Collapse to view only § 5211. Purchases of troubled assets

§ 5211. Purchases of troubled assets
(a) Offices; authority
(1) Authority
(2) Commencement of program
(3) Establishment of Treasury office
(A) In general
(B) Omitted
(b) Consultation
(c) Necessary actions
The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this chapter, including, without limitation, the following:
(1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this chapter.
(2) Entering into contracts, including contracts for services authorized by section 3109 of title 5.
(3) Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this chapter as financial agents of the Federal Government as may be required.
(4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.
(5) Issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this chapter.
(d) Program guidelines
Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on October 3, 2008, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.
(e) Preventing unjust enrichment
(Pub. L. 110–343, div. A, title I, § 101, Oct. 3, 2008, 122 Stat. 3767.)
§ 5212. Insurance of troubled assets
(a) Authority
(1) In general
(2) Guarantees
(3) Extent of guarantee
(b) Reports
(c) Premiums
(1) In general
(2) Authority to base premiums on product risk
(3) Minimum level
(4) Adjustment to purchase authority
(d) Troubled Assets Insurance Financing Fund
(1) Deposits
(2) Establishment
(3) Payments from Fund
(Pub. L. 110–343, div. A, title I, § 102, Oct. 3, 2008, 122 Stat. 3768.)
§ 5213. Considerations
In exercising the authorities granted in this chapter, the Secretary shall take into consideration—
(1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt;
(2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security;
(3) the need to help families keep their homes and to stabilize communities;
(4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this chapter;
(5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this chapter;
(6) providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;
(7) the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil;
(8) protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of title 26, except that such authority shall not extend to any compensation arrangements subject to section 409A of such title; and
(9) the utility of purchasing other real estate owned and instruments backed by mortgages on multifamily properties.
(Pub. L. 110–343, div. A, title I, § 103, Oct. 3, 2008, 122 Stat. 3770.)
§ 5214. Financial Stability Oversight Board
(a) EstablishmentThere 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.
(b) MembershipThe 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
(d) Meetings
(e) Additional authoritiesIn addition to the responsibilities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policies implemented by the Secretary are—
(1) in accordance with the purposes of this chapter;
(2) in the economic interests of the United States; and
(3) consistent with protecting taxpayers, in accordance with section 5223(a) of this title.
(f) Credit review committee
(g) Reports
(h) TerminationThe Financial Stability Oversight Board, and its authority under this section, shall terminate on the expiration of the 15-day period beginning upon the later of—
(1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
(2) the date of expiration of the last insurance contract issued under section 5212 of this title.
(Pub. L. 110–343, div. A, title I, § 104, Oct. 3, 2008, 122 Stat. 3770.)
§ 5215. Reports
(a) In generalBefore 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, 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 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 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 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;
(C) all transactions occurring during such period, including the types of parties involved;
(D) the nature of the assets purchased;
(E) all projected costs and liabilities;
(F) operating expenses, including compensation for financial agents;
(G) the valuation or pricing method used for each transaction; and
(H) a description of the vehicles established to exercise such authority.
(b) Tranche reports to Congress
(1) ReportsThe Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including—
(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 exercise of such authority on the financial system, 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 challenges.
(2) Timing
(c) Regulatory modernization reportThe Secretary shall review the current state of the financial markets and the regulatory system and submit a written report to the appropriate committees of Congress not later than April 30, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial markets, including the over-the-counter swaps market and government-sponsored enterprises, and providing recommendations for improvement, including—
(1) recommendations regarding—
(A) whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system; and
(B) enhancement of the clearing and settlement of over-the-counter swaps; and
(2) the rationale underlying such recommendations.
(d) Sharing of information
(e) SunsetThe reporting requirements under this section shall terminate on the later of—
(1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
(2) the date of expiration of the last insurance contract issued under section 5212 of this title.
(Pub. L. 110–343, div. A, title I, § 105, Oct. 3, 2008, 122 Stat. 3771.)
§ 5216. Rights; management; sale of troubled assets; revenues and sale proceeds
(a) Exercise of rights
(b) Management of troubled assets
(c) Sale of troubled assets
(d) Transfer to Treasury
(e) Application of sunset to troubled assets
(f) Report
(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.)
§ 5217. Contracting procedures
(a) Streamlined process
(b) Additional contracting requirements
(c) Eligibility of FDIC
Notwithstanding subsections (a) and (b), the Corporation—
(1) shall be eligible for, and shall be considered 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.)
