Browse Arkansas Code titles and sections
12 U.S.C. § 5234 — Cooperation with the FBI
Federal law — U.S. Code and appendices · legal_authorities
Page 1825
TITLE 12—BANKS AND BANKING
§ 5235
1 So in original.
(3) Obtaining official data
The Oversight Panel may secure directly
from any department or agency of the United
States information necessary to enable it to
carry out this section. Upon request of the
Chairperson of the Oversight Panel, the head
of that department or agency shall furnish
that information to the Oversight Panel.
(4) Reports
The Oversight Panel shall receive and con-
sider all reports required to be submitted to
the Oversight Panel under this chapter.
(f) Termination
The Oversight Panel shall terminate 6 months
after the termination date specified in section
5230 of this title.
(g) Funding for expenses
(1) Authorization of appropriations
There is authorized to be appropriated to the
Oversight Panel such sums as may be nec-
essary for any fiscal year, half of which shall
be derived from the applicable account of the
House of Representatives, and half of which
shall be derived from the contingent fund of
the Senate.
(2) Reimbursement of amounts
An amount equal to the expenses of the
Oversight Panel shall be promptly transferred
by the Secretary, from time to time upon the
presentment of a statement of such expenses
by the Chairperson of the Oversight Panel,
from funds made available to the Secretary
under this chapter to the applicable fund of
the House of Representatives and the contin-
gent fund of the Senate, as appropriate, as re-
imbursement for amounts expended from such
account and fund under paragraph (1).
(Pub. L. 110–343, div. A, title I, § 125, Oct. 3, 2008,
122 Stat. 3791; Pub. L. 111–22, div. A, title V, § 501,
May 20, 2009, 123 Stat. 1658.)
Editorial Notes
REFERENCES IN TEXT
This chapter and the chapter, referred to in text,
were in the origina
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Page 1825
TITLE 12—BANKS AND BANKING
§ 5235
1 So in original.
(3) Obtaining official data
The Oversight Panel may secure directly
from any department or agency of the United
States information necessary to enable it to
carry out this section. Upon request of the
Chairperson of the Oversight Panel, the head
of that department or agency shall furnish
that information to the Oversight Panel.
(4) Reports
The Oversight Panel shall receive and con-
sider all reports required to be submitted to
the Oversight Panel under this chapter.
(f) Termination
The Oversight Panel shall terminate 6 months
after the termination date specified in section
5230 of this title.
(g) Funding for expenses
(1) Authorization of appropriations
There is authorized to be appropriated to the
Oversight Panel such sums as may be nec-
essary for any fiscal year, half of which shall
be derived from the applicable account of the
House of Representatives, and half of which
shall be derived from the contingent fund of
the Senate.
(2) Reimbursement of amounts
An amount equal to the expenses of the
Oversight Panel shall be promptly transferred
by the Secretary, from time to time upon the
presentment of a statement of such expenses
by the Chairperson of the Oversight Panel,
from funds made available to the Secretary
under this chapter to the applicable fund of
the House of Representatives and the contin-
gent fund of the Senate, as appropriate, as re-
imbursement for amounts expended from such
account and fund under paragraph (1).
(Pub. L. 110–343, div. A, title I, § 125, Oct. 3, 2008,
122 Stat. 3791; Pub. L. 111–22, div. A, title V, § 501,
May 20, 2009, 123 Stat. 1658.)
Editorial Notes
REFERENCES IN TEXT
This chapter and the chapter, referred to in text,
were in the original ‘‘this Act’’ and ‘‘the Act’’, respec-
tively, and were translated as reading ‘‘this division’’
and ‘‘the division’’, respectively, 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.
Level I of the Executive Schedule, referred to in sub-
sec. (c)(2), is set out in section 5312 of Title 5, Govern-
ment Organization and Employees.
AMENDMENTS
2009—Subsec. (b)(3). Pub. L. 111–22 added par. (3).
§ 5234. Cooperation with the FBI
Any Federal financial regulatory agency shall
cooperate with the Federal Bureau of Investiga-
tion and other law enforcement agencies inves-
tigating fraud, misrepresentation, and malfea-
sance with respect to development, advertising,
and sale of financial products.
(Pub. L. 110–343, div. A, title I, § 127, Oct. 3, 2008,
122 Stat. 3796.)
§ 5235. Disclosures on exercise of loan authority
(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; relating to discounts for indi-
viduals, partnerships, and corporations) the
Board shall provide to the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the
House of Representatives a report which in-
cludes—
(1) the justification for exercising the au-
thority; 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 Com-
mittees specified in subsection (a) not less fre-
quently than once every 60 days while the sub-
ject 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 sec-
tion 13 of the Federal Reserve Act occurring
during the period beginning on March 1, 2008 and
ending on the after 1 October 3, 2008, and reports
described in subsection (a) shall be required be-
ginning not later than 30 days after October 3,
2008, with respect to any such exercise of author-
ity.
(e) Sharing of information
Any reports required under this section shall
also be submitted to the Congressional Over-
sight Panel established under section 5233 of this
title.
(Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008,
122 Stat. 3796.)
Editorial Notes
REFERENCES IN TEXT
Section 13 of the Federal Reserve Act, referred to in
subsecs. (a) and (d), is classified to sections 92, 342 to
347, 347c, 347d, 361, 372, and 373 of this title. The third
paragraph (now designated par. (3)) of section 13 of the
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Board of Governors of the Federal Reserve System to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this chapter. Nothing in this chapter contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days, exclusive of grace.
(3)
(A) 11 So in original. In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 343
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 343. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 122
TITLE 12—BANKS AND BANKING
§ 342
ficer of the bank and shall be appointed by the Class B
and Class C directors of the bank, with the approval of
the Board of Governors of the Federal Reserve System,
for a term of 5 years; and all other executive officers
and all employees of the bank shall be directly respon-
sible to the president.’’ for ‘‘The president shall be the
chief executive officer of the bank and shall be ap-
pointed by the board of directors, with the approval of
the Board of Governors of the Federal Reserve System,
for a term of five years; and all other executive officers
and all employees of the bank shall be directly respon-
sible to him.’’
1994—Pub. L. 103–325 amended eighth power by sub-
stituting ‘‘Secretary of the Treasury’’ for ‘‘Comptroller
of the Currency’’.
1935—Act Aug. 23, 1935, amended fifth power.
1927—Act Feb. 25, 1927, amended second power.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective 1 day after
July 21, 2010, except as otherwise provided, see section
4 of Pub. L. 111–203, set out as an Effective Date note
under section 5301 of this title.
EFFECTIVE DATE OF 1935 AMENDMENT
Act Aug. 23, 1935, ch. 614, title II, § 201, 49 Stat. 703,
provided that the amendment made by that section is
effective Mar. 1, 1936.
Executive Documents
TRANSFER OF FUNCTIONS
For transfer of functions to Secretary of the Treas-
ury, see note under section 55 of this title.
§ 342. Deposits; exchange and collection; member
and nonmember banks or other depository
institutions; charges
Any Federal reserve bank may receive from
any of its member banks, or other depository in-
stitutions, and from the United States, deposits
of current funds in lawful money, national-bank
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 343
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 343. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(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)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5234
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.