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15 U.S.C. § 9063 — Termination of authority

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9063 — Termination of authority

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Stable record: federal_law:legal_authorities:record_usc_0a59c871d53c8908edd46826
Source file: Laws/federal/codes/united-states-code/title-15/section-9063-termination-of-authority--1c9ca5ef1c.md
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Source location: Title 15, Chapter 116, § 9063; chapter-116-coronavirus-economic-stabilization-cares-act.md

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**(a) In general** Except as provided in subsection (b), on December 31, 2020, the authority provided under this part to make loans, loan guarantees, or other investments shall terminate. **(b) Outstanding** (1) **In general** — Except as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of [section 9042(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b&num=0&edition=prelim) outstanding on the date described in subsection (a)— (A) may be modified, restructured, or otherwise amended; and (B) may not be forgiven. (2) **Duration** — The duration of any loan or loan guarantee made under [section 9042(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b/1&num=0&edition=prelim) that is modified, restructured, or otherwise amended under paragraph (1) shall not be extended beyond 5 years from the initial origination date of the loan or loan guarantee. **(c) Federal Reserve programs or facilities** (1) **In general** — After December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not make any loan, purchase any obligation, asset, security, or other interest, or make any extension of credit through any program or facility established under [section 343(3) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343/3&num=0&edition=prelim) in which the Secretary made a loan, loan guarantee, or other investment pursuant to [section 9042(b)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b/4&num=0&edition=prelim), other than a loan submitted, on or before December 14, 2020, to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan, provided that the Main Street Lending Program purchases a participation interest in such loan on or before January 8, 2021 and under the terms and conditions of the Main Street Lending Program as in effect on the date the loan was submitted to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan. (2) **No modification** — After December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks— (A) shall not modify the terms and conditions of any program or facility established under [section 343(3) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343/3&num=0&edition=prelim) in which the Secretary made a loan, loan guarantee, or other investment pursuant to [section 9042(b)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b/4&num=0&edition=prelim), including by authorizing transfer of such funds to a new program or facility established under [section 343(3) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343/3&num=0&edition=prelim); and (B) may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that— (i) the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and (ii) the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and (iii) the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit. (3) **Use of funds** (A) *In general* — Except as provided in subparagraph (B), the Secretary is permitted to use the fund established under [section 5302 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5302&num=0&edition=prelim) for any purpose permitted under that section. (B) *Exception* — The fund established under [section 5302 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5302&num=0&edition=prelim) shall not be available for any program or facility established under [section 343(3) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343/3&num=0&edition=prelim) that is the same as any such program or facility in which the Secretary made an investment pursuant to [section 9042(b)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b/4&num=0&edition=prelim), except the Term Asset-Backed Securities Loan Facility.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5302 — Stabilizing exchange rates and arrangements

**(a)** (1) The Department of the Treasury has a stabilization fund. The fund is available to carry out this section, section 18 of the Bretton Woods Agreement Act ([22 U.S.C. 286e–3](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section286e–3&num=0&edition=prelim)), section 3 of the Special Drawing Rights Act ([22 U.S.C. 286](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section286&num=0&edition=prelim)o), and the Coronavirus Economic Stabilization Act of 2020, and for investing in obligations of the United States Government those amounts in the fund the Secretary of the Treasury, with the approval of the President, decides are not required at the time to carry out this section. Proceeds of sales and investments, earnings, and interest shall be paid into the fund and are available to carry out this section. However, the fund is not available to pay administrative expenses. (2) Subject to approval by the President, the fund is under the exclusive control of the Secretary, and may not be used in a way that direct control and custody pass from the President and the Secretary. Decisions of the Secretary are final and may not be reviewed by another officer or employee of the Government. **(b)** Consistent with the obligations of the Government in the International Monetary Fund on orderly exchange arrangements and a stable system of exchange rates, the Secretary or an agency designated by the Secretary, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary. However, a loan or credit to a foreign entity or government of a foreign country may be made for more than 6 months in any 12-month period only if the President gives Congres

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9001 — Definitions

In this title— 11 See References in Text note below. (1) the terms “Administration” and “Administrator” mean the Small Business Administration and the Administrator thereof, respectively; and (2) the term “small business concern” has the meaning given the term in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9063 — Termination of authority

Page 2545 TITLE 15—COMMERCE AND TRADE § 9063 (f) Government Accountability Office (1) Study The Comptroller General of the United States shall conduct a study on the loans, loan guarantees, and other investments provided under section 9042 of this title. (2) Report Not later than 9 months after March 27, 2020, and annually thereafter through the year suc- ceeding the last year for which loans, loan guarantees, or other investments made under section 9042 of this title are outstanding, the Comptroller General shall submit to the Com- mittee on Financial Services, the Committee on Transportation and Infrastructure, the Committee on Appropriations, and the Com- mittee on the Budget of the House of Rep- resentatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, the Committee on Appropriations, and the Com- mittee on the Budget of the Senate a report on the loans, loan guarantees, and other invest- ments made under section 9042 of this title. (Pub. L. 116–136, div. A, title IV, § 4026, Mar. 27, 2020, 134 Stat. 494; Pub. L. 117–103, div. HH, title III, § 301, Mar. 15, 2022, 136 Stat. 1113.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (c), probably means subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabiliza- tion Act of 2020, which is classified principally to this part. For complete classification of this Act to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Ta- bles. AMENDMENTS 2022—Subsec. (c). Pub. L. 117–103 substituted ‘‘semi- annual’’ for ‘‘quarterly’’ and inserted at end ‘‘This sub- section shall have no force or effect after

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