)
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    (d) Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on October 3, 2008, the Secretary shall publish program guidelines, including the following:
    (1) Mechanisms for purchasing troubled assets.
    (2) Methods for pricing and valuing troubled assets.
    (3) Procedures for selecting asset managers.
    (4) Criteria for identifying troubled assets for purchase.
  • 12 U.S.C. § 5211(e)
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    (e) In making purchases under the authority of this chapter, the Secretary shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11.
  • 12 U.S.C. § 5212(a)(1)
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    (1) If the Secretary establishes the program authorized under section 5211 of this title, then the Secretary shall establish a program to guarantee troubled assets originated or issued prior to March 14, 2008, including mortgage-backed securities.
  • 12 U.S.C. § 5212(a)(2)
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    (2) In establishing any program under this subsection, the Secretary may develop guarantees of troubled assets and the associated premiums for such guarantees. Such guarantees and premiums may be determined by category or class of the troubled assets to be guaranteed.
  • 12 U.S.C. § 5212(a)(3)
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    (3) Upon request of a financial institution, the Secretary may guarantee the timely payment of principal of, and interest on, troubled assets in amounts not to exceed 100 percent of such payments. Such guarantee may be on such terms and conditions as are determined by the Secretary, provided that such terms and conditions are consistent with the purposes of this chapter.
  • 12 U.S.C. § 5212(b)
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    (b) Not later than 90 days after October 3, 2008, the Secretary shall report to the appropriate committees of Congress on the program established under subsection (a).
  • 12 U.S.C. § 5212(c)(1)
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    (1) The Secretary shall collect premiums from any financial institution participating in the program established under subsection (a). Such premiums shall be in an amount that the Secretary determines necessary to meet the purposes of this chapter and to provide sufficient reserves pursuant to paragraph (3).
  • 12 U.S.C. § 5212(c)(2)
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    (2) In establishing any premium under paragraph (1), the Secretary may provide for variations in such rates according to the credit risk associated with the particular troubled asset that is being guaranteed. The Secretary shall publish the methodology for setting the premium for a class of troubled assets together with an explanation of the appropriateness of the class of assets for participation in the program established under this section. The methodology shall ensure that the premium is consistent with paragraph (3).
  • 12 U.S.C. § 5212(c)(3)
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    (3) The premiums referred to in paragraph (1) shall be set by the Secretary at a level necessary to create reserves sufficient to meet anticipated claims, based on an actuarial analysis, and to ensure that taxpayers are fully protected.
  • 12 U.S.C. § 5212(d)(1)
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    (1) The Secretary shall deposit fees collected under this section into the Fund established under paragraph (2).
  • 12 U.S.C. § 5212(d)(2)
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    (2) There is established a Troubled Assets Insurance Financing Fund that shall consist of the amounts collected pursuant to paragraph (1), and any balance in such fund shall be invested by the Secretary in United States Treasury securities, or kept in cash on hand or on deposit, as necessary.
  • 12 U.S.C. § 5212(d)(3)
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    (3) The Secretary shall make payments from amounts deposited in the Fund to fulfill obligations of the guarantees provided to financial institutions under subsection (a).
  • 12 U.S.C. § 5213
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    In exercising the authorities granted in this chapter, the Secretary shall take into consideration—
  • 12 U.S.C. § 5214(a)(1)(A)
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    (A) policies implemented by the Secretary and the Office of Financial Stability created under sections 5211 and 5212 of this title, including the appointment of financial agents, the designation of asset classes to be purchased, and plans for the structure of vehicles used to purchase troubled assets; and
  • 12 U.S.C. § 5214(a)(2)
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    (2) making recommendations, as appropriate, to the Secretary regarding use of the authority under this chapter; and
  • 12 U.S.C. § 5214(b)(2)
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    (2) the Secretary;
  • 12 U.S.C. § 5214(b)(5)
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    (5) the Secretary of Housing and Urban Development.
  • 12 U.S.C. § 5214(c)
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    (c) The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members other than the Secretary.
  • 12 U.S.C. § 5214(d)
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    (d) The Financial Stability Oversight Board shall meet 2 weeks after the first exercise of the purchase authority of the Secretary under this chapter, and monthly thereafter.
  • 12 U.S.C. § 5214(e)
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    (e) In addition to the responsibilities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policies implemented by the Secretary are—
    (1) in accordance with the purposes of this chapter;
    (2) in the economic interests of the United States; and
    (3) consistent with protecting taxpayers, in accordance with section 5223(a) of this title.
  • 12 U.S.C. § 5214(h)(1)
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    (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
  • 12 U.S.C. § 5215(a)
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    (a) 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—
    (A) all agreements made or renewed;
    (B) all insurance contracts entered into pursuant to section 5212 of this title;
    (C) all transactions occurring during such period, including the types of parties involved;
    (D) the nature of the assets purchased;
    (E) all projected costs and liabilities;
    (F) operating expenses, including compensation for financial agents;
    (G) the valuation or pricing method used for each transaction; and
    (H) a description of the vehicles established to exercise such authority.
