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12 U.S.C. § 5237 — Disclosures on exercise of loan authority

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

12 U.S.C. § 5237 — Disclosures on exercise of loan authority

**(a) In general** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343&num=0&edition=prelim); 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. **(b) Periodic updates** 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. **(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, in which case it shall be made available only to the Chairpersons and Ranking Members of the Committees described in subsection (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 peri

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Source location: Title 12, Chapter 52, § 5237; chapter-052-emergency-economic-stabilization.md

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

12 U.S.C. § 5233 — 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 shall— (A) in consultation with the Special Inspector General of the Trouble 11 So in original. Probably should be “Troubled”. 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 rela

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

12 U.S.C. § 343 — Discount of obligations arising out of actual commercial transactions

Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Board of Governors of the Federal Reserve System to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this chapter. Nothing in this chapter contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days, exclusive of grace. (3) (A) 11 So in original. In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at

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

12 U.S.C. § 343 — Discount of obligations arising out of ac-

Page 122 TITLE 12—BANKS AND BANKING § 342 ficer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years; and all other executive officers and all employees of the bank shall be directly respon- sible to the president.’’ for ‘‘The president shall be the chief executive officer of the bank and shall be ap- pointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a term of five years; and all other executive officers and all employees of the bank shall be directly respon- sible to him.’’ 1994—Pub. L. 103–325 amended eighth power by sub- stituting ‘‘Secretary of the Treasury’’ for ‘‘Comptroller of the Currency’’. 1935—Act Aug. 23, 1935, amended fifth power. 1927—Act Feb. 25, 1927, amended second power. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title. EFFECTIVE DATE OF 1935 AMENDMENT Act Aug. 23, 1935, ch. 614, title II, § 201, 49 Stat. 703, provided that the amendment made by that section is effective Mar. 1, 1936. Executive Documents TRANSFER OF FUNCTIONS For transfer of functions to Secretary of the Treas- ury, see note under section 55 of this title. § 342. Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges Any Federal reserve bank may receive from any of its member banks, or other depository in- stitutions, and from the United States, deposits of current funds in lawful money, national-bank

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

12 U.S.C. § 5237 — Authority to suspend mark-to-market ac-

Page 1826 TITLE 12—BANKS AND BANKING § 5236 Act is classified to section 343(3) of this title. For fur- ther details, see Codification notes under sections 342 and 343 of this title. § 5236. Exchange Stabilization Fund reimburse- ment (a) Reimbursement 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 Pro- gram for the United States money market mu- tual fund industry, from funds under this chap- ter. (b) Limits on use of Exchange Stabilization Fund The Secretary is prohibited from using the Ex- change Stabilization Fund for the establishment of any future guaranty programs for the United States money market mutual fund industry. (Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a), was in the original ‘‘this Act’’ and was translated as reading ‘‘this division’’, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Sta- bilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables. Statutory Notes and Related Subsidiaries NON-APPLICABILITY OF RESTRICTIONS ON ESF DURING NATIONAL EMERGENCY Pub. L. 116–136, div. A, title IV, § 4015, Mar. 27, 2020, 134 Stat. 481, provided that: ‘‘(a) IN GENERAL.—Section 131 of the Emergency Eco- nomic Stabilization Act of 2008 (12 U.S.C. 5236) shall not apply during the period beginning on the date of enact- ment of this Act [Mar. 27, 2020] and ending on December 31, 2020. Any guarantee established as a result of the a

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