---
kind: "section"
citation: "12 U.S.C. § 5231a"
title: "12"
title_heading: "Banks and Banking"
number: "5231a"
heading: "Public-Private Investment Program; additional appropriations for the Special Inspector General for the Troubled Asset Relief Program"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5231a"
units:
  - "Chapter 52 — Emergency Economic Stabilization"
  - "Subchapter I — Troubled Assets Relief Program"
---

# §5231a. Public-Private Investment Program; additional appropriations for the Special Inspector General for the Troubled Asset Relief Program

- (a) **Short title—** This section may be cited as the “Public-Private Investment Program Improvement and Oversight Act of 2009”.
- (b) **Public-Private Investment Program—**
  - (1) **In general—** Any program established by the Federal Government to create a public-private investment [fund](/usc/12/5202.md?p=6) shall—
    - (A) in consultation with the Special Inspector General of the Trouble[^1] Asset Relief Program (in this section referred to as the “Special Inspector General”), impose strict conflict of interest rules on managers of public-private investment [funds](/usc/12/5202.md?p=6) to ensure that securities bought by the [funds](/usc/12/5202.md?p=6) are purchased in arms-length transactions, that fiduciary duties to public and private investors in the [fund](/usc/12/5202.md?p=6) 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](/usc/12/5202.md?p=6) prior to such [fund](/usc/12/5202.md?p=6) receiving Federal Government financing);
    - (B) require each public-private investment [fund](/usc/12/5202.md?p=6) to make a quarterly report to the [Secretary](/usc/12/5202.md?p=7) of the Treasury (in this section referred to as the “[Secretary](/usc/12/5202.md?p=7)”) that discloses the 10 largest positions of such [fund](/usc/12/5202.md?p=6) (which reports shall be publicly disclosed at such time as the [Secretary](/usc/12/5202.md?p=7) of the Treasury determines that such disclosure will not harm the ongoing business operations of the [fund](/usc/12/5202.md?p=6));
    - (C) allow the Special Inspector General access to all books and records of a public-private investment [fund](/usc/12/5202.md?p=6), 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](/usc/12/5202.md?p=6) to retain all books, documents, and records relating to such public-private investment [fund](/usc/12/5202.md?p=6), including electronic messages;
    - (E) require each manager of a public-private investment [fund](/usc/12/5202.md?p=6) to acknowledge, in writing, a fiduciary duty to both the public and private investors in such [fund](/usc/12/5202.md?p=6);
    - (F) require each manager of a public-private investment [fund](/usc/12/5202.md?p=6) 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](/usc/12/5202.md?p=6); and
    - (H) require each manager of a public-private [fund](/usc/12/5202.md?p=6) to identify for the [Secretary](/usc/12/5202.md?p=7), on a periodic basis, each investor that, individually or together with [affiliates](/usc/12/5481.md?p=1), directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the [fund](/usc/12/5202.md?p=6) including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the [fund](/usc/12/5202.md?p=6).
  - (2) **Interaction between public-private investment funds and the Term-Asset Backed Securities Loan Facility—** The [Secretary](/usc/12/5202.md?p=7) 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.
  - (3) **Report—** Not later than 60 days after the date of the establishment of a program described in [paragraph (1)](#b-1), the Special Inspector General shall submit a report to Congress on the implementation of this section.
- (c) **Additional appropriations for the Special Inspector General—**
  - (1) **In general—** Of amounts made available under section 115(a) of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [[12 U.S.C. 5225(a)](/usc/12/5225.md?p=a)], $15,000,000 shall be made available to the Special Inspector General, which shall be in addition to amounts otherwise made available to the Special Inspector General.
  - (2) **Priorities—** In utilizing [funds](/usc/12/5202.md?p=6) 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](/usc/12/5202.md?p=6) appropriated under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](/usc/12/5201.md) 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.
- (d) **Rule of construction—** Notwithstanding any other provision of law, nothing in this section shall be construed to apply to any activity of the Federal Deposit Insurance [Corporation](/usc/12/5202.md?p=4) in connection with [insured depository institutions](/usc/12/1861.md?p=b-4), as described in [section 1823(c)(2)(B) of this title](/usc/12/1823.md?p=c-2-B).
- (e) **Definition—** In this section, the term “public-private investment [fund](/usc/12/5202.md?p=6)” means a financial vehicle that is—
  - (1) established by the Federal Government to purchase pools of loans, securities, or assets from a [financial institution](/usc/12/5202.md?p=5) described in section 101(a)(1) of the Emergency Economic Stabilization Act of 2008 ([12 U.S.C. 5211(a)(1)](/usc/12/5211.md?p=a-1)); and
  - (2) funded by a combination of cash or equity from private investors and [funds](/usc/12/5202.md?p=6) provided by the [Secretary](/usc/12/5202.md?p=7) of the Treasury or [funds](/usc/12/5202.md?p=6) appropriated under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](/usc/12/5201.md) et seq.].
- (f) **Omitted—**
- (g) **Regulations—** The [Secretary](/usc/12/5202.md?p=7) 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.

## Footnotes

[^1]: So in original. Probably should be “Troubled”.

## Source credit

(Pub. L. 111–22, div. A, title IV, § 402, May 20, 2009, 123 Stat. 1656.)

## Notes

### Editorial Notes

### References in Text

The Emergency Economic Stabilization Act of 2008, referred to in subsecs. (c)(2) and (e)(2), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables.

### Codification

Section was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.

Section is comprised of section 402 of Pub. L. 111–22. Subsec. (f) of section 402 of Pub. L. 111–22 amended section 5225 of this title.