  • 12 U.S.C. § 5215(a)(1)
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    (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;
  • 12 U.S.C. § 5215(b)(1)
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    (1) The Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including—
    (A) a description of all of the transactions made during the reporting period;
    (B) a description of the pricing mechanism for the transactions;
    (C) a justification of the price paid for and other financial terms associated with the transactions;
    (D) a description of the impact of the exercise of such authority on the financial system, supported, to the extent possible, by specific data;
    (E) a description of challenges that remain in the financial system, including any benchmarks yet to be achieved; and
    (F) an estimate of additional actions under the authority provided under this chapter that may be necessary to address such challenges.
  • 12 U.S.C. § 5215(c)
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    (c) 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—
    (1) recommendations regarding—
    (A) whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system; and
    (B) enhancement of the clearing and settlement of over-the-counter swaps; and
    (2) the rationale underlying such recommendations.
  • 12 U.S.C. § 5215(e)(1)
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    (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
  • 12 U.S.C. § 5216(a)
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    (a) The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
  • 12 U.S.C. § 5216(b)
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    (b) The Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
  • 12 U.S.C. § 5216(c)
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    (c) 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.
  • 12 U.S.C. § 5216(e)
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    (e) 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.
  • 12 U.S.C. § 5216(f)
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    (f) The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).
  • 12 U.S.C. § 5217(a)
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    (a) For purposes of this chapter, the Secretary may waive specific provisions of the Federal Acquisition Regulation upon a determination that urgent and compelling circumstances make compliance with such provisions contrary to the public interest. Any such determination, and the justification for such determination, shall be submitted to the Committees on Oversight and Government Reform and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days.
  • 12 U.S.C. § 5217(b)
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    (b) 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.
  • 12 U.S.C. § 5217(c)(2)
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    (2) shall be reimbursed by the Secretary for any services provided.
  • 12 U.S.C. § 5218(a)
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    (a) 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.
  • 12 U.S.C. § 5218(a)(5)
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    (5) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest.
  • 12 U.S.C. § 5219(a)(1)
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    (1) To the extent that the Secretary acquires mortgages, mortgage backed1 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 and to remediate lead and asbestos hazards in residential properties.
  • 12 U.S.C. § 5219(a)(2)
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    (2) 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.
  • 12 U.S.C. § 5219(b)
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    (b) 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.
  • 12 U.S.C. § 5219(c)
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    (c) 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.
  • 12 U.S.C. § 5219a(a)
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    (a) The Secretary of the Treasury (in this section referred to as the “Secretary”) shall revise the supplemental directives and other 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 require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) analyses performed in connection with the subject mortgage. Such input data shall be provided to the borrower at the time of such denial.
  • 12 U.S.C. § 5219a(b)(1)
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    (1) In carrying out the Home Affordable Modification Program, the Secretary shall establish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating such value, that mortgagors can use to enter information regarding their own mortgages and that provides a determination after entering such information regarding a mortgage of whether such mortgage would be accepted or rejected for modification under the Program, using such methodology.
  • 12 U.S.C. § 5219a(b)(3)
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    (3) The Secretary shall make a reasonable effort to include on such World Wide Web site a method for homeowners to apply for a mortgage modification under the Home Affordable Modification Program.
  • 12 U.S.C. § 5219a(c)
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    (c) The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary—
    (1) the Secretary’s methodology and computer model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to subsection (b); and
    (2) all non-proprietary variables used in such net present value analysis.
  • 12 U.S.C. § 5219a(c)(1)
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    (1) the Secretary’s methodology and computer model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to subsection (b); and
  • 12 U.S.C. § 5219b(a)
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    (a) 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).
  • 12 U.S.C. § 5219b(b)(1)
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    (1) Not more than 14 days after each monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, reports shall be made publicly available by means of a World Wide Web site of the Secretary, and by submitting a report to the Congress, that shall includes the following information:
    (A) The number of requests for mortgage modifications under the Program that the servicer or lender has received.
    (B) The number of requests for mortgage modifications under the Program that the servicer or lender has processed.
    (C) The number of requests for mortgage modifications under the Program that the servicer or lender has approved.
    (D) The number of requests for mortgage modifications under the Program that the servicer or lender has denied.
  • 12 U.S.C. § 5219b(b)(2)
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    (2) Not more than 60 days after each monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, the Secretary shall make data tables available to the public at the individual record level. The Secretary shall issue regulations prescribing—
    (A) the procedures for disclosing such data to the public; and
    (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.
  • 12 U.S.C. § 5219b(b)(2)(B)
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    (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.
  • 12 U.S.C. § 5220a
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    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.
  • 12 U.S.C. § 5220b(a)
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    (a) 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—
    (1) creating sustainable financing of such properties, that may take into consideration such factors as—
    (A) the rental income generated by such properties; and
    (B) the preservation of adequate operating reserves;
    (2) maintaining the level of Federal, State, and city subsidies in effect as of July 21, 2010;
    (3) providing funds for rehabilitation; and
    (4) facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
  • 12 U.S.C. § 5220b(b)
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    (b) The Secretary of Housing and Urban Development may, in carrying out the program developed under this section, coordinate with the Secretary of the Treasury, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency, and any other Federal Government agency that the Secretary considers appropriate.
  • 12 U.S.C. § 5220b(d)(2)
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    (2) The Secretary shall establish procedures to ensure compliance with this subsection.
  • 12 U.S.C. § 5220b(d)(3)
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    (3) The Secretary shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the implementation of this provision. The report shall also describe the steps taken to implement this subsection.
