Browse Arkansas Code titles and sections
12 U.S.C. § 5212 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter, the following definitions shall apply:
(1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means—
(A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Congressional support agencies** — The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.
(4) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(5) **Financial institution** — The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
(6) **Fund** — The term “Fund” means the Troubled Assets Insurance Financing Fund established under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim).
(7) **Secretary** — The term “Secretary” means the Secretary of the Trea
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5212
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: b20630fc299edff18391d09bebfaf031b78b0f944a214bf82870bbcfa129b176. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_21a82c182fe2553826e9ed9c
Source file: Laws/federal/codes/united-states-code/title-12/section-5212-definitions--c91a0777cb.md
Pages: Not recorded – Not recorded
Passage SHA-256: 1044fba41a5afbaa72d1dd82838be975729558a6e7b55017f0ae75277341630f
Source location: Title 12, Chapter 52, § 5212; chapter-052-emergency-economic-stabilization.md
Stored source content
For purposes of this chapter, the following definitions shall apply:
(1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means—
(A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Congressional support agencies** — The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.
(4) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(5) **Financial institution** — The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
(6) **Fund** — The term “Fund” means the Troubled Assets Insurance Financing Fund established under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim).
(7) **Secretary** — The term “Secretary” means the Secretary of the Treasury.
(8) **TARP** — The term “TARP” means the Troubled Asset Relief Program established under [section 5211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim).
(9) **Troubled assets** — The term “troubled assets” means—
(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and
(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
The purposes of this chapter are—
(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and
(2) to ensure that such authority and such facilities are used in a manner that—
(A) protects home values, college funds, retirement accounts, and life savings;
(B) preserves homeownership and promotes jobs and economic growth;
(C) maximizes overall returns to the taxpayers of the United States; and
(D) provides public accountability for the exercise of such authority.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5211
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
All provisions of this chapter are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res 11 So in original. Probably should be followed by a period. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008 and rescissions of any amounts provided in this chapter shall not be counted for purposes of budget enforcement.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5201
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established the Financial Stability Oversight Board, which shall be responsible for—
(1) reviewing the exercise of authority under a program developed in accordance with this chapter, including—
(A) policies implemented by the Secretary and the Office of Financial Stability created under sections 5211 and 5212 of this title, including the appointment of financial agents, the designation of asset classes to be purchased, and plans for the structure of vehicles used to purchase troubled assets; and
(B) the effect of such actions in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers;
(2) making recommendations, as appropriate, to the Secretary regarding use of the authority under this chapter; and
(3) reporting any suspected fraud, misrepresentation, or malfeasance to the Special Inspector General for the Troubled Assets Relief Program or the Attorney General of the United States, consistent with [section 535(b) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section535/b&num=0&edition=prelim).
**(b) Membership** The Financial Stability Oversight Board shall be comprised of—
(1) the Chairman of the Board of Governors of the Federal Reserve System;
(2) the Secretary;
(3) the Director of the Federal Housing Finance Agency;
(4) the Chairman of the Securities Exchange Commission; and
(5) the Secretary of Housing and Urban Development.
**(c) Chairperson** The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members other than the Secretary.
**(d) Meetings** The Financial Stability Oversight Board shall meet 2 weeks after the first exercise of the purchase authority of th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5216
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Before the expiration of the 60-day period beginning on the date of the first exercise of the authority granted in [section 5211(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211/a&num=0&edition=prelim), or of the first exercise of the authority granted in [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim), whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate committees of Congress, with respect to each such period—
(1) an overview of actions taken by the Secretary, including the considerations required by [section 5213 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5213&num=0&edition=prelim) and the efforts under [section 5219 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5219&num=0&edition=prelim);
(2) the actual obligation and expenditure of the funds provided for administrative expenses by [section 5228 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5228&num=0&edition=prelim) during such period and the expected expenditure of such funds in the subsequent period; and
(3) a detailed financial statement with respect to the exercise of authority under this chapter, including—
(A) all agreements made or renewed;
(B) all insurance contracts entered into pursuant to [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim);
(C) all transactions occurring during such period, including the types of parties involved;
(D) the nature of the assets purchased;
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5217
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Comptroller General oversight**
(1) **Scope of oversight** — The Comptroller General of the United States shall, upon establishment of the troubled assets relief program 11 So in original. Probably should be “Troubled Asset Relief Program”. under this chapter (in this section referred to as the “TARP”), commence ongoing oversight of the activities and performance of the TARP and of any agents and representatives of the TARP (as related to the agent or representative’s activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this chapter. The subjects of such oversight shall include the following:
(A) The performance of the TARP in meeting the purposes of this chapter, particularly those involving—
(i) foreclosure mitigation;
(ii) cost reduction;
(iii) whether it has provided stability or prevented disruption to the financial markets or the banking system;
(iv) whether it has protected taxpayers; and
(v) public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter.
(B) The financial condition and internal controls of the TARP, its representatives and agents.
