---
kind: "section"
citation: "12 U.S.C. § 5235"
title: "12"
title_heading: "Banks and Banking"
number: "5235"
heading: "Disclosures on exercise of loan authority"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5235"
units:
  - "Chapter 52 — Emergency Economic Stabilization"
  - "Subchapter I — Troubled Assets Relief Program"
---

# §5235. Disclosures on exercise of loan authority

- (a) **In general—** Not later than 7 days after the date on which the [Board](/usc/12/5202.md?p=2) exercises its authority under the third paragraph of section 13 of the Federal Reserve Act ([12 U.S.C. 343](/usc/12/343.md); relating to discounts for individuals, partnerships, and [corporations](/usc/12/5202.md?p=4)) the [Board](/usc/12/5202.md?p=2) 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](/usc/12/5202.md?p=2), 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.
- (b) **Periodic updates—** The [Board](/usc/12/5202.md?p=2) shall provide updates to the Committees specified in [subsection (a)](#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.
- (c) **Confidentiality—** The information submitted to the Congress under this section shall be kept confidential, upon the written request of the Chairman of the [Board](/usc/12/5202.md?p=2), in which case it shall be made available only to the Chairpersons and Ranking Members of the Committees described in [subsection (a)](#a).
- (d) **Applicability—** The provisions of this section shall be in force for all uses of the authority provided under section 13 of the Federal Reserve Act occurring during the period beginning on March 1, 2008 and ending on the after[^1] October 3, 2008, and reports described in [subsection (a)](#a) shall be required beginning not later than 30 days after October 3, 2008, with respect to any such exercise of authority.
- (e) **Sharing of information—** Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under [section 5233 of this title](/usc/12/5233.md).

## Footnotes

[^1]: So in original.

## Source credit

(Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)

## Notes

### Editorial Notes

### References in Text

Section 13 of the Federal Reserve Act, referred to in subsecs. (a) and (d), is classified to sections 92, 342 to 347, 347c, 347d, 361, 372, and 373 of this title. The third paragraph (now designated par. (3)) of section 13 of the Act is classified to section 343(3) of this title. For further details, see Codification notes under sections 342 and 343 of this title.