  • 12 U.S.C. § 5221(b)(1)(A)
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    (A) the standards established by the Secretary under this section; and
  • 12 U.S.C. § 5221(b)(2)
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    (2) The Secretary shall require each TARP recipient to meet appropriate standards for executive compensation and corporate governance.
  • 12 U.S.C. § 5221(b)(3)(D)(i)(III)
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    (III) is subject to such other terms and conditions as the Secretary may determine is1 in the public interest.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(II)
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    (II) For any financial institution that received financial assistance provided under the TARP equal to at least $25,000,000, but less than $250,000,000, the prohibition shall apply to at least the 5 most highly-compensated employees of the financial institution, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(III)
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    (III) For any financial institution that received financial assistance provided under the TARP equal to at least $250,000,000, but less than $500,000,000, the prohibition shall apply to the senior executive officers and at least the 10 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(IV)
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    (IV) For any financial institution that received financial assistance provided under the TARP equal to $500,000,000 or more, the prohibition shall apply to the senior executive officers and at least the 20 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(D)(iii)
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    (iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.
  • 12 U.S.C. § 5221(b)(4)(B)
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    (B) in the case of a TARP recipient that is not a publicly traded company, to the Secretary.
  • 12 U.S.C. § 5221(d)
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    (d) The board of directors of any TARP recipient shall have in place a company-wide policy regarding excessive or luxury expenditures, as identified by the Secretary, which may include excessive expenditures on—
    (1) entertainment or events;
    (2) office and facility renovations;
    (3) aviation or other transportation services; or
    (4) other activities or events that are not reasonable expenditures for staff development, reasonable performance incentives, or other similar measures conducted in the normal course of the business operations of the TARP recipient.
  • 12 U.S.C. § 5221(f)(1)
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    (1) The Secretary shall review bonuses, retention awards, and other compensation paid to the senior executive officers and the next 20 most highly-compensated employees of each entity receiving TARP assistance before February 17, 2009, to determine whether any such payments were inconsistent with the purposes of this section or the TARP or were otherwise contrary to the public interest.
  • 12 U.S.C. § 5221(f)(2)
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    (2) If the Secretary makes a determination described in paragraph (1), the Secretary shall seek to negotiate with the TARP recipient and the subject employee for appropriate reimbursements to the Federal Government with respect to compensation or bonuses.
  • 12 U.S.C. § 5221(g)
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    (g) Subject to consultation with the appropriate Federal banking agency (as that term is defined in section 1813 of this title), if any, the Secretary shall permit a TARP recipient to repay any assistance previously provided under the TARP to such financial institution, without regard to whether the financial institution has replaced such funds from any other source or to any waiting period, and when such assistance is repaid, the Secretary, at the market price, may liquidate warrants associated with such assistance.
  • 12 U.S.C. § 5221(h)
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    (h) The Secretary shall promulgate regulations to implement this section.
  • 12 U.S.C. § 5222
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    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.
  • 12 U.S.C. § 5223(a)(1)
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    (1) 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.
  • 12 U.S.C. § 5223(a)(2)
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    (2) In carrying out paragraph (1), the Secretary shall—
    (A) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers; and
    (B) sell such assets at a price that the Secretary determines, based on available financial analysis, will maximize return on investment for the Federal Government.
  • 12 U.S.C. § 5223(a)(2)(A)
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    (A) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers; and
  • 12 U.S.C. § 5223(a)(2)(B)
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    (B) sell such assets at a price that the Secretary determines, based on available financial analysis, will maximize return on investment for the Federal Government.
  • 12 U.S.C. § 5223(a)(3)
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    (3) 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.
  • 12 U.S.C. § 5223(b)
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    (b) 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
    (2) maximize the efficiency of the use of taxpayer resources by using market mechanisms, including auctions or reverse auctions, where appropriate.
  • 12 U.S.C. § 5223(b)(1)
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    (1) make such purchases at the lowest price that the Secretary determines to be consistent with the purposes of this chapter; and
  • 12 U.S.C. § 5223(c)
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    (c) 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.
  • 12 U.S.C. § 5223(d)(1)
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    (1) 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
    (B) in the case of any financial institution other than one described in subparagraph (A), a warrant for common or preferred stock, or a senior debt instrument from such financial institution, as described in paragraph (2)(C).
  • 12 U.S.C. § 5223(d)(1)(A)
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    (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
  • 12 U.S.C. § 5223(d)(2)(A)(i)
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    (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
  • 12 U.S.C. § 5223(d)(2)(A)(ii)
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    (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.
  • 12 U.S.C. § 5223(d)(2)(B)
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    (B) 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).
  • 12 U.S.C. § 5223(d)(2)(C)
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    (C) 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.
  • 12 U.S.C. § 5223(d)(2)(D)
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    (D) 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.
  • 12 U.S.C. § 5223(d)(2)(E)
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    (E) The exercise price for any warrant issued pursuant to this subsection shall be set by the Secretary, in the interest of the taxpayers.
  • 12 U.S.C. § 5223(d)(2)(F)
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    (F) 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.
  • 12 U.S.C. § 5223(d)(3)(A)
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    (A) 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.
  • 12 U.S.C. § 5223(d)(3)(B)
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    (B) 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.
  • 12 U.S.C. § 5224(a)
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    (a) 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.
  • 12 U.S.C. § 5224(b)
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    (b) For each type of financial institutions1 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.
