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12 U.S.C. § 5216 — Financial Stability Oversight Board

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

12 U.S.C. § 5216 — Financial Stability Oversight Board

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Stable record: federal_law:legal_authorities:record_usc_cb3890fd664f4611071d1fe7
Source file: Laws/federal/codes/united-states-code/title-12/section-5216-financial-stability-oversight-board--112428ba9b.md
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Source location: Title 12, Chapter 52, § 5216; chapter-052-emergency-economic-stabilization.md

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**(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 the Secretary under this chapter, and monthly thereafter. **(e) Additional authorities** In addition to the responsibilities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policies implemented by the Secretary are— (1) in accordance with the purposes of this chapter; (2) in the economic interests of the United States; and (3) consistent with protecting taxpayers, in accordance with [section 5223(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5223/a&num=0&edition=prelim). **(f) Credit review committee** The Financial Stability Oversight Board may appoint a credit review committee for the purpose of evaluating the exercise of the purchase authority provided under this chapter and the assets acquired through the exercise of such authority, as the Financial Stability Oversight Board determines appropriate. **(g) Reports** The Financial Stability Oversight Board shall report to the appropriate committees of Congress and the Congressional Oversight Panel established under [section 5233 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5233&num=0&edition=prelim), not less frequently than quarterly, on the matters described under subsection (a)(1). **(h) Termination** The Financial Stability Oversight Board, and its authority under this section, shall terminate on the expiration of the 15-day period beginning upon the later of— (1) the date that the last troubled asset acquired by the Secretary under [section 5211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim) has been sold or transferred out of the ownership or control of the Federal Government; or (2) the date of expiration of the last insurance contract issued under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim).

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

12 U.S.C. § 5212 — Definitions

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

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

12 U.S.C. § 5211 — Purposes

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.

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

12 U.S.C. § 5201 — Emergency treatment

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

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. § 5234 — Credit reform

**(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)

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

12 U.S.C. § 5216 — Rights; management; sale of troubled as-

Page 1804 TITLE 12—BANKS AND BANKING § 5216 1 See References in Text note below. translated as reading ‘‘this division’’, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to re- flect 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. § 5216. Rights; management; sale of troubled as- sets; revenues and sale proceeds (a) Exercise of rights The Secretary may, at any time, exercise any rights received in connection with troubled as- sets purchased under this chapter. (b) Management of troubled assets The Secretary shall have authority to manage troubled assets purchased under this chapter, in- cluding 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, re- purchase transactions, or other financial trans- actions in regard to, any troubled asset pur- chased 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 sec- tion 5223 of this title shall be paid into the gen- eral 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 be- fore the termination date in section 5230 of this title, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 5

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