§ 5218. Conflicts of interest
(a) Standards required
The Secretary shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under this chapter, including—
(1) conflicts arising in the selection or hiring of contractors or advisors, including asset managers;
(2) the purchase of troubled assets;
(3) the management of the troubled assets held;
(4) post-employment restrictions on employees; and
(5) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest.
(b) Timing
(Pub. L. 110–343, div. A, title I, § 108, Oct. 3, 2008, 122 Stat. 3774.)
§ 5219. Foreclosure mitigation efforts
(a) Residential mortgage loan servicing standards
(1) In general
(2) Waiver of certain provisions in connection with loan modifications
(b) Coordination
(c) Consent to reasonable loan modification requests
(Pub. L. 110–343, div. A, title I, § 109, Oct. 3, 2008, 122 Stat. 3774; Pub. L. 111–5, div. B, title VII, § 7002, Feb. 17, 2009, 123 Stat. 521; Pub. L. 115–174, title III, § 305, May 24, 2018, 132 Stat. 1339.)
§ 5219a. Home Affordable Modification Program guidelines
(a) Net present value input data
(b) Web-based site for NPV calculator and application
(1) NPV calculator
(2) Disclosure
(3) Application
(c) Public availability of NPV methodology, computer model, and variables
The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary—
(1) the Secretary’s methodology and computer model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to subsection (b); and
(2) all non-proprietary variables used in such net present value analysis.
(Pub. L. 111–203, title XIV, § 1482, July 21, 2010, 124 Stat. 2203.)
§ 5219b. Public availability of information of Making Home Affordable Program
(a) Revisions to Program guidelines
(b) Public availabilityData shall be made available according to the following guidelines:
(1) Not more than 14 days after each monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, reports shall be made publicly available by means of a World Wide Web site of the Secretary, and by submitting a report to the Congress, that shall includes the following information:
(A) The number of requests for mortgage modifications under the Program that the servicer or lender has received.
(B) The number of requests for mortgage modifications under the Program that the servicer or lender has processed.
(C) The number of requests for mortgage modifications under the Program that the servicer or lender has approved.
(D) The number of requests for mortgage modifications under the Program that the servicer or lender has denied.
(2) Not more than 60 days after each monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, the Secretary shall make data tables available to the public at the individual record level. The Secretary shall issue regulations prescribing—
(A) the procedures for disclosing such data to the public; and
(B) such deletions as the Secretary may determine to be appropriate to protect any privacy interest of any mortgage modification applicant, including the deletion or alteration of the applicant’s name and identification number.
(Pub. L. 111–203, title XIV, § 1483, July 21, 2010, 124 Stat. 2203.)
§ 5220. Assistance to homeowners
(a) DefinitionsAs used in this section—
(1) the term “Federal property manager” means—
(A) the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;
(B) the Corporation, with respect to residential mortgage loans and mortgage-backed securities held by any bridge depository institution pursuant to section 1821(n) of this title; and
(C) the Board, with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of this title,1
1 See References in Text note below.
or as collateral for an advance or discount that is not in default;
(2) the term “consumer” has the same meaning as in section 1602 of title 15;
(3) the term “insured depository institution” has the same meaning as in section 1813 of this title; and
(4) the term “servicer” has the same meaning as in section 2605(i)(2) of this title.
(b) Homeowner assistance by agencies
(1) In general
(2) ModificationsIn the case of a residential mortgage loan, modifications made under paragraph (1) may include—
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
(3) Tenant protectionsIn the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure—
(A) the continuation of any existing Federal, State, and local rental subsidies and protections; and
(B) that modifications take into account the need for operating funds to maintain decent and safe conditions at the property.
(4) Timing
(5) Reports to Congress
(6) Consultation
(c) Actions with respect to servicersIn any case in which a Federal property manager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans, the Federal property manager shall—
(1) encourage implementation by the loan servicers of loan modifications developed under subsection (b); and
(2) assist in facilitating any such modifications, to the extent possible.
(d) Limitation
(Pub. L. 110–343, div. A, title I, § 110, Oct. 3, 2008, 122 Stat. 3775.)