  • 12 U.S.C. § 5225(a)
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    (a) 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.
    (2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 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.
  • 12 U.S.C. § 5225(a)(2)
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    (2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 outstanding at any one time.
  • 12 U.S.C. § 5225(a)(3)
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    (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.
  • 12 U.S.C. § 5225(a)(4)
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    (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.
  • 12 U.S.C. § 5225(a)(4)(A)
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    (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;
  • 12 U.S.C. § 5225(a)(4)(C)
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    (C) any losses realized by the Secretary.
  • 12 U.S.C. § 5225(b)
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    (b) 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.
  • 12 U.S.C. § 5225(c)(1)
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    (1) 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.
  • 12 U.S.C. § 5225(c)(2)(A)
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    (A) that is introduced not later than 3 calendar days after the date on which the report of the plan of the Secretary referred to in subsection (a)(3) is received by Congress;
  • 12 U.S.C. § 5225(e)(3)(A)
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    (A) 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.
  • 12 U.S.C. § 5226(a)(1)
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    (1) The Comptroller General of the United States shall, upon establishment of the troubled assets relief program1 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—
    (i) foreclosure mitigation;
    (ii) cost reduction;
    (iii) whether it has provided stability or prevented disruption to the financial markets or the banking system;
    (iv) whether it has protected taxpayers; and
    (v) public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter.
    (B) The financial condition and internal controls of the TARP, its representatives and agents.
    (C) Characteristics of transactions and commitments entered into, including transaction type, frequency, size, prices paid, and all other relevant terms and conditions, and the timing, duration and terms of any future commitments to purchase assets.
    (D) Characteristics and disposition of acquired assets, including type, acquisition price, current market value, sale prices and terms, and use of proceeds from sales.
    (E) Efficiency of the operations of the TARP in the use of appropriated funds.
    (F) Compliance with all applicable laws and regulations by the TARP, its agents and representatives.
    (G) The efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any agent or representative performing activities on behalf of or under the authority of the TARP.
    (H) The efficacy of contracting procedures pursuant to section 5217(b) of this title, including, as applicable, the efforts of the TARP in evaluating proposals for inclusion and contracting to the maximum extent possible of minorities (as such term is defined in 1204(c)2 of the Financial Institutions Reform, Recovery, and Enhancement Act of 19893 (12 U.S.C. 1811 note), women, and minority- and women-owned businesses, including ascertaining and reporting the total amount of fees paid and other value delivered by the TARP to all of its agents and representatives, and such amounts paid or delivered to such firms that are minority- and women-owned businesses (as such terms are defined in section 1441a3 of this title).
  • 12 U.S.C. § 5226(a)(2)(B)
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    (B) The Secretary shall provide the Comptroller General with appropriate space and facilities in the Department of the Treasury as necessary to facilitate oversight of the TARP until the termination date established in section 52303 of this title.
  • 12 U.S.C. § 5226(a)(2)(C)(i)
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    (i) Notwithstanding any other provision of law, and for purposes of reviewing the performance of the TARP, the Comptroller General shall have access, upon request, to any information, data, schedules, books, accounts, financial records, reports, files, electronic communications, or other papers, things, or property belonging to or in use by the TARP, any entity established by the Secretary under this chapter, any entity that is established by a Federal reserve bank and receives funding from the TARP, or any entity (other than a governmental unit) participating in a program established under the authority of this chapter, and to the officers, employees, directors, independent public accountants, financial advisors and any and all other agents and representatives thereof, at such time as the Comptroller General may request.
  • 12 U.S.C. § 5226(a)(2)(D)
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    (D) Each contract, term sheet, or other agreement between the Secretary or the TARP (or any TARP vehicle, officer, director, employee, independent public accountant, financial advisor, or other TARP agent or representative) and an entity (other than a governmental unit) participating in a program established under this chapter shall provide for access by the Comptroller General in accordance with this section.
  • 12 U.S.C. § 5226(b)(2)
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    (2) The Comptroller General may audit the programs, activities, receipts, expenditures, and financial transactions of the TARP and 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.
  • 12 U.S.C. § 5226(e)(1)
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    (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
  • 12 U.S.C. § 5227(b)(1)
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    (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;
  • 12 U.S.C. § 5228
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    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.
  • 12 U.S.C. § 5229(a)(1)
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    (1) Actions by the Secretary pursuant to the authority of this chapter shall be subject to chapter 7 of title 5, including that such final actions shall be held unlawful and set aside if found to be arbitrary, capricious, an abuse of discretion, or not in accordance with law.
  • 12 U.S.C. § 5229(a)(2)(A)
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    (A) No injunction or other form of equitable relief shall be issued against the Secretary for actions pursuant to section1 5211, 5212, 5216, and 5219 of this title, other than to remedy a violation of the Constitution.
  • 12 U.S.C. § 5229(a)(2)(B)
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    (B) Any request for a temporary restraining order against the Secretary for actions pursuant to this chapter shall be considered and granted or denied by the court within 3 days of the date of the request.
  • 12 U.S.C. § 5229(a)(2)(C)
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    (C) Any request for a preliminary injunction against the Secretary for actions pursuant to this chapter shall be considered and granted or denied by the court on an expedited basis consistent with the provisions of rule 65(b)(3) of the Federal Rules of Civil Procedure, or any successor thereto.
