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12 U.S.C. § 5201 — Emergency treatment
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.
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Stable record: federal_law:legal_authorities:record_usc_a118a32fed5491719421dff1
Source file: Laws/federal/codes/united-states-code/title-12/section-5201-emergency-treatment--1ba35f5e23.md
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Source location: Title 12, Chapter 52, § 5201; chapter-052-emergency-economic-stabilization.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Borrowing from Treasury**
(1) **In general** — The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $100,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter 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 such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this subsection shall be treated as public-debt transactions of the United States. The Corporation may employ any funds obtained under this section for purposes of the Deposit Insurance Fund and the borrowing shall become a liability of the Deposit Insurance Fund to the extent funds are employed therefor.
(2) **Funding** — There are hereby appropriated to the Secretary, for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to carry out this subsection.
(3)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1824
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds that—
(1) small business concerns are a vital part of the economy, accounting for the majority of new jobs, new products, and new services created in the United States;
(2) adequate access to debt capital is a critical component for small business development, productivity, expansion, and success in the United States;
(3) commercial banks are the most important suppliers of debt capital to small business concerns in the United States;
(4) commercial banks and other depository institutions have various incentives to minimize their risk in financing small business concerns;
(5) as a result of such incentives, many small business concerns with economically sound financing needs are unable to obtain access to needed debt capital;
(6) the small business capital access programs implemented by certain States are a flexible and efficient tool to assist financial institutions in providing access to needed debt capital for many small business concerns in a manner consistent with safety and soundness regulations;
(7) a small business capital access program would complement other programs which assist small business concerns in obtaining access to capital; and
(8) Federal policy can stimulate and accelerate efforts by States to implement small business capital access programs by providing an incentive to States, while leaving the administration of such programs to each participating State.
**(b) Purposes** By encouraging States to implement administratively efficient capital access programs that encourage commercial banks and other depository institutions to provide access to debt capital for a broad portfolio of small business concerns, and thereby promote a more efficient and effective debt market, the purposes of this subchapter are—
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4741
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Offices; authority**
(1) **Authority** — The Secretary is authorized to establish the Troubled Asset Relief Program (or “TARP”) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this chapter and the policies and procedures developed and published by the Secretary.
(2) **Commencement of program** — Establishment of the policies and procedures and other similar administrative requirements imposed on the Secretary by this chapter are not intended to delay the commencement of the TARP.
(3) **Establishment of Treasury office**
(A) *In general* — The Secretary shall implement any program under paragraph (1) through an Office of Financial Stability, established for such purpose within the Office of Domestic Finance of the Department of the Treasury, which office shall be headed by an Assistant Secretary of the Treasury, appointed by the President, by and with the advice and consent of the Senate, except that an interim Assistant Secretary may be appointed by the Secretary.
(B) *Omitted*
**(b) Consultation** In exercising the authority under this section, the Secretary shall consult with the Board, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the National Credit Union Administration Board, and the Secretary of Housing and Urban Development.
**(c) Necessary actions** The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this chapter, including, without limitation, the following:
(1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5213
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority**
(1) **In general** — If the Secretary establishes the program authorized under [section 5211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim), 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 subsection, the Secretary may develop guarantees of troubled assets and the associated premiums for such guarantees. Such guarantees and premiums may be determined by category or class of the troubled assets to be guaranteed.
(3) **Extent of guarantee** — Upon request of a financial institution, the Secretary may guarantee the timely payment of principal of, and interest on, troubled assets in amounts not to exceed 100 percent of such payments. Such guarantee may be on such terms and conditions as are determined by the Secretary, provided that such terms and conditions are consistent with the purposes of this chapter.
**(b) Reports** Not later than 90 days after October 3, 2008, the Secretary shall report to the appropriate committees of Congress on the program established under subsection (a).
**(c) Premiums**
(1) **In general** — The Secretary shall collect premiums from any financial institution participating in the program established under subsection (a). Such premiums shall be in an amount that the Secretary determines necessary to meet the purposes of this chapter and to provide sufficient reserves pursuant to paragraph (3).
(2) **Authority to base premiums on product risk** — In establishing any premium under paragraph (1), the Secretary may provide for variations in such rates according to the credit risk associate
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5214
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Federal law — U.S. Code and appendices · legal_authorities
In exercising the authorities granted in this chapter, the Secretary shall take into consideration—
(1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt;
(2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security;
(3) the need to help families keep their homes and to stabilize communities;
(4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this chapter;
(5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this chapter;
(6) providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;
(7) the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil;
(8) protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible re
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5215
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) 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
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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
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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) Streamlined process** For purposes of this chapter, the Secretary may waive specific provisions of the Federal Acquisition Regulation upon a determination that urgent and compelling circumstances make compliance with such provisions contrary to the public interest. Any such determination, and the justification for such determination, shall be submitted to the Committees on Oversight and Government Reform and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days.
**(b) Additional contracting requirements** In any solicitation or contract where the Secretary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) note)) and women, and minority- and women-owned businesses (as such terms are defined in section 1441a(r)(4) 11 See References in Text note below. of this title), and individuals with disabilities and businesses owned by individuals with disabilities (for purposes of this subsection the term “individual with disability” has the same meaning as the term “handicapped individual” as that term is defined in [section 632(f) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632/f&num=0&edition=prelim)), in that solicitation or contract
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5219
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