§ 5220a. Application of GSE conforming loan limit to mortgages assisted with TARP funds

In making any assistance available to prevent and mitigate foreclosures on residential properties, including any assistance for mortgage modifications, using any amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5211 et seq.], the Secretary shall provide that the limitation on the maximum original principal obligation of a mortgage that may be modified, refinanced, made, guaranteed, insured, or otherwise assisted, using such amounts shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect, at the time that the mortgage is modified, refinanced, made, guaranteed, insured, or otherwise assisted using such amounts, for the area in which the property involved in the transaction is located.

(Pub. L. 111–22, div. A, title II, § 205, May 20, 2009, 123 Stat. 1654.)
§ 5220b. Multifamily mortgage resolution program
(a) EstablishmentThe Secretary of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants and at-risk multifamily properties, where feasible, based on criteria that may include—
(1) creating sustainable financing of such properties, that may take into consideration such factors as—
(A) the rental income generated by such properties; and
(B) the preservation of adequate operating reserves;
(2) maintaining the level of Federal, State, and city subsidies in effect as of July 21, 2010;
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
(b) Coordination
(c) Definition
(d) Prevention of qualification for criminal applicants
(1) In generalNo person shall be eligible to begin receiving assistance from the Making Home Affordable Program authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), or any other mortgage assistance program authorized or funded by that Act, on or after 60 days after July 21, 2010, if such person, in connection with a mortgage or real estate transaction, has been convicted, within the last 10 years, of any one of the following:
(A) Felony larceny, theft, fraud, or forgery.
(B) Money laundering.
(C) Tax evasion.
(2) Procedures
(3) Report
(Pub. L. 111–203, title XIV, § 1481, July 21, 2010, 124 Stat. 2202.)
§ 5221. Executive compensation and corporate governance
(a) DefinitionsFor purposes of this section, the following definitions shall apply:
(1) Senior executive officer
(2) Golden parachute payment
(3) TARP recipient
(4) Commission
(5) Period in which obligation is outstanding; rule of construction
(b) Executive compensation and corporate governance
(1) Establishment of standardsDuring the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, each TARP recipient shall be subject to—
(A) the standards established by the Secretary under this section; and
(B) the provisions of section 162(m)(5) of title 26, as applicable.
(2) Standards required
(3) Specific requirementsThe standards established under paragraph (2) shall include the following:
(A) Limits on compensation that exclude incentives for senior executive officers of the TARP recipient to take unnecessary and excessive risks that threaten the value of such recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding.
(B) A provision for the recovery by such TARP recipient of any bonus, retention award, or incentive compensation paid to a senior executive officer and any of the next 20 most highly-compensated employees of the TARP recipient based on statements of earnings, revenues, gains, or other criteria that are later found to be materially inaccurate.
(C) A prohibition on such TARP recipient making any golden parachute payment to a senior executive officer or any of the next 5 most highly-compensated employees of the TARP recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding.
(D)
(i) A prohibition on such TARP recipient paying or accruing any bonus, retention award, or incentive compensation during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, except that any prohibition developed under this paragraph shall not apply to the payment of long-term restricted stock by such TARP recipient, provided that such long-term restricted stock—(I) does not fully vest during the period in which any obligation arising from financial assistance provided to that TARP recipient remains outstanding;(II) has a value in an amount that is not greater than ⅓ of the total amount of annual compensation of the employee receiving the stock; and(III) is subject to such other terms and conditions as the Secretary may determine is 1
1 So in original. Probably should be “are”.
in the public interest.
(ii) The prohibition required under clause (i) shall apply as follows:(I) For any financial institution that received financial assistance provided under the TARP equal to less than $25,000,000, the prohibition shall apply only to the most highly compensated employee of the financial institution.(II) For any financial institution that received financial assistance provided under the TARP equal to at least $25,000,000, but less than $250,000,000, the prohibition shall apply to at least the 5 most highly-compensated employees of the financial institution, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.(III) For any financial institution that received financial assistance provided under the TARP equal to at least $250,000,000, but less than $500,000,000, the prohibition shall apply to the senior executive officers and at least the 10 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.(IV) For any financial institution that received financial assistance provided under the TARP equal to $500,000,000 or more, the prohibition shall apply to the senior executive officers and at least the 20 next most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient.
(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.
(E) A prohibition on any compensation plan that would encourage manipulation of the reported earnings of such TARP recipient to enhance the compensation of any of its employees.
(F) A requirement for the establishment of a Board Compensation Committee that meets the requirements of subsection (c).