  • 12 U.S.C. § 5229(a)(2)(D)
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    (D) Any request for a permanent injunction against the Secretary for actions pursuant to this chapter shall be considered and granted or denied by the court on an expedited basis. Whenever possible, the court shall consolidate trial on the merits with any hearing on a request for a preliminary injunction, consistent with the provisions of rule 65(a)(2) of the Federal Rules of Civil Procedure, or any successor thereto.
  • 12 U.S.C. § 5229(a)(3)
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    (3) No action or claims may be brought against the Secretary by any person that divests its assets with respect to its participation in a program under this chapter, except as provided in paragraph (1), other than as expressly provided in a written contract with the Secretary.
  • 12 U.S.C. § 5229(a)(4)
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    (4) Any injunction or other form of equitable relief issued against the Secretary for actions pursuant to section1 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.
  • 12 U.S.C. § 5229(b)(1)
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    (1) The terms of any residential mortgage loan that is part of any purchase by the Secretary under this chapter shall remain subject to all claims and defenses that would otherwise apply, notwithstanding the exercise of authority by the Secretary under this chapter.
  • 12 U.S.C. § 5229(b)(2)
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    (2) 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 any2 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.
  • 12 U.S.C. § 5230(b)
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    (b) 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. Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.
  • 12 U.S.C. § 5231(c)(1)
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    (1) It shall be the duty of the Special Inspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by the Secretary of the Treasury under any program established by the Secretary under section 5211 of this title, and the management by the Secretary of any program established under section 5212 of this title, including by collecting and summarizing the following information:
    (A) A description of the categories of troubled assets purchased or otherwise procured by the Secretary.
    (B) A listing of the troubled assets purchased in each such category described under subparagraph (A).
    (C) An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.
    (D) A listing of each financial institution that such troubled assets were purchased from.
    (E) A listing of and detailed biographical information on each person or entity hired to manage such troubled assets.
    (F) A current estimate of the total amount of troubled assets purchased pursuant to any program established under section 5211 of this title, the amount of troubled assets on the books of the Treasury, the amount of troubled assets sold, and the profit and loss incurred on each sale or disposition of each such troubled asset.
    (G) A listing of the insurance contracts issued under section 5212 of this title.
  • 12 U.S.C. § 5231(c)(1)(A)
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    (A) A description of the categories of troubled assets purchased or otherwise procured by the Secretary.
  • 12 U.S.C. § 5231(c)(1)(C)
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    (C) An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.
  • 12 U.S.C. § 5231(f)
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    (f) The Secretary shall—
    (1) take action to address deficiencies identified by a report or investigation of the Special Inspector General or other auditor engaged by the TARP; or
    (2) certify to appropriate committees of Congress that no action is necessary or appropriate.
  • 12 U.S.C. § 5231(i)(1)
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    (1) 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. Each report shall include, for the period covered by such report, a detailed statement of all purchases, obligations, expenditures, and revenues associated with any program established by the Secretary of the Treasury under sections 5211 and 5212 of this title, as well as the information collected under subsection (c)(1).
  • 12 U.S.C. § 5231(j)(1)
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    (1) Of the amounts made available to the Secretary of the Treasury under section 5228 of this title, $50,000,000 shall be available to the Special Inspector General to carry out this section, not later than 7 days after April 24, 2009.
  • 12 U.S.C. § 5231(k)(1)
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    (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
  • 12 U.S.C. § 5231a(b)(1)(B)
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    (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);
  • 12 U.S.C. § 5231a(b)(1)(H)
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    (H) require each manager of a public-private fund to identify for the Secretary, on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund.
  • 12 U.S.C. § 5231a(b)(2)
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    (2) The Secretary shall consult with the Special Inspector General and shall issue regulations governing the interaction of the Public-Private Investment Program, the Term-Asset Backed Securities Loan Facility, and other similar public-private investment programs. Such regulations shall address concerns regarding the potential for excessive leverage that could result from interactions between such programs.
  • 12 U.S.C. § 5231a(e)(2)
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    (2) funded by a combination of cash or equity from private investors and funds provided by the Secretary of the Treasury or funds appropriated under the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.].
  • 12 U.S.C. § 5231a(g)
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    (g) The Secretary of the Treasury may prescribe such regulations or other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this section.
  • 12 U.S.C. § 5233(b)(1)(A)(i)
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    (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.
  • 12 U.S.C. § 5233(b)(1)(B)
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    (B) 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.
  • 12 U.S.C. § 5233(g)(2)
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    (2) 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).
  • 12 U.S.C. § 5236(a)
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    (a) 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.
  • 12 U.S.C. § 5236(b)
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    (b) 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.
  • 12 U.S.C. § 5238(a)
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    (a) 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.
  • 12 U.S.C. § 5240
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    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.
  • 12 U.S.C. § 5241(a)(2)
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    (2) During the period beginning on October 3, 2008, and ending on December 31, 2013, the Board of Directors of the Corporation may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a), 1825(c)).
  • 12 U.S.C. § 5241(b)(2)
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    (2) During the period beginning on October 3, 2008, and ending on December 31, 2013, the National Credit Union Administration Board may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 203(d)(1) of the Federal Credit Union Act (12 U.S.C. 1783(d)(1)).
  • 12 U.S.C. § 5251
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    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.
