12 U.S.C. § 5237 — Authority to suspend mark-to-market ac-

Page 1826 TITLE 12—BANKS AND BANKING § 5236 Act is classified to section 343(3) of this title. For fur- ther details, see Codification notes under sections 342 and 343 of this title. § 5236. Exchange Stabilization Fund reimburse- ment (a) Reimbursement The Secretary shall reimburse the Exchange Stabilization Fund established under section 5302 of title 31 for any funds that are used for the Treasury Money Market Funds Guaranty Pro- gram for the United States money market mu- tual fund industry, from funds under this chap- ter. (b) Limits on use of Exchange Stabilization Fund The Secretary is prohibited from using the Ex- change Stabilization Fund for the establishment of any future guaranty programs for the United States money market mutual fund industry. (Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a), 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 Emergency Economic Sta- bilization Act of 2008, to reflect 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. Statutory Notes and Related Subsidiaries NON-APPLICABILITY OF RESTRICTIONS ON ESF DURING NATIONAL EMERGENCY Pub. L. 116–136, div. A, title IV, § 4015, Mar. 27, 2020, 134 Stat. 481, provided that: ‘‘(a) IN GENERAL.—Section 131 of the Emergency Eco- nomic Stabilization Act of 2008 (12 U.S.C. 5236) shall not apply during the period beginning on the date of enact- ment of this Act [Mar. 27, 2020] and ending on December 31, 2020. Any guarantee established as a result of the ap- plication of subsection (a) shall— ‘‘(1) be limited to a guarantee of the total value of a shareholder’s account in a participating fund as of the close of business on the day before the announce- ment of the guarantee; and ‘‘(2) terminate not later than December 31, 2020. ‘‘(b) DIRECT APPROPRIATION.—Upon the expiration of the period described in subsection (a), there is appro- priated, out of amounts in the Treasury not otherwise appropriated, such sums as may be necessary to reim- burse the fund established under section 5302(a)(1) of title 31, United States Code, for any funds that are used for the Treasury Money Market Funds Guaranty Pro- gram for the United States money market mutual fund industry to the extent a claim payment made exceeds the balance of fees collected by the fund.’’ § 5237. Authority to suspend mark-to-market ac- counting (a) Authority The Securities and Exchange Commission shall have the authority under the securities laws (as such term is defined in section 78c(a)(47) of title 15) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 78c(a)(8) of such title) or with respect to any class or category of transaction if the Commis- sion determines that is necessary or appropriate in the public interest and is consistent with the protection of investors. (b) Savings provision Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on October 3, 2008. (Pub. L. 110–343, div. A, title I, § 132, Oct. 3, 2008, 122 Stat. 3798.) § 5238. Study on mark-to-market accounting (a) Study The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market ac- counting standards as provided in Statement Number 157 of the Financial Accounting Stand- ards Board, as such standards are applicable to financial institutions, including depository in- stitutions. Such a study shall consider at a min- imum— (1) the effects of such accounting standards on a financial institution’s balance sheet; (2) the impacts of such accounting on bank failures in 2008; (3) the impact of such standards on the qual- ity of financial information available to inves- tors; (4) the process used by the Financial Ac- counting Standards Board in developing ac- counting standards; (5) the advisability and feasibility of modi- fications to such standards; and (6) alternative accounting standards to those provided in such Statement Number 157. (b) Report The Securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on October 3, 2008, containing the findings and de- terminations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate. (Pub. L. 110–343, div. A, title I, § 133, Oct. 3, 2008, 122 Stat. 3798.) § 5239. Recoupment Upon the expiration of the 5-year period begin- ning upon October 3, 2008, the Director of the Of- fice of Management and Budget, in consultation with the Director of the Congressional Budget Office, shall submit a report to the Congress on the net amount within the Troubled Asset Relief Program under this chapter. In any case where there is a shortfall, the President shall submit a legislative proposal that recoups from the finan- cial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt. (Pub. L. 110–343, div. A, title I, § 134, Oct. 3, 2008, 122 Stat. 3798.)