(4) Certification of complianceThe chief executive officer and chief financial officer (or the equivalents thereof) of each TARP recipient shall provide a written certification of compliance by the TARP recipient with the requirements of this section—
(A) in the case of a TARP recipient, the securities of which are publicly traded, to the Securities and Exchange Commission, together with annual filings required under the securities laws; and
(B) in the case of a TARP recipient that is not a publicly traded company, to the Secretary.
(c) Board Compensation Committee
(1) Establishment of Board required
(2) Meetings
(3) Compliance by non-SEC registrants
(d) Limitation on luxury expendituresThe board of directors of any TARP recipient shall have in place a company-wide policy regarding excessive or luxury expenditures, as identified by the Secretary, which may include excessive expenditures on—
(1) entertainment or events;
(2) office and facility renovations;
(3) aviation or other transportation services; or
(4) other activities or events that are not reasonable expenditures for staff development, reasonable performance incentives, or other similar measures conducted in the normal course of the business operations of the TARP recipient.
(e) Shareholder approval of executive compensation
(1) Annual shareholder approval of executive compensation
(2) Nonbinding vote
(3) Deadline for rulemaking
(f) Review of prior payments to executives
(1) In general
(2) Negotiations for reimbursement
(g) No impediment to withdrawal by TARP recipients
(h) Regulations
(Pub. L. 110–343, div. A, title I, § 111, Oct. 3, 2008, 122 Stat. 3776; Pub. L. 111–5, div. B, title VII, § 7001, Feb. 17, 2009, 123 Stat. 516; Pub. L. 111–22, div. A, title IV, § 403, May 20, 2009, 123 Stat. 1658.)
§ 5222. Coordination with foreign authorities and central banks

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 5211 of this title.

(Pub. L. 110–343, div. A, title I, § 112, Oct. 3, 2008, 122 Stat. 3777.)
§ 5223. Minimization of long-term costs and maximization of benefits for taxpayers
(a) Long-term costs and benefits
(1) Minimizing negative impact
(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
(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
(d) Conditions on purchase authority for warrants and debt instruments
(1) In general
The Secretary may not purchase, or make any commitment to purchase, any troubled asset under the authority of this chapter, unless the Secretary receives from the financial institution from which such assets are to be purchased—
(A) in the case of a financial institution, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such financial institution, or voting stock with respect to which,1
1 So in original. The comma probably should not appear.
the Secretary agrees not to exercise voting power, as the Secretary determines appropriate; or
(B) in the case of any financial institution other than one described in subparagraph (A), a warrant for common or preferred stock, or a senior debt instrument from such financial institution, as described in paragraph (2)(C).
(2) Terms and conditions
The terms and conditions of any warrant or senior debt instrument required under paragraph (1) shall meet the following requirements:
(A) Purposes
Such terms and conditions shall, at a minimum, be designed—
(i) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument; and
(ii) to provide additional protection for the taxpayer against losses from sale of assets by the Secretary under this chapter and the administrative expenses of the TARP.
(B) Authority to sell, exercise, or surrender
(C) Conversion
(D) Protections
(E) Exercise price
(F) Sufficiency
(3) Exceptions
(A) De minimis
(B) Other exceptions
(Pub. L. 110–343, div. A, title I, § 113, Oct. 3, 2008, 122 Stat. 3777.)
§ 5224. Market transparency
(a) Pricing
(b) Disclosure
(Pub. L. 110–343, div. A, title I, § 114, Oct. 3, 2008, 122 Stat. 3780.)
§ 5225. Graduated authorization to purchase
(a) AuthorityThe authority of the Secretary to purchase troubled assets under this chapter shall be limited as follows:
(1) Effective upon October 3, 2008, such authority shall be limited to $250,000,000,000 outstanding at any one time.
(2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 outstanding at any one time.
(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $475,000,000,000.
(4) For purposes of this subsection, the amount of authority considered to be exercised by the Secretary shall not be reduced by—
(A) any amounts received by the Secretary before, on, or after July 21, 2010, from repayment of the principal of financial assistance by an entity that has received financial assistance under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this chapter;
(B) any amounts committed for any guarantees pursuant to the TARP that became or become uncommitted; or
(C) any losses realized by the Secretary.
(5) No authority under this chapter may be used to incur any obligation for a program or initiative that was not initiated prior to June 25, 2010.