  • 12 U.S.C. § 5252(e)
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    (e) Notwithstanding the previous provisions of this section, the reporting and comment requirements under this section shall terminate with the annual period on the last day of which all troubled assets acquired by the Secretary under section 5211 of this title have been sold or transferred out of the ownership or control of the Federal Government.
  • 12 U.S.C. § 5261(d)
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    (d) 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—
    (1) an applicable financial institution sells or exchanges applicable preferred stock after September 6, 2008, which the applicable financial institution did not hold on such date, but the basis of which in the hands of the applicable financial institution at the time of the sale or exchange is the same as the basis in the hands of the person which held such stock on such date, or
    (2) the applicable financial institution is a partner in a partnership which—
    (A) held such stock on September 6, 2008, and later sold or exchanged such stock, or
    (B) sold or exchanged such stock during the period described in subsection (b)(2)(B).
  • 12 U.S.C. § 5261(e)
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    (e) 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.

Citations to §5202(8)

  • 12 U.S.C. § 5211(a)(1)
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    (1) The Secretary is authorized to establish the Troubled Asset Relief Program (or “TARP”) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this chapter and the policies and procedures developed and published by the Secretary.
  • 12 U.S.C. § 5211(a)(2)
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    (2) Establishment of the policies and procedures and other similar administrative requirements imposed on the Secretary by this chapter are not intended to delay the commencement of the TARP.
  • 12 U.S.C. § 5221(a)(3)
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    (3) The term “TARP recipient” means any entity that has received or will receive financial assistance under the financial assistance provided under the TARP.
  • 12 U.S.C. § 5221(a)(5)
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    (5) For purposes of this section, the period in which any obligation arising from financial assistance provided under the TARP remains outstanding does not include any period during which the Federal Government only holds warrants to purchase common stock of the TARP recipient.
  • 12 U.S.C. § 5221(b)(1)
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    (1) During the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, each TARP recipient shall be subject to—
    (A) the standards established by the Secretary under this section; and
    (B) the provisions of section 162(m)(5) of title 26, as applicable.
  • 12 U.S.C. § 5221(b)(2)
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    (2) The Secretary shall require each TARP recipient to meet appropriate standards for executive compensation and corporate governance.
  • 12 U.S.C. § 5221(b)(3)(A)
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    (A) Limits on compensation that exclude incentives for senior executive officers of the TARP recipient to take unnecessary and excessive risks that threaten the value of such recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding.
  • 12 U.S.C. § 5221(b)(3)(B)
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    (B) A provision for the recovery by such TARP recipient of any bonus, retention award, or incentive compensation paid to a senior executive officer and any of the next 20 most highly-compensated employees of the TARP recipient based on statements of earnings, revenues, gains, or other criteria that are later found to be materially inaccurate.
  • 12 U.S.C. § 5221(b)(3)(C)
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    (C) A prohibition on such TARP recipient making any golden parachute payment to a senior executive officer or any of the next 5 most highly-compensated employees of the TARP recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding.
  • 12 U.S.C. § 5221(b)(3)(D)(i)
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    (i) A prohibition on such TARP recipient paying or accruing any bonus, retention award, or incentive compensation during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, except that any prohibition developed under this paragraph shall not apply to the payment of long-term restricted stock by such TARP recipient, provided that such long-term restricted stock—
    (I) does not fully vest during the period in which any obligation arising from financial assistance provided to that TARP recipient remains outstanding;
    (II) has a value in an amount that is not greater than ⅓ of the total amount of annual compensation of the employee receiving the stock; and
    (III) is subject to such other terms and conditions as the Secretary may determine is1 in the public interest.
  • 12 U.S.C. § 5221(b)(3)(D)(i)(I)
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    (I) does not fully vest during the period in which any obligation arising from financial assistance provided to that TARP recipient remains outstanding;
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(I)
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    (I) For any financial institution that received financial assistance provided under the TARP equal to less than $25,000,000, the prohibition shall apply only to the most highly compensated employee of the financial institution.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(II)
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    (II) For any financial institution that received financial assistance provided under the TARP equal to at least $25,000,000, but less than $250,000,000, the prohibition shall apply to at least the 5 most highly-compensated employees of the financial institution, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(III)
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    (III) For any financial institution that received financial assistance provided under the TARP equal to at least $250,000,000, but less than $500,000,000, the prohibition shall apply to the senior executive officers and at least the 10 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(D)(ii)(IV)
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    (IV) For any financial institution that received financial assistance provided under the TARP equal to $500,000,000 or more, the prohibition shall apply to the senior executive officers and at least the 20 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
  • 12 U.S.C. § 5221(b)(3)(E)
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    (E) A prohibition on any compensation plan that would encourage manipulation of the reported earnings of such TARP recipient to enhance the compensation of any of its employees.
  • 12 U.S.C. § 5221(b)(4)
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    (4) The chief executive officer and chief financial officer (or the equivalents thereof) of each TARP recipient shall provide a written certification of compliance by the TARP recipient with the requirements of this section—
    (A) in the case of a TARP recipient, the securities of which are publicly traded, to the Securities and Exchange Commission, together with annual filings required under the securities laws; and
    (B) in the case of a TARP recipient that is not a publicly traded company, to the Secretary.
