12 U.S.C. § 5201 — Purposes

Page 1798 TITLE 12—BANKS AND BANKING § 5201 Sec. 5225. Graduated authorization to purchase. 5226. Oversight and audits. 5227. Study and report on margin authority. 5228. Funding. 5229. Judicial review and related matters. 5230. Termination of authority. 5231. Special Inspector General for the Troubled Asset Relief Program. 5231a. Public-Private Investment Program; addi- tional appropriations for the Special In- spector General for the Troubled Asset Re- lief Program. 5232. Credit reform. 5233. Congressional Oversight Panel. 5234. Cooperation with the FBI. 5235. Disclosures on exercise of loan authority. 5236. Exchange Stabilization Fund reimbursement. 5237. Authority to suspend mark-to-market ac- counting. 5238. Study on mark-to-market accounting. 5239. Recoupment. 5240. Preservation of authority. 5241. Temporary increase in deposit and share in- surance coverage. SUBCHAPTER II—BUDGET-RELATED PROVISIONS 5251. Information for congressional support agen- cies. 5252. Reports by the Office of Management and Budget and the Congressional Budget Of- fice. 5253. Emergency treatment. SUBCHAPTER III—TAX PROVISIONS 5261. Gain or loss from sale or exchange of certain preferred stock. § 5201. Purposes The purposes of this chapter are— (1) to immediately provide authority and fa- cilities that the Secretary of the Treasury can use to restore liquidity and stability to the fi- nancial system of the United States; and (2) to ensure that such authority and such facilities are used in a manner that— (A) protects home values, college funds, re- tirement accounts, and life savings; (B) preserves homeownership and promotes jobs and economic growth; (C) maximizes overall returns to the tax- payers of the United States; and (D) provides public accountability for the exercise of such authority. (Pub. L. 110–343, div. A, § 2, Oct. 3, 2008, 122 Stat. 3766.) 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 below and Tables. Statutory Notes and Related Subsidiaries SHORT TITLE OF 2010 AMENDMENT Pub. L. 111–203, title XIII, § 1301, July 21, 2010, 124 Stat. 2133, provided that: ‘‘This title [amending sec- tions 1431, 1455, 1719, 5216, and 5225 of this title and en- acting provisions set out as a note under section 1455 of this title] may be cited as the ‘Pay It Back Act’.’’ SHORT TITLE OF 2009 AMENDMENT Pub. L. 111–22, div. A, § 1(a), May 20, 2009, 123 Stat. 1632, provided that: ‘‘This division [enacting sections 1715z–25, 1735f–10, 1790e, 5220a, and 5231a of this title, amending sections 1708, 1710, 1715u, 1715z–20, 1715z–23, 1715z–24, 1735f–14, 1782, 1783, 1817, 1823, 1824, 5221, 5225, 5226, 5233, and 5241 of this title, sections 1639a, 1640, and 1641 of Title 15, Commerce and Trade, section 714 of Title 31, Money and Finance, section 3703 of Title 38, Veterans’ Benefits, and sections 1437f and 1472 of Title 42, The Public Health and Welfare, repealing section 1735f–10 of this title, enacting provisions set out as notes under this section, sections 1708, 1715u, and 5220 of this title, section 1639a of Title 15, section 3703 of Title 38, and sections 1437f, 1472, and 5301 of Title 42, amend- ing provisions set out as a note under section 5301 of Title 42, and repealing provisions set out as notes under this section and section 5220 of this title] may be cited as the ‘Helping Families Save Their Homes Act of 2009’.’’ Pub. L. 111–22, div. A, title VII, § 701, May 20, 2009, 123 Stat. 1660, provided that: ‘‘This title [amending section 1437f of Title 42, The Public Health and Welfare, enact- ing provisions set out as notes under section 5220 of this title and section 1437f of Title 42, and repealing provi- sions set out as notes under this section and section 5220 of this title] may be cited as the ‘Protecting Ten- ants at Foreclosure Act of 2009’.’’ [Section 704 of Pub. L. 111–22, as amended, formerly set out as a Termination Date of 2009 Amendment note under section 1437f of Title 42, The Public Health and Welfare, which provided that title VII of div. A of Pub. L. 111–22, and the amendments made such title, are re- pealed, and the requirements under such title termi- nated, effective Dec. 31, 2014, was repealed by Pub. L. 115–174, title III, § 304(a), (c), May 24, 2018, 132 Stat. 1339, effective 30 days after May 24, 2018.] [Section 701 of Pub. L. 111–22, provisions of law amended by such section, and any regulations promul- gated pursuant to such section, as in effect on Dec. 30, 2014, restored and revived, see section 304(b) of Pub. L. 115–174, set out as a note under section 1437f of Title 42, The Public Health and Welfare.] Pub. L. 111–15, § 1, Apr. 24, 2009, 123 Stat. 1603, provided that: ‘‘This Act [amending section 5231 of this title and enacting provisions set out as a note under section 11 of the Inspector General Act of 1978, Pub. L. 95–452, set out in the Appendix to Title 5, Government Organiza- tion and Employees] may be cited as the ‘Special In- spector General for the Troubled Asset Relief Program Act of 2009’.’’ SHORT TITLE Pub. L. 110–343, div. A, § 1(a), Oct. 3, 2008, 122 Stat. 3765, provided that: ‘‘This division [enacting this chap- ter, amending sections 1715z–23, 1818, 1823, and 1828 of this title, section 5315 of Title 5, Government Organiza- tion and Employees, section 1638 of Title 15, Commerce and Trade, sections 108, 162, and 280G of Title 26, Inter- nal Revenue Code, and sections 301, 1105, and 3101 of Title 31, Money and Finance, enacting provisions set out as notes under section 1638 of Title 15, sections 108, 162, and 280G of Title 26, and section 1105 of Title 31, and amending provisions set out as a note under section 461 of this title] may be cited as the ‘Emergency Economic Stabilization Act of 2008’.’’ Executive Documents EXECUTIVE ORDER NO. 13501 Ex. Ord. No. 13501, Feb. 6, 2009, 74 F.R. 6983, which es- tablished the President’s Economic Recovery Advisory Board, was revoked by Ex. Ord. No. 13564, § 5, Jan. 31, 2011, 76 F.R. 6310, set out below. EX. ORD. NO. 13564. ESTABLISHMENT OF THE PRESIDENT’S COUNCIL ON JOBS AND COMPETITIVENESS Ex. Ord. No. 13564, Jan. 31, 2011, 76 F.R. 6309, provided: Page 1799 TITLE 12—BANKS AND BANKING § 5202 By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to continue to strengthen the Nation’s economy and ensure the competitiveness of the United States and to create jobs, opportunity, and prosperity for the American people by ensuring the availability of non-partisan advice to the President from participants in and experts on the economy, it is hereby ordered as follows: SECTION 1. There is hereby established within the De- partment of the Treasury the President’s Council on Jobs and Competitiveness (PCJC). The PCJC shall con- sist of members appointed by the President from among distinguished citizens outside the Federal Gov- ernment and shall include citizens chosen to serve as representatives of the various sectors of the economy to offer the diverse perspectives of the private sector, employers, and workers on how the Federal Govern- ment can best foster growth, competitiveness, innova- tion, and job creation. The members may also include citizens selected based on their expertise and experi- ence to offer independent advice. The President shall designate a Chair from among the members. A Co-Chair of the President’s Council of Advisors on Science and Technology who is not serving in the Federal Govern- ment and the Chair and Vice Chair of the President’s Export Council shall serve as ex-officio members. The Treasury may provide the PCJC with a staff, as nec- essary. SEC. 2. The functions of the PCJC are advisory only. The PCJC shall meet regularly and shall: (a) solicit ideas from across the country about how to bolster the economy and the prosperity of the Amer- ican people that can inform the decisionmaking of the President, and with respect to matters deemed appro- priate by the President, provide information and rec- ommendations to any executive department or agency (agency) with responsibilities related to the economy, growth, innovation, American competitiveness, or job creation; (b) report directly to the President on the design, im- plementation, and evaluation of policies to promote the growth of the American economy, enhance the skills and education of Americans, maintain a stable and sound financial and banking system, create stable jobs for American workers, and improve the long-term prosperity and competitiveness of the American people; and (c) provide analysis and information with respect to the operation, regulation, and healthy functioning of the economy and other factors that may contribute to the sustainable growth and competitiveness of Amer- ican industry and the American labor force. As deemed appropriate by the President, this analysis and infor- mation shall be provided to the Chairman of the Board of Governors of the Federal Reserve System, the Na- tional Economic Council, or any agency with respon- sibilities related to the economy, growth, innovation, American competitiveness, or job creation. SEC. 3. Administration of the PCJC. (a) All agencies and all offices within the Executive Office of the President shall cooperate with the PCJC and provide such infor- mation and assistance to the PCJC as the Chair of the PCJC may request, to the extent permitted by law. (b) The Department of the Treasury shall provide funding and administrative support for the PCJC to the extent permitted by law and within existing appropria- tions. (c) Members of the PCJC shall serve without com- pensation but may receive transportation expenses, in- cluding per diem in lieu of subsistence, as authorized by law for persons serving intermittently in the Gov- ernment (5 U.S.C. 5701–5707), consistent with the avail- ability of funds. SEC. 4. Termination. The PCJC shall terminate 2 years after the date of this order unless extended by the President. SEC. 5. Revocation of Executive Order 13501. Executive Order 13501 of February 6, 2009 (Establishing the Presi- dent’s Economic Recovery Advisory Board), is hereby revoked. SEC. 6. General Provisions. (a) Insofar as the Federal Advisory Committee Act, as amended ([former] 5 U.S.C. App.) [see 5 U.S.C. 1001 et seq.] (the ‘‘Act’’), may apply to the PCJC, any functions of the President under the Act, except for those in section 6 of the Act, shall be performed by the Secretary of the Treasury in accord- ance with the guidelines that have been issued by the Administrator of General Services. (b) Nothing in this order shall be construed to impair or otherwise affect: (i) authority granted by law to a department or agen- cy, or the head thereof; or (ii) functions of the Director of the Office of Manage- ment and Budget relating to budgetary, administra- tive, or legislative proposals. (c) This order shall be implemented consistent with applicable law and subject to the availability of appro- priations. (d) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforce- able at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. BARACK OBAMA. § 5202. Definitions For purposes of this chapter, the following definitions shall apply: (1) Appropriate committees of Congress The term ‘‘appropriate committees of Con- gress’’ means— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Fi- nance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Com- mittee on Appropriations of the House of Representatives. (2) Board The term ‘‘Board’’ means the Board of Gov- ernors of the Federal Reserve System. (3) Congressional support agencies The term ‘‘congressional support agencies’’ means the Congressional Budget Office and the Joint Committee on Taxation. (4) Corporation The term ‘‘Corporation’’ means the Federal Deposit Insurance Corporation. (5) Financial institution The term ‘‘financial institution’’ means any institution, including, but not limited to, any bank, savings association, credit union, secu- rity broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant oper- ations in the United States, but excluding any central bank of, or institution owned by, a for- eign government. (6) Fund The term ‘‘Fund’’ means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.