(b) Aggregation of purchase prices
(c) Joint resolution of disapproval
(1) In general
(2) Contents of joint resolutionFor the purpose of this section, the term “joint resolution” means only a joint resolution—
(A) that is introduced not later than 3 calendar days after the date on which the report of the plan of the Secretary referred to in subsection (a)(3) is received by Congress;
(B) which does not have a preamble;
(C) the title of which is as follows: “Joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008”; and
(D) the matter after the resolving clause of which is as follows: “That Congress disapproves the obligation of any amount exceeding the amounts obligated as described in paragraphs (1) and (2) of section 115(a) of the Emergency Economic Stabilization Act of 2008.”.
(d) Fast track consideration in House of Representatives
(1) Reconvening
(2) Reporting and discharge
(3) Proceeding to consideration
(4) Consideration
(e) Fast track consideration in Senate
(1) Reconvening
(2) Placement on calendar
(3) Floor consideration
(A) In general
(B) Debate
(C) Vote on passage
(D) Rulings of the chair on procedure
(f) Rules relating to Senate and House of Representatives
(1)If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply:
(A) The joint resolution of the other House shall not be referred to a committee.
(B) With respect to a joint resolution of the House receiving the resolution—
(i) the procedure in that House shall be the same as if no joint resolution had been received from the other House; but
(ii) the vote on passage shall be on the joint resolution of the other House.
(2) Treatment of joint resolution of other House
(3) Treatment of companion measures
(4) Consideration after passage
(A) In general
(B) VetoesIf the President vetoes the joint resolution—
(i) the period beginning on the date the President vetoes the joint resolution and ending on the date the Congress receives the veto message with respect to the joint resolution shall be disregarded in computing the 15-calendar day period described in subsection (a)(3), and
(ii) debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.
(5) Rules of House of Representatives and SenateThis subsection and subsections (c), (d), and (e) are enacted by Congress—
(A) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and
(B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.
(Pub. L. 110–343, div. A, title I, § 115, Oct. 3, 2008, 122 Stat. 3780; Pub. L. 111–22, div. A, title II, § 202(b), title IV, § 402(f), May 20, 2009, 123 Stat. 1643, 1658; Pub. L. 111–203, title XIII, § 1302, July 21, 2010, 124 Stat. 2133.)
§ 5226. Oversight and audits
(a) Comptroller General oversight
(1) Scope of oversightThe Comptroller General of the United States shall, upon establishment of the troubled assets relief program 1
1 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) Compliance with all applicable laws and regulations by the TARP, its agents and representatives.
(G) The efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any agent or representative performing activities on behalf of or under the authority of the TARP.
(H) The efficacy of contracting procedures pursuant to section 5217(b) of this title, including, as applicable, the efforts of the TARP in evaluating proposals for inclusion and contracting to the maximum extent possible of minorities (as such term is defined in 1204(c) 2
2 So in original. Probably should be preceded by “section”.
of the Financial Institutions Reform, Recovery, and Enhancement Act of 1989 3
3 See References in Text note below.
(12 U.S.C. 1811 note), women, and minority- and women-owned businesses, including ascertaining and reporting the total amount of fees paid and other value delivered by the TARP to all of its agents and representatives, and such amounts paid or delivered to such firms that are minority- and women-owned businesses (as such terms are defined in section 1441a 3 of this title).
(2) Conduct and administration of oversight
(A) Definition
(B) GAO presence
(C) Access to records
(i) In general
(ii) Verification
(iii) Copies
(D) Agreement by entities
(E) Restriction on public disclosure
(i) In general
(ii) Exception for congressional committees
(iii) Rule of construction
(F) Reimbursement of costs
(3) Reporting
(b) Comptroller General audits
(1) Annual audit
(2) Authority
(3) Corrective responses to audit problemsThe TARP shall—
(A) take action to address deficiencies identified by the Comptroller General or other auditor engaged by the TARP; or
(B) certify to appropriate committees of Congress that no action is necessary or appropriate.
(c) Internal control
(1) EstablishmentThe TARP shall establish and maintain an effective system of internal control, consistent with the standards prescribed under section 3512(c) of title 31, that provides reasonable assurance of—
(A) the effectiveness and efficiency of operations, including the use of the resources of the TARP;
(B) the reliability of financial reporting, including financial statements and other reports for internal and external use; and
(C) compliance with applicable laws and regulations.