  • 12 U.S.C. § 5221(b)(4)(A)
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    (A) in the case of a TARP recipient, the securities of which are publicly traded, to the Securities and Exchange Commission, together with annual filings required under the securities laws; and
  • 12 U.S.C. § 5221(b)(4)(B)
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    (B) in the case of a TARP recipient that is not a publicly traded company, to the Secretary.
  • 12 U.S.C. § 5221(c)(1)
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    (1) Each TARP recipient shall establish a Board Compensation Committee, comprised entirely of independent directors, for the purpose of reviewing employee compensation plans.
  • 12 U.S.C. § 5221(c)(2)
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    (2) The Board Compensation Committee of each TARP recipient shall meet at least semiannually to discuss and evaluate employee compensation plans in light of an assessment of any risk posed to the TARP recipient from such plans.
  • 12 U.S.C. § 5221(c)(3)
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    (3) In the case of any TARP recipient, the common or preferred stock of which is not registered pursuant to the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], and that has received $25,000,000 or less of TARP assistance, the duties of the Board Compensation Committee under this subsection shall be carried out by the board of directors of such TARP recipient.
  • 12 U.S.C. § 5221(d)
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    (d) The board of directors of any TARP recipient shall have in place a company-wide policy regarding excessive or luxury expenditures, as identified by the Secretary, which may include excessive expenditures on—
    (1) entertainment or events;
    (2) office and facility renovations;
    (3) aviation or other transportation services; or
    (4) other activities or events that are not reasonable expenditures for staff development, reasonable performance incentives, or other similar measures conducted in the normal course of the business operations of the TARP recipient.
  • 12 U.S.C. § 5221(d)(4)
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    (4) other activities or events that are not reasonable expenditures for staff development, reasonable performance incentives, or other similar measures conducted in the normal course of the business operations of the TARP recipient.
  • 12 U.S.C. § 5221(e)(1)
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    (1) Any proxy or consent or authorization for an annual or other meeting of the shareholders of any TARP recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding shall permit a separate shareholder vote to approve the compensation of executives, as disclosed pursuant to the compensation disclosure rules of the Commission (which disclosure shall include the compensation discussion and analysis, the compensation tables, and any related material).
  • 12 U.S.C. § 5221(e)(2)
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    (2) A shareholder vote described in paragraph (1) shall not be binding on the board of directors of a TARP recipient, and may not be construed as overruling a decision by such board, nor to create or imply any additional fiduciary duty by such board, nor shall such vote be construed to restrict or limit the ability of shareholders to make proposals for inclusion in proxy materials related to executive compensation.
  • 12 U.S.C. § 5221(f)(1)
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    (1) The Secretary shall review bonuses, retention awards, and other compensation paid to the senior executive officers and the next 20 most highly-compensated employees of each entity receiving TARP assistance before February 17, 2009, to determine whether any such payments were inconsistent with the purposes of this section or the TARP or were otherwise contrary to the public interest.
  • 12 U.S.C. § 5221(f)(2)
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    (2) If the Secretary makes a determination described in paragraph (1), the Secretary shall seek to negotiate with the TARP recipient and the subject employee for appropriate reimbursements to the Federal Government with respect to compensation or bonuses.
  • 12 U.S.C. § 5221(g)
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    (g) Subject to consultation with the appropriate Federal banking agency (as that term is defined in section 1813 of this title), if any, the Secretary shall permit a TARP recipient to repay any assistance previously provided under the TARP to such financial institution, without regard to whether the financial institution has replaced such funds from any other source or to any waiting period, and when such assistance is repaid, the Secretary, at the market price, may liquidate warrants associated with such assistance.
  • 12 U.S.C. § 5223(d)(2)(A)(ii)
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    (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.
  • 12 U.S.C. § 5225(a)(4)(A)
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    (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;
  • 12 U.S.C. § 5225(a)(4)(B)
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    (B) any amounts committed for any guarantees pursuant to the TARP that became or become uncommitted; or
  • 12 U.S.C. § 5226(a)(1)
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    (1) The Comptroller General of the United States shall, upon establishment of the troubled assets relief program1 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—
    (i) foreclosure mitigation;
    (ii) cost reduction;
    (iii) whether it has provided stability or prevented disruption to the financial markets or the banking system;
    (iv) whether it has protected taxpayers; and
    (v) public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter.
    (B) The financial condition and internal controls of the TARP, its representatives and agents.
    (C) Characteristics of transactions and commitments entered into, including transaction type, frequency, size, prices paid, and all other relevant terms and conditions, and the timing, duration and terms of any future commitments to purchase assets.
    (D) Characteristics and disposition of acquired assets, including type, acquisition price, current market value, sale prices and terms, and use of proceeds from sales.
    (E) Efficiency of the operations of the TARP in the use of appropriated funds.
    (F) Compliance with all applicable laws and regulations by the TARP, its agents and representatives.
    (G) The efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any agent or representative performing activities on behalf of or under the authority of the TARP.
    (H) The efficacy of contracting procedures pursuant to section 5217(b) of this title, including, as applicable, the efforts of the TARP in evaluating proposals for inclusion and contracting to the maximum extent possible of minorities (as such term is defined in 1204(c)2 of the Financial Institutions Reform, Recovery, and Enhancement Act of 19893 (12 U.S.C. 1811 note), women, and minority- and women-owned businesses, including ascertaining and reporting the total amount of fees paid and other value delivered by the TARP to all of its agents and representatives, and such amounts paid or delivered to such firms that are minority- and women-owned businesses (as such terms are defined in section 1441a3 of this title).
