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12 U.S.C. § 5233 — Public-Private Investment Program; additional appropriations for the Special Inspector General for the Troubled Asset Relief Program
Federal law — U.S. Code and appendices · legal_authorities
**(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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Source file: Laws/federal/codes/united-states-code/title-12/section-5233-public-private-investment-program-additional-appropriations-for-the-spec--4633b73f63.md
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Source location: Title 12, Chapter 52, § 5233; chapter-052-emergency-economic-stabilization.md
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**(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 relating to such public-private investment fund, including electronic messages;
(E) require each manager of a public-private investment fund to acknowledge, in writing, a fiduciary duty to both the public and private investors in such fund;
(F) require each manager of a public-private investment fund to develop a robust ethics policy that includes methods to ensure compliance with such policy;
(G) require strict investor screening procedures for public-private investment funds; and
(H) require each manager of a public-private fund to identify for the Secretary, on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund.
(2) **Interaction between public-private investment funds and the Term-Asset Backed Securities Loan Facility** — The Secretary shall consult with the Special Inspector General and shall issue regulations governing the interaction of the Public-Private Investment Program, the Term-Asset Backed Securities Loan Facility, and other similar public-private investment programs. Such regulations shall address concerns regarding the potential for excessive leverage that could result from interactions between such programs.
(3) **Report** — Not later than 60 days after the date of the establishment of a program described in paragraph (1), the Special Inspector General shall submit a report to Congress on the implementation of this section.
**(c) Additional appropriations for the Special Inspector General**
(1) **In general** — Of amounts made available under section 115(a) of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [[12 U.S.C. 5225(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5225/a&num=0&edition=prelim)], $15,000,000 shall be made available to the Special Inspector General, which shall be in addition to amounts otherwise made available to the Special Inspector General.
(2) **Priorities** — In utilizing funds made available under this section, the Special Inspector General shall prioritize the performance of audits or investigations of recipients of non-recourse Federal loans made under any program that is funded in whole or in part by funds appropriated under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.], to the extent that such priority is consistent with other aspects of the mission of the Special Inspector General. Such audits or investigations shall determine the existence of any collusion between the loan recipient and the seller or originator of the asset used as loan collateral, or any other conflict of interest that may have led the loan recipient to deliberately overstate the value of the asset used as loan collateral.
**(d) Rule of construction** Notwithstanding any other provision of law, nothing in this section shall be construed to apply to any activity of the Federal Deposit Insurance Corporation in connection with insured depository institutions, as described in [section 1823(c)(2)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/2/B&num=0&edition=prelim).
**(e) Definition** In this section, the term “public-private investment fund” means a financial vehicle that is—
(1) established by the Federal Government to purchase pools of loans, securities, or assets from a financial institution described in section 101(a)(1) of the Emergency Economic Stabilization Act of 2008 ([12 U.S.C. 5211(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211/a/1&num=0&edition=prelim)); and
(2) funded by a combination of cash or equity from private investors and funds provided by the Secretary of the Treasury or funds appropriated under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.].
**(f) Omitted**
**(g) Regulations** The Secretary of the Treasury may prescribe such regulations or other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this section.
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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) Long-term costs and benefits**
(1) **Minimizing negative impact** — The Secretary shall use the authority under this chapter in a manner that will minimize any potential long-term negative impact on the taxpayer, taking into account the direct outlays, potential long-term returns on assets purchased, and the overall economic benefits of the program, including economic benefits due to improvements in economic activity and the availability of credit, the impact on the savings and pensions of individuals, and reductions in losses to the Federal Government.
(2) **Authority** — In carrying out paragraph (1), the Secretary shall—
(A) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers; and
(B) sell such assets at a price that the Secretary determines, based on available financial analysis, will maximize return on investment for the Federal Government.
(3) **Private sector participation** — The Secretary shall encourage the private sector to participate in purchases of troubled assets, and to invest in financial institutions, consistent with the provisions of this section.
**(b) Use of market mechanisms** In making purchases under this chapter, the Secretary shall—
(1) make such purchases at the lowest price that the Secretary determines to be consistent with the purposes of this chapter; and
(2) maximize the efficiency of the use of taxpayer resources by using market mechanisms, including auctions or reverse auctions, where appropriate.
**(c) Direct purchases** If the Secretary determines that use of a market mechanism under subsection (b) is not feasible or appropriate, and the purposes of the chapter are best met throu
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5225
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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) 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) Study** The Comptroller General shall undertake a study to determine the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.
**(b) Content** The study required by this section shall include—
(1) an analysis of the roles and responsibilities of the Board, the Securities and Exchange Commission, the Secretary, and other Federal banking agencies with respect to monitoring leverage and acting to curtail excessive leveraging;
(2) an analysis of the authority of the Board to regulate leverage, including by setting margin requirements, and what process the Board used to decide whether or not to use its authority;
(3) an analysis of any usage of the margin authority by the Board; and
(4) recommendations for the Board and appropriate committees of Congress with respect to the existing authority of the Board.
**(c) Report** Not later than June 1, 2009, the Comptroller General shall complete and submit a report on the study required by this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
**(d) Sharing of information** Any reports required under this section shall also be submitted to 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).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5229
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5237
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Federal law — U.S. Code and appendices · legal_authorities
Page 1798
TITLE 12—BANKS AND BANKING
§ 5201
Sec.
5225.
Graduated authorization to purchase.
5226.
Oversight and audits.
5227.
Study and report on margin authority.
5228.
Funding.
5229.
Judicial review and related matters.
5230.
Termination of authority.
5231.
Special Inspector General for the Troubled
Asset Relief Program.
5231a.
Public-Private Investment Program; addi-
tional appropriations for the Special In-
spector General for the Troubled Asset Re-
lief Program.
5232.
Credit reform.
5233.
Congressional Oversight Panel.
5234.
Cooperation with the FBI.
5235.
Disclosures on exercise of loan authority.
5236.
Exchange Stabilization Fund reimbursement.
5237.
Authority to suspend mark-to-market ac-
counting.
5238.
Study on mark-to-market accounting.
5239.
Recoupment.
5240.
Preservation of authority.
5241.
Temporary increase in deposit and share in-
surance coverage.
SUBCHAPTER II—BUDGET-RELATED PROVISIONS
5251.
Information for congressional support agen-
cies.
5252.
Reports by the Office of Management and
Budget and the Congressional Budget Of-
fice.
5253.
Emergency treatment.
SUBCHAPTER III—TAX PROVISIONS
5261.
Gain or loss from sale or exchange of certain
preferred stock.
§ 5201. Purposes
The purposes of this chapter are—
(1) to immediately provide authority and fa-
cilities that the Secretary of the Treasury can
use to restore liquidity and stability to the fi-
nancial 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, re-
tirement accounts, and life savings;
(B) preserves homeownership and promotes
jobs and economic growth;
(C) maximizes overall returns to the tax-
payers of the United States; and
(D) provide
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5201
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 5201. This identifies an authority to review, not proof of applicability.
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. The source passage cites 12 U.S.C. § 5211. This identifies an authority to review, not proof of applicability.