(2) ReportingIn conjunction with each annual financial statement issued under this section, the TARP shall—
(A) state the responsibility of management for establishing and maintaining adequate internal control over financial reporting; and
(B) state its assessment, as of the end of the most recent year covered by such financial statement of the TARP, of the effectiveness of the internal control over financial reporting.
(d) Sharing of information
(e) TerminationAny oversight, reporting, or audit requirement under this section shall terminate on the later of—
(1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
(2) the date of expiration of the last insurance contract issued under section 5212 of this title.
(Pub. L. 110–343, div. A, title I, § 116, Oct. 3, 2008, 122 Stat. 3783; Pub. L. 111–22, div. A, title VI, § 601, May 20, 2009, 123 Stat. 1659; Pub. L. 114–301, § 3(a), Dec. 16, 2016, 130 Stat. 1514.)
§ 5227. Study and report on margin authority
(a) Study
(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
(d) Sharing of information
(Pub. L. 110–343, div. A, title I, § 117, Oct. 3, 2008, 122 Stat. 3786.)
§ 5228. Funding

For the purpose of the authorities granted in this chapter, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include actions authorized by this chapter, including the payment of administrative expenses. Any funds expended or obligated by the Secretary for actions authorized by this chapter, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure or obligation.

(Pub. L. 110–343, div. A, title I, § 118, Oct. 3, 2008, 122 Stat. 3786.)
§ 5229. Judicial review and related matters
(a) Judicial review
(1) Standard
(2) Limitations on equitable relief
(A) Injunction
(B) Temporary restraining order
(C) Preliminary injunction
(D) Permanent injunction
(3) Limitation on actions by participating companies
(4) Stays
(b) Related matters
(1) Treatment of homeowners’ rights
(2) Savings clause
(Pub. L. 110–343, div. A, title I, § 119, Oct. 3, 2008, 122 Stat. 3787.)
§ 5230. Termination of authority
(a) Termination
(b) Extension upon certification
(Pub. L. 110–343, div. A, title I, § 120, Oct. 3, 2008, 122 Stat. 3788; Pub. L. 114–113, div. O, title VII, § 709(a), Dec. 18, 2015, 129 Stat. 3030.)
§ 5231. Special Inspector General for the Troubled Asset Relief Program
(a) Office of Inspector General
(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.
(5) For purposes of section 7324 of title 5, 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.
(c) Duties
(1) It shall be the duty of the Special Inspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by the Secretary of the Treasury under any program established by the Secretary under section 5211 of this title, and the management by the Secretary of any program established under section 5212 of this title, including by collecting and summarizing the following information:
(A) A description of the categories of troubled assets purchased or otherwise procured by the Secretary.
(B) A listing of the troubled assets purchased in each such category described under subparagraph (A).
(C) An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.
(D) A listing of each financial institution that such troubled assets were purchased from.
(E) A listing of and detailed biographical information on each person or entity hired to manage such troubled assets.
(F) A current estimate of the total amount of troubled assets purchased pursuant to any program established under section 5211 of this title, the amount of troubled assets on the books of the Treasury, the amount of troubled assets sold, and the profit and loss incurred on each sale or disposition of each such troubled asset.
(G) A listing of the insurance contracts issued under section 5212 of this title.
(2) The Special Inspector General shall establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duty under paragraph (1).
(3) In addition to the duties specified in paragraphs (1) and (2), the Inspector General shall also have the duties and responsibilities of inspectors general under chapter 4 of title 5.
(4)
(A) Except as provided under subparagraph (B) and in addition to the duties specified in paragraphs (1), (2), and (3), the Special Inspector General shall have the authority to conduct, supervise, and coordinate an audit or investigation of any action taken under this subchapter as the Special Inspector General determines appropriate.
(B) Subparagraph (A) shall not apply to any action taken under section 5225, 5226, 5227, or 5233 of this title.
(d) Powers and authorities
(1) In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in section 406 of title 5.
(2) The Special Inspector General shall carry out the duties specified in subsection (c)(1) and (4) in accordance with section 404(b)(1) of title 5.
(3) The Office of the Special Inspector General for the Troubled Asset Relief Program shall be treated as an office included under section 406(f)(3) of title 5 relating to the exemption from the initial determination of eligibility by the Attorney General.
(e) Personnel, facilities, and other resources
(1)
(A) The Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector General, subject to the provisions of title 5 governing appointments in the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification and General Schedule pay rates.