  • 12 U.S.C. § 5226(a)(1)(A)
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    (A) The performance of the TARP in meeting the purposes of this chapter, particularly those involving—
    (i) foreclosure mitigation;
    (ii) cost reduction;
    (iii) whether it has provided stability or prevented disruption to the financial markets or the banking system;
    (iv) whether it has protected taxpayers; and
    (v) public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter.
  • 12 U.S.C. § 5226(a)(1)(B)
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    (B) The financial condition and internal controls of the TARP, its representatives and agents.
  • 12 U.S.C. § 5226(a)(1)(E)
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    (E) Efficiency of the operations of the TARP in the use of appropriated funds.
  • 12 U.S.C. § 5226(a)(1)(F)
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    (F) Compliance with all applicable laws and regulations by the TARP, its agents and representatives.
  • 12 U.S.C. § 5226(a)(1)(G)
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    (G) The efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any agent or representative performing activities on behalf of or under the authority of the TARP.
  • 12 U.S.C. § 5226(a)(1)(H)
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    (H) The efficacy of contracting procedures pursuant to section 5217(b) of this title, including, as applicable, the efforts of the TARP in evaluating proposals for inclusion and contracting to the maximum extent possible of minorities (as such term is defined in 1204(c)2 of the Financial Institutions Reform, Recovery, and Enhancement Act of 19893 (12 U.S.C. 1811 note), women, and minority- and women-owned businesses, including ascertaining and reporting the total amount of fees paid and other value delivered by the TARP to all of its agents and representatives, and such amounts paid or delivered to such firms that are minority- and women-owned businesses (as such terms are defined in section 1441a3 of this title).
  • 12 U.S.C. § 5226(a)(2)(B)
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    (B) The Secretary shall provide the Comptroller General with appropriate space and facilities in the Department of the Treasury as necessary to facilitate oversight of the TARP until the termination date established in section 52303 of this title.
  • 12 U.S.C. § 5226(a)(2)(C)(i)
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    (i) Notwithstanding any other provision of law, and for purposes of reviewing the performance of the TARP, the Comptroller General shall have access, upon request, to any information, data, schedules, books, accounts, financial records, reports, files, electronic communications, or other papers, things, or property belonging to or in use by the TARP, any entity established by the Secretary under this chapter, any entity that is established by a Federal reserve bank and receives funding from the TARP, or any entity (other than a governmental unit) participating in a program established under the authority of this chapter, and to the officers, employees, directors, independent public accountants, financial advisors and any and all other agents and representatives thereof, at such time as the Comptroller General may request.
  • 12 U.S.C. § 5226(a)(2)(D)
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    (D) Each contract, term sheet, or other agreement between the Secretary or the TARP (or any TARP vehicle, officer, director, employee, independent public accountant, financial advisor, or other TARP agent or representative) and an entity (other than a governmental unit) participating in a program established under this chapter shall provide for access by the Comptroller General in accordance with this section.
  • 12 U.S.C. § 5226(a)(3)
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    (3) The Comptroller General shall submit reports of findings under this section annually 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.
  • 12 U.S.C. § 5226(b)(1)
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    (1) 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.
  • 12 U.S.C. § 5226(b)(2)
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    (2) The Comptroller General may audit the programs, activities, receipts, expenditures, and financial transactions of the TARP and 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.
  • 12 U.S.C. § 5226(b)(3)
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    (3) The TARP shall—
    (A) take action to address deficiencies identified by the Comptroller General or other auditor engaged by the TARP; or
    (B) certify to appropriate committees of Congress that no action is necessary or appropriate.
  • 12 U.S.C. § 5226(b)(3)(A)
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    (A) take action to address deficiencies identified by the Comptroller General or other auditor engaged by the TARP; or
  • 12 U.S.C. § 5226(c)(1)
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    (1) 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—
    (A) the effectiveness and efficiency of operations, including the use of the resources of the TARP;
    (B) the reliability of financial reporting, including financial statements and other reports for internal and external use; and
    (C) compliance with applicable laws and regulations.
  • 12 U.S.C. § 5226(c)(1)(A)
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    (A) the effectiveness and efficiency of operations, including the use of the resources of the TARP;
  • 12 U.S.C. § 5226(c)(2)
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    (2) In conjunction with each annual financial statement issued under this section, the TARP shall—
    (A) state the responsibility of management for establishing and maintaining adequate internal control over financial reporting; and
    (B) state its assessment, as of the end of the most recent year covered by such financial statement of the TARP, of the effectiveness of the internal control over financial reporting.
  • 12 U.S.C. § 5226(c)(2)(B)
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    (B) state its assessment, as of the end of the most recent year covered by such financial statement of the TARP, of the effectiveness of the internal control over financial reporting.
  • 12 U.S.C. § 5231(f)(1)
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    (1) take action to address deficiencies identified by a report or investigation of the Special Inspector General or other auditor engaged by the TARP; or
  • 12 U.S.C. § 5231(i)(2)
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    (2) Not later than September 1, 2009, the Special Inspector General shall submit a report to Congress assessing use of any funds, to the extent practical, received by a financial institution under the TARP and make the report available to the public, including posting the report on the home page of the website of the Special Inspector General within 24 hours after the submission of the report.

Citations to §5202(9)