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12 U.S.C. § 5230 — Funding
Federal law — U.S. Code and appendices · legal_authorities
For the purpose of the authorities granted in this chapter, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include actions authorized by this chapter, including the payment of administrative expenses. Any funds expended or obligated by the Secretary for actions authorized by this chapter, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure or obligation.
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Stable record: federal_law:legal_authorities:record_usc_84f00d228029b6442e349b50
Source file: Laws/federal/codes/united-states-code/title-12/section-5230-funding--d09aca6356.md
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Source location: Title 12, Chapter 52, § 5230; chapter-052-emergency-economic-stabilization.md
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For the purpose of the authorities granted in this chapter, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include actions authorized by this chapter, including the payment of administrative expenses. Any funds expended or obligated by the Secretary for actions authorized by this chapter, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure or obligation.
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exercise of rights** The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
**(b) Management of troubled assets** The Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
**(c) Sale of troubled assets** The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this chapter.
**(d) Transfer to Treasury** Revenues of, and proceeds from the sale of troubled assets purchased under this chapter, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under [section 5223 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5223&num=0&edition=prelim) shall be paid into the general fund of the Treasury for reduction of the public debt.
**(e) Application of sunset to troubled assets** The authority of the Secretary to hold any troubled asset purchased under this chapter before the termination date in [section 5230 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5230&num=0&edition=prelim), or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in [section 5230 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5230&num=0&edition=prelim), is not subject to the provisions of [section 5230 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5230&num=0&edition=prelim).
**(f) Report** The
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5218
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is hereby established the Congressional Oversight Panel (hereafter in this section referred to as the “Oversight Panel”) as an establishment in the legislative branch.
**(b) Duties** The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to Congress:
(1) **Regular reports**
(A) *In general* — Regular reports of the Oversight Panel shall include the following:
(i) The use by the Secretary of authority under this chapter, including with respect to the use of contracting authority and administration of the program.
(ii) The impact of purchases made under the 11 So in original. Probably should be “this”. chapter on the financial markets and financial institutions.
(iii) The extent to which the information made available on transactions under the program has contributed to market transparency.
(iv) The effectiveness of foreclosure mitigation efforts, and the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
(B) *Timing* — The reports required under this paragraph shall be submitted not later than 30 days after the first exercise by the Secretary of the authority under section 5211(a) or 5212 of this title, and every 30 days thereafter.
(2) **Special report on regulatory reform** — The Oversight Panel shall submit a special report on regulatory reform not later than January 20, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting consumers, and providing recommendations for improvement, including recommendations regarding whether any participants in the fina
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5235
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including—
(1) a reasonable allowance for salaries or other compensation for personal services actually rendered;
(2) traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business; and
(3) rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.
For purposes of the preceding sentence, the place of residence of a Member of Congress (including any Delegate and Resident Commissioner) within the State, congressional district, or possession which he represents in Congress shall be considered his home, but amounts expended by such Members within each taxable year for living expenses shall not be deductible for income tax purposes. For purposes of paragraph (2), the taxpayer shall not be treated as being temporarily away from home during any period of employment if such period exceeds 1 year. The preceding sentence shall not apply to any Federal employee during any period for which such employee is certified by the Attorney General (or the designee thereof) as traveling on behalf of the United States in temporary duty status to investigate or prosecute, or provide support services for the investigation or prosecution of, a Federal crime.
**(b) Charitable contributions and gifts excepted** No deduction shall be allowed under subsection (a) for any contribution or gift which would be al
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 162
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** No deduction shall be allowed under this chapter for any excess parachute payment.
**(b) Excess parachute payment** For purposes of this section—
(1) **In general** — The term “excess parachute payment” means an amount equal to the excess of any parachute payment over the portion of the base amount allocated to such payment.
(2) **Parachute payment defined**
(A) *In general* — The term “parachute payment” means any payment in the nature of compensation to (or for the benefit of) a disqualified individual if—
(i) such payment is contingent on a change—
(I) in the ownership or effective control of the corporation, or
(II) in the ownership of a substantial portion of the assets of the corporation, and
(ii) the aggregate present value of the payments in the nature of compensation to (or for the benefit of) such individual which are contingent on such change equals or exceeds an amount equal to 3 times the base amount.
For purposes of clause (ii), payments not treated as parachute payments under paragraph (4)(A), (5), or (6) shall not be taken into account.
(B) *Agreements* — The term “parachute payment” shall also include any payment in the nature of compensation to (or for the benefit of) a disqualified individual if such payment is made pursuant to an agreement which violates any generally enforced securities laws or regulations. In any proceeding involving the issue of whether any payment made to a disqualified individual is a parachute payment on account of a violation of any generally enforced securities laws or regulations, the burden of proof with respect to establishing the occurrence of a violation of such a law or regulation shall be upon the Secretary.
(C) *Treatment of certain agreements entered into w
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 280G
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Federal law — U.S. Code and appendices · legal_authorities
Page 1819
TITLE 12—BANKS AND BANKING
§ 5231
2 So in original. Probably should be ‘‘a’’.
days after the date on which the relief is
issued.
(b) Related matters
(1) Treatment of homeowners’ rights
The terms of any residential mortgage loan
that is part of any purchase by the Secretary
under this chapter shall remain subject to all
claims and defenses that would otherwise
apply, notwithstanding the exercise of author-
ity by the Secretary under this chapter.
(2) Savings clause
Any exercise of the authority of the Sec-
retary pursuant to this chapter shall not im-
pair the claims or defenses that would other-
wise apply with respect to persons other than
the Secretary. Except as established in any
contract, a servicer of pooled residential mort-
gages owes any 2 duty to determine whether
the net present value of the payments on the
loan, as modified, is likely to be greater than
the anticipated net recovery that would result
from foreclosure to all investors and holders of
beneficial interests in such investment, but
not to any individual or groups of investors or
beneficial
interest
holders,
and
shall
be
deemed to act in the best interests of all such
investors or holders of beneficial interests if
the servicer agrees to or implements a modi-
fication or workout plan when the servicer
takes reasonable loss mitigation actions, in-
cluding partial payments.
(Pub. L. 110–343, div. A, title I, § 119, Oct. 3, 2008,
122 Stat. 3787.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’ and was translated as reading ‘‘this divi-
sion’’, 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
Co
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5230
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