(B)
(i) Subject to clause (ii), the Special Inspector General may exercise the authorities of subsections (b) through (i) of section 3161 of title 5 (without regard to subsection (a) of that section).
(ii) In exercising the employment authorities under subsection (b) of section 3161 of title 5, as provided under clause (i) of this subparagraph—(I) the Special Inspector General may not make any appointment on and after the date occurring 6 months after April 24, 2009;(II) paragraph (2) of that subsection (relating to periods of appointments) shall not apply; and(III) no period of appointment may exceed the date on which the Office of the Special Inspector General terminates under subsection (k).
(2) The Special Inspector General may obtain services as authorized by section 3109 of title 5 at daily rates not to exceed the equivalent rate prescribed for grade GS–15 of the General Schedule by section 5332 of such title.
(3) The Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payments as may be necessary to carry out the duties of the Inspector General.
(4)
(A) Upon request of the Special Inspector General for information or assistance from any department, agency, or other entity of the Federal Government, the head of such entity shall, insofar as is practicable and not in contravention of any existing law, furnish such information or assistance to the Special Inspector General, or an authorized designee.
(B) Whenever information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the appropriate committees of Congress without delay.
(5)
(A) Except as provided under subparagraph (B), if an annuitant receiving an annuity from the Civil Service Retirement and Disability Fund becomes employed in a position within the Office of the Special Inspector General for the Troubled Asset Relief Program, his annuity shall continue. An annuitant so reemployed shall not be considered an employee for purposes of chapter 83 or 84.1
1 See References in Text note below.
(B) Subparagraph (A) shall apply to—
(i) not more than 25 employees at any time as designated by the Special Inspector General; and
(ii) pay periods beginning after April 24, 2009.
(f) Corrective responses to audit problemsThe Secretary shall—
(1) take action to address deficiencies identified by a report or investigation of the Special Inspector General or other auditor engaged by the TARP; or
(2) certify to appropriate committees of Congress that no action is necessary or appropriate.
(g) Cooperation and coordination with other entitiesIn carrying out the duties, responsibilities, and authorities of the Special Inspector General under this section, the Special Inspector General shall work with each of the following entities, with a view toward avoiding duplication of effort and ensuring comprehensive oversight of the Troubled Asset Relief Program through effective cooperation and coordination:
(1) The Inspector General of the Department of Treasury.
(2) The Inspector General of the Federal Deposit Insurance Corporation.
(3) The Inspector General of the Securities and Exchange Commission.
(4) The Inspector General of the Federal Reserve Board.
(5) The Inspector General of the Federal Housing Finance Board.
(6) The Inspector General of any other entity as appropriate.
(h) Council of the Inspectors General on Integrity and Efficiency
(i) Reports
(1) Not later than 60 days after the confirmation of the Special Inspector General, and not later than 30 days following the end of each fiscal quarter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during that fiscal quarter. Each report shall include, for the period covered by such report, a detailed statement of all purchases, obligations, expenditures, and revenues associated with any program established by the Secretary of the Treasury under sections 5211 and 5212 of this title, as well as the information collected under subsection (c)(1).
(2) Not later than September 1, 2009, the Special Inspector General shall submit a report to Congress assessing use of any funds, to the extent practical, received by a financial institution under the TARP and make the report available to the public, including posting the report on the home page of the website of the Special Inspector General within 24 hours after the submission of the report.
(3) Nothing in this subsection shall be construed to authorize the public disclosure of information that is—
(A) specifically prohibited from disclosure by any other provision of law;
(B) specifically required by Executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs; or
(C) a part of an ongoing criminal investigation.
(4) Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
(5) Except as provided under paragraph (3), all reports submitted under this subsection shall be available to the public.
(j) Funding
(1) Of the amounts made available to the Secretary of the Treasury under section 5228 of this title, $50,000,000 shall be available to the Special Inspector General to carry out this section, not later than 7 days after April 24, 2009.
(2) The amount available under paragraph (1) shall remain available until expended.
(k) TerminationThe Office of the Special Inspector General shall terminate on the later of—
(1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
(2) the date of expiration of the last insurance contract issued under section 5212 of this title.
(Pub. L. 110–343, div. A, title I, § 121, Oct. 3, 2008, 122 Stat. 3788; Pub. L. 111–15, §§ 2–6, Apr. 24, 2009, 123 Stat. 1603–1605; Pub. L. 117–286, § 4(b)(35), Dec. 27, 2022, 136 Stat. 4347.)
