---
kind: "section"
citation: "12 U.S.C. § 5232"
title: "12"
title_heading: "Banks and Banking"
number: "5232"
heading: "Credit reform"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5232"
units:
  - "Chapter 52 — Emergency Economic Stabilization"
  - "Subchapter I — Troubled Assets Relief Program"
---

# §5232. Credit reform

- (a) **In general—** Subject to [subsection (b)](#b), the costs of purchases of [troubled assets](/usc/12/5202.md?p=9) made under [section 5211(a) of this title](/usc/12/5211.md?p=a) and guarantees of [troubled assets](/usc/12/5202.md?p=9) under [section 5212 of this title](/usc/12/5212.md), and any cash flows associated with the activities authorized in [section 5212 of this title](/usc/12/5212.md) and subsections (a), (b), and (c) of [section 5216 of this title](/usc/12/5216.md) shall be determined as provided under the Federal [Credit](/usc/12/5481.md?p=7) Reform Act of 1990 ([2 U.S.C. 661](/usc/2/661.md) et.[^1] seq.).
- (b) **Costs—** For the purposes of section 502(5) of the Federal [Credit](/usc/12/5481.md?p=7) Reform Act of 1990 ([2 U.S.C. 661a(5)](/usc/2/661a.md?p=5))—
  - (1) the cost of [troubled assets](/usc/12/5202.md?p=9) and guarantees of [troubled assets](/usc/12/5202.md?p=9) shall be calculated by adjusting the discount rate in [section 502(5)(E)](/usc/12/502.md) ([2 U.S.C. 661a(5)(E)](/usc/2/661a.md?p=5-E)) for market risks; and
  - (2) the cost of a modification of a troubled asset or guarantee of a troubled asset shall be the difference between the current estimate consistent with [paragraph (1)](#b-1) under the terms of the troubled asset or guarantee of the troubled asset and the current estimate consistent with [paragraph (1)](#b-1) under the terms of the troubled asset or guarantee of the troubled asset, as modified.

## Footnotes

[^1]: So in original.

## Source credit

(Pub. L. 110–343, div. A, title I, § 123, Oct. 3, 2008, 122 Stat. 3790.)

## Notes

### Editorial Notes

### References in Text

The Federal Credit Reform Act of 1990, referred to in subsec. (a), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables.