12 U.S.C. § 5251 — Information for congressional support

Page 1827 TITLE 12—BANKS AND BANKING § 5251 1 See References in Text note below. 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 Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables. § 5240. Preservation of authority With the exception of section 5236 of this title, nothing in this chapter may be construed to limit the authority of the Secretary or the Board under any other provision of law. (Pub. L. 110–343, div. A, title I, § 135, Oct. 3, 2008, 122 Stat. 3799.) 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 Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables. § 5241. Temporary increase in deposit and share insurance coverage (a) Federal Deposit Insurance Act; temporary in- crease in deposit insurance (1) Increased amount Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with ‘‘$250,000’’ substituted for ‘‘$100,000’’. (2) Borrowing limits temporarily lifted During the period beginning on October 3, 2008, and ending on December 31, 2013, the Board of Directors of the Corporation may re- quest from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this sub- section, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a), 1825(c)). (b) Federal Credit Union Act; temporary increase in share insurance (1) Increased amount Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 207(k)(5) 1 of the Federal Credit Union Act (12 U.S.C. 1787(k)(5)) shall apply with ‘‘$250,000’’ substituted for ‘‘$100,000’’. (2) Borrowing limits temporarily lifted During the period beginning on October 3, 2008, and ending on December 31, 2013, the Na- tional Credit Union Administration Board may request from the Secretary, and the Sec- retary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limita- tions on such borrowing under section 203(d)(1) of the Federal Credit Union Act (12 U.S.C. 1783(d)(1)). (c) Not for use in inflation adjustments The temporary increase in the standard max- imum deposit insurance amount made under this section shall not be used to make any infla- tion adjustment under section 11(a)(1)(F) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(F)) for purposes of that Act [12 U.S.C. 1811 et seq.] or the Federal Credit Union Act [12 U.S.C. 1751 et seq.]. (Pub. L. 110–343, div. A, title I, § 136, Oct. 3, 2008, 122 Stat. 3799; Pub. L. 111–22, div. A, title II, § 204(a), May 20, 2009, 123 Stat. 1648.) Editorial Notes REFERENCES IN TEXT Section 207(k)(5) of the Federal Credit Union Act, re- ferred to in subsec. (b)(1), was redesignated section 207(k)(6) of the Act by Pub. L. 113–252, § 2(3), Dec. 18, 2014, 128 Stat. 2893. That Act, referred to in subsec. (c), means the Fed- eral Deposit Insurance Act, act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables. The Federal Credit Union Act, referred to in subsec. (c), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§ 1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables. AMENDMENTS 2009—Subsec. (a)(1). Pub. L. 111–22, § 204(a)(1)(A), sub- stituted ‘‘December 31, 2013’’ for ‘‘December 31, 2009’’. Subsec. (a)(2), (3). Pub. L. 111–22, § 204(a)(1)(B)–(D), re- designated par. (3) as (2), substituted ‘‘December 31, 2013’’ for ‘‘December 31, 2009’’, and struck out former par. (2). Prior to amendment, text read as follows: ‘‘The temporary increase in the standard maximum deposit insurance amount made under paragraph (1) shall not be taken into account by the Board of Directors of the Corporation for purposes of setting assessments under section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)).’’ Subsec. (b)(1). Pub. L. 111–22, § 204(a)(2)(A), sub- stituted ‘‘December 31, 2013’’ for ‘‘December 31, 2009’’. Subsec. (b)(2), (3). Pub. L. 111–22, § 204(a)(2)(B)–(D), re- designated par. (3) as (2), substituted ‘‘December 31, 2013’’ for ‘‘December 31, 2009’’, and struck out former par. (2). Prior to amendment, text read as follows: ‘‘The temporary increase in the standard maximum share in- surance amount made under paragraph (1) shall not be taken into account by the National Credit Union Ad- ministration Board for purposes of setting insurance premium charges and share insurance deposit adjust- ments under section 202(c)(2) of the Federal Credit Union Act (12 U.S.C. 1782(c)(2)).’’ SUBCHAPTER II—BUDGET-RELATED PROVISIONS § 5251. Information for congressional support agencies Upon request, and to the extent otherwise con- sistent with law, all information used by the Secretary in connection with activities author- ized under this chapter (including the records to Page 1828 TITLE 12—BANKS AND BANKING § 5252 1 So in original. Probably should be ‘‘section’’. 1 So in original. Probably should be followed by a period. which the Comptroller General is entitled under this chapter) shall be made available to congres- sional support agencies (in accordance with their obligations to support the Congress as set out in their authorizing statutes) for the pur- poses of assisting the committees of Congress with conducting oversight, monitoring, and analysis of the activities authorized under this chapter. (Pub. L. 110–343, div. A, title II, § 201, Oct. 3, 2008, 122 Stat. 3800.) 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 Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables. § 5252. Reports by the Office of Management and Budget and the Congressional Budget Office (a) Reports by the Office of Management and Budget Within 60 days of the first exercise of the au- thority granted in section 5211(a) of this title, but in no case later than December 31, 2008, and annually thereafter, the Office of Management and Budget shall report to the President and the Congress— (1) the estimate, notwithstanding section 661a(5)(F) of title 2, as of the first business day that is at least 30 days prior to the issuance of the report, of the cost of the troubled assets, and guarantees of the troubled assets, deter- mined in accordance with section 5232 of this title; (2) the information used to derive the esti- mate, including assets purchased or guaran- teed, prices paid, revenues received, the im- pact on the deficit and debt, and a description of any outstanding commitments to purchase troubled assets; and (3) a detailed analysis of how the estimate has changed from the previous report. Beginning with the second report under sub- section (a), the Office of Management and Budg- et shall explain the differences between the Con- gressional Budget Office estimates delivered in accordance with subsection (b) and prior Office of Management and Budget estimates. (b) Reports by the Congressional Budget Office Within 45 days of receipt by the Congress of each report from the Office of Management and Budget under subsection (a), the Congressional Budget Office shall report to the Congress the Congressional Budget Office’s assessment of the report submitted by the Office of Management and Budget, including— (1) the cost of the troubled assets and guar- antees of the troubled assets, (2) the information and valuation methods used to calculate such cost, and (3) the impact on the deficit and the debt. (c) Financial expertise In carrying out the duties in this subsection 1 or performing analyses of activities under this chapter, the Director of the Congressional Budg- et Office may employ personnel and procure the services of experts and consultants. (d) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to produce reports re- quired by this section. (e) Sunset Notwithstanding the previous provisions of this section, the reporting and comment re- quirements under this section shall terminate with the annual period on the last day of which all troubled assets acquired by the Secretary under section 5211 of this title have been sold or transferred out of the ownership or control of the Federal Government. (Pub. L. 110–343, div. A, title II, § 202, Oct. 3, 2008, 122 Stat. 3800; Pub. L. 112–204, § 1(b)(1), Dec. 4, 2012, 126 Stat. 1485.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (c), 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. AMENDMENTS 2012—Subsec. (a). Pub. L. 112–204, § 1(b)(1)(A), sub- stituted ‘‘annually’’ for ‘‘semiannually’’. Subsec. (e). Pub. L. 112–204, § 1(b)(1)(B), added subsec. (e). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2012 AMENDMENT Pub. L. 112–204, § 1(b)(2), Dec. 4, 2012, 126 Stat. 1486, provided that: ‘‘The amendments made by this sub- section [amending this section] shall take effect the first day after the date of enactment of this Act [Dec. 4, 2012].’’ § 5253. 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 1 21 (110th Congress), the concur- rent 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. (Pub. L. 110–343, div. A, title II, § 204, Oct. 3, 2008, 122 Stat. 3801.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’ and was translated as reading ‘‘this divi-