§ 5231a. Public-Private Investment Program; additional appropriations for the Special Inspector General for the Troubled Asset Relief Program
(a) Short title
(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 1
1 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
(3) Report
(c) Additional appropriations for the Special Inspector General
(1) In general
(2) Priorities
(d) Rule of construction
(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)); 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 [
(f) Omitted
(g) Regulations
(Pub. L. 111–22, div. A, title IV, § 402, May 20, 2009, 123 Stat. 1656.)
§ 5232. Credit reform
(a) In general
(b) Costs
For the purposes of section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))—
(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)) 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) under the terms of the troubled asset or guarantee of the troubled asset, as modified.
(Pub. L. 110–343, div. A, title I, § 123, Oct. 3, 2008, 122 Stat. 3790.)
§ 5233. Congressional Oversight Panel
(a) Establishment
(b) Duties
The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to Congress:
(1) Regular reports
(A) In general
Regular reports of the Oversight Panel shall include the following:
(i) The use by the Secretary of authority under this chapter, including with respect to the use of contracting authority and administration of the program.
(ii) The impact of purchases made under the 1
1 So in original. Probably should be “this”.
chapter on the financial markets and financial institutions.
(iii) The extent to which the information made available on transactions under the program has contributed to market transparency.
(iv) The effectiveness of foreclosure mitigation efforts, and the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
(B) Timing
(2) Special report on regulatory reform
(3) Special report on farm loan restructuring
Not later than 60 days after May 20, 2009, the Oversight Panel shall submit a special report on farm loan restructuring that—
(A) analyzes the state of the commercial farm credit markets and the use of loan restructuring as an alternative to foreclosure by recipients of financial assistance under the Troubled Asset Relief Program; and
(B) includes an examination of and recommendation on the different methods for farm loan restructuring that could be used as part of a foreclosure mitigation program for farm loans made by recipients of financial assistance under the Troubled Asset Relief Program, including any programs for direct loan restructuring or modification carried out by the Farm Service Agency of the Department of Agriculture, the farm credit system, and the Making Home Affordable Program of the Department of the Treasury.
(c) Membership
(1) In general
The Oversight Panel shall consist of 5 members, as follows:
(A) 1 member appointed by the Speaker of the House of Representatives.
(B) 1 member appointed by the minority leader of the House of Representatives.
(C) 1 member appointed by the majority leader of the Senate.
(D) 1 member appointed by the minority leader of the Senate.
(E) 1 member appointed by the Speaker of the House of Representatives and the majority leader of the Senate, after consultation with the minority leader of the Senate and the minority leader of the House of Representatives.
(2) Pay
(3) Prohibition of compensation of Federal employees
(4) Travel expenses
(5) Quorum
(6) Vacancies
(7) Meetings
(d) Staff
(1) In general
(2) Experts and consultants
(3) Staff of agencies
(e) Powers
(1) Hearings and sessions
(2) Powers of members and agents
(3) Obtaining official data
(4) Reports
(f) Termination
(g) Funding for expenses
(1) Authorization of appropriations
(2) Reimbursement of amounts
(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.)
§ 5234. Cooperation with the FBI

Any Federal financial regulatory agency shall cooperate with the Federal Bureau of Investigation and other law enforcement agencies investigating fraud, misrepresentation, and malfeasance 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 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
(d) Applicability
(e) Sharing of information
(Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)
§ 5236. Exchange Stabilization Fund reimbursement
(a) Reimbursement
(b) Limits on use of Exchange Stabilization Fund
(Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.)
§ 5237. Authority to suspend mark-to-market accounting
(a) Authority
(b) Savings provision
(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 accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—
(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 quality of financial information available to investors;
(4) the process used by the Financial Accounting Standards Board in developing accounting standards;
(5) the advisability and feasibility of modifications to such standards; and
(6) alternative accounting standards to those provided in such Statement Number 157.
(b) Report
(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 beginning upon October 3, 2008, the Director of the Office 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 financial 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.)
§ 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.)
§ 5241. Temporary increase in deposit and share insurance coverage
(a) Federal Deposit Insurance Act; temporary increase in deposit insurance
(1) Increased amount
(2) Borrowing limits temporarily lifted
(b) Federal Credit Union Act; temporary increase in share insurance
(1) Increased amount
(2) Borrowing limits temporarily lifted
(c) Not for use in inflation adjustments
(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.)