(C) Characteristics of transactions and commitments entered into, including transaction type, frequency, size, prices paid, and all other relevant terms and conditions, and the timing, duration and terms of any future commitments to purchase assets.
(D) Characteristics and disposition of acquired assets, including type, acquisition price, current market value, sale prices and terms, and use of proceeds from sales.
(E) Efficiency of the operations of the TARP in the use of appropriated funds.
(F) Compl
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5228
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of Inspector General** There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program.
**(b) Appointment of Inspector General; removal**
(1) The head of the Office of the Special Inspector General for the Troubled Asset Relief Program is the Special Inspector General for the Troubled Asset Relief Program (in this section referred to as the “Special Inspector General”), who shall be appointed by the President, by and with the advice and consent of the Senate.
(2) The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations.
(3) The nomination of an individual as Special Inspector General shall be made as soon as practicable after the establishment of any program under sections 5211 and 5212 of this title.
(4) The Special Inspector General shall be removable from office in accordance with the provisions of [section 403(b) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section403/b&num=0&edition=prelim).
(5) For purposes of [section 7324 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section7324&num=0&edition=prelim), the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law.
(6) The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under [section 403(e) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section403/e&num=0&edition=prelim).
**(c) Duties**
(1) It shall
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5232
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subsection (b), the costs of purchases of troubled assets made under [section 5211(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211/a&num=0&edition=prelim) and guarantees of troubled assets under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim), and any cash flows associated with the activities authorized in [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim) and subsections (a), (b), and (c) of [section 5216 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5216&num=0&edition=prelim) shall be determined as provided under the Federal Credit Reform Act of 1990 ([2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et.11 So in original. seq.).
**(b) Costs** For the purposes of section 502(5) of the Federal Credit Reform Act of 1990 ([2 U.S.C. 661a(5)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5&num=0&edition=prelim))—
(1) the cost of troubled assets and guarantees of troubled assets shall be calculated by adjusting the discount rate in section 502(5)(E) ([2 U.S.C. 661a(5)(E)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5/E&num=0&edition=prelim)) 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) under the terms of the troubled asset or guarantee of the troubled asset and the current estimate consistent with paragraph (1)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5234
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Small business concerns**
(1) **In general** — For the purposes of this chapter, a small-business concern, including but not limited to enterprises that are engaged in the business of production of food and fiber, ranching and raising of livestock, aquaculture, and all other farming and agricultural related industries, shall be deemed to be one which is independently owned and operated and which is not dominant in its field of operation.
(2) **Establishment of size standards**
(A) *In general* — In addition to the criteria specified in paragraph (1) and subject to the requirements specified under subparagraph (C), the Administrator may specify detailed definitions or standards by which a business concern may be determined to be a small business concern for the purposes of this chapter or any other Act.
(B) *Additional criteria* — The standards described in paragraph (1) may utilize number of employees, dollar volume of business, net worth, net income, a combination thereof, or other appropriate factors.
(C) *Requirements* — Unless specifically authorized by statute, no Federal department (including the Administration when acting pursuant to subparagraph (A)) or agency may prescribe a size standard for categorizing a business concern as a small business concern, unless such proposed size standard—
(i) is proposed after an opportunity for public notice and comment;
(ii) provides for determining—
(I) the size of a manufacturing concern as measured by the manufacturing concern’s average employment based upon employment during each of the manufacturing concern’s pay periods for the preceding 24 months;
(II) the size of a business concern providing services on the basis of the annual average gross receipts of the business concern over
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 632
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1801
TITLE 12—BANKS AND BANKING
§ 5213
seller paid to purchase the asset. This sub-
section does not apply to troubled assets ac-
quired in a merger or acquisition, or a purchase
of assets from a financial institution in con-
servatorship or receivership, or that has initi-
ated bankruptcy proceedings under title 11.
(Pub. L. 110–343, div. A, title I, § 101, Oct. 3, 2008,
122 Stat. 3767.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in subsecs. (a)(1), (2), (c), and
(e), 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 Emer-
gency Economic Stabilization Act of 2008, to reflect the
probable intent of Congress. For complete classifica-
tion of division A to the Code, see Short Title note set
out under section 5201 of this title and Tables.
CODIFICATION
Section is comprised of section 101 of div. A of Pub.
L. 110–343. Subsec. (a)(3)(B) of section 101 of div. A of
Pub. L. 110–343 amended section 5315 of Title 5, Govern-
ment Organization and Employees, and section 301 of
Title 31, Money and Finance.
§ 5212. Insurance of troubled assets
(a) Authority
(1) In general
If the Secretary establishes the program au-
thorized under section 5211 of this title, then
the Secretary shall establish a program to
guarantee troubled assets originated or issued
prior to March 14, 2008, including mortgage-
backed securities.
(2) Guarantees
In establishing any program under this sub-
section, the Secretary may develop guarantees
of troubled assets and the associated pre-
miums for such guarantees. Such guarantees
and premiums may be determined by category
or class of the troubled assets to be guaran-
teed.
(3) Extent of guarantee
Upon
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5212
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.