12 U.S.C. § 5215 — Reports

Page 1803 TITLE 12—BANKS AND BANKING § 5215 on the expiration of the 15-day period beginning upon the later of— (1) the date that the last troubled asset ac- quired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Gov- ernment; or (2) the date of expiration of the last insur- ance contract issued under section 5212 of this title. (Pub. L. 110–343, div. A, title I, § 104, Oct. 3, 2008, 122 Stat. 3770.) 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. § 5215. Reports (a) In general Before the expiration of the 60-day period be- ginning on the date of the first exercise of the authority granted in section 5211(a) of this title, or of the first exercise of the authority granted in section 5212 of this title, whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate com- mittees of Congress, with respect to each such period— (1) an overview of actions taken by the Sec- retary, including the considerations required by section 5213 of this title and the efforts under section 5219 of this title; (2) the actual obligation and expenditure of the funds provided for administrative expenses by section 5228 of this title during such period and the expected expenditure of such funds in the subsequent period; and (3) a detailed financial statement with re- spect 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; (C) all transactions occurring during such period, including the types of parties in- volved; (D) the nature of the assets purchased; (E) all projected costs and liabilities; (F) operating expenses, including com- pensation for financial agents; (G) the valuation or pricing method used for each transaction; and (H) a description of the vehicles estab- lished to exercise such authority. (b) Tranche reports to Congress (1) Reports The Secretary shall provide to the appro- priate committees of Congress, at the times specified in paragraph (2), a written report, in- cluding— (A) a description of all of the transactions made during the reporting period; (B) a description of the pricing mechanism for the transactions; (C) a justification of the price paid for and other financial terms associated with the transactions; (D) a description of the impact of the exer- cise of such authority on the financial sys- tem, supported, to the extent possible, by specific data; (E) a description of challenges that remain in the financial system, including any benchmarks yet to be achieved; and (F) an estimate of additional actions under the authority provided under this chapter that may be necessary to address such chal- lenges. (2) Timing The report required by this subsection shall be submitted not later than 7 days after the date on which commitments to purchase trou- bled assets under the authorities provided in this chapter first reach an aggregate of $50,000,000,000 and not later than 7 days after each $50,000,000,000 interval of such commit- ments is reached thereafter. (c) Regulatory modernization report The Secretary shall review the current state of the financial markets and the regulatory sys- tem and submit a written report to the appro- priate committees of Congress not later than April 30, 2009, analyzing the current state of the regulatory system and its effectiveness at over- seeing the participants in the financial markets, including the over-the-counter swaps market and government-sponsored enterprises, and pro- viding recommendations for improvement, in- cluding— (1) recommendations regarding— (A) whether any participants in the finan- cial markets that are currently outside the regulatory system should become subject to the regulatory system; and (B) enhancement of the clearing and set- tlement of over-the-counter swaps; and (2) the rationale underlying such rec- ommendations. (d) Sharing of information Any report required under this section shall also be submitted to the Congressional Over- sight Panel established under section 5233 of this title. (e) Sunset The reporting requirements under this section shall terminate on the later of— (1) the date that the last troubled asset ac- quired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Gov- ernment; or (2) the date of expiration of the last insur- ance contract issued under section 5212 of this title. (Pub. L. 110–343, div. A, title I, § 105, Oct. 3, 2008, 122 Stat. 3771.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a)(3) and (b)(1)(F), (2), was in the original ‘‘this Act’’ and was 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 5230 of this title, is not subject to the provisions of sec- tion 5230 of this title. (f) Report The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under sub- section (d). (Pub. L. 110–343, div. A, title I, § 106, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–203, title XIII, § 1303, July 21, 2010, 124 Stat. 2133.) 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. AMENDMENTS 2010—Subsec. (f). Pub. L. 111–203 added subsec. (f). 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. § 5217. Contracting procedures (a) Streamlined process For purposes of this chapter, the Secretary may waive specific provisions of the Federal Ac- quisition Regulation upon a determination that urgent and compelling circumstances make compliance with such provisions contrary to the public interest. Any such determination, and the justification for such determination, shall be submitted to the Committees on Oversight and Government Reform and Financial Services of the House of Representatives and the Commit- tees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days. (b) Additional contracting requirements In any solicitation or contract where the Sec- retary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regula- tion pertaining to minority contracting, the Secretary shall develop and implement stand- ards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Re- covery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minority- and women-owned businesses (as such terms are de- fined in section 1441a(r)(4) 1 of this title), and in- dividuals with disabilities and businesses owned by individuals with disabilities (for purposes of this subsection the term ‘‘individual with dis- ability’’ has the same meaning as the term ‘‘handicapped individual’’ as that term is de- fined in section 632(f) of title 15), in that solici- tation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants. (c) Eligibility of FDIC Notwithstanding subsections (a) and (b), the Corporation— (1) shall be eligible for, and shall be consid- ered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities; and (2) shall be reimbursed by the Secretary for any services provided. (Pub. L. 110–343, div. A, title I, § 107, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–5, div. A, title XVI, § 1608, Feb. 17, 2009, 123 Stat. 304.) 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. Section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (b), is section 1204(c) of Pub. L. 101–73, which is set out as a note under section 1811 of this title.