12 U.S.C. § 5225 — Graduated authorization to purchase

Page 1813 TITLE 12—BANKS AND BANKING § 5225 1 So in original. Probably should be ‘‘institution’’. transactions of troubled assets purchased from any one financial institution for the duration of the program, at not more than $100,000,000. (B) Other exceptions The Secretary shall establish an exception to the requirements of this subsection and appropriate alternative requirements for any participating financial institution that is legally prohibited from issuing securities and debt instruments, so as not to allow cir- cumvention of the requirements of this sec- tion. (Pub. L. 110–343, div. A, title I, § 113, Oct. 3, 2008, 122 Stat. 3777.) 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. § 5224. Market transparency (a) Pricing To facilitate market transparency, the Sec- retary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this chapter, within 2 business days of purchase, trade, or other disposition. (b) Disclosure For each type of financial institutions 1 that sells troubled assets to the Secretary under this chapter, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contin- gent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions. If such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional dis- closure requirements to the relevant regulators. (Pub. L. 110–343, div. A, title I, § 114, Oct. 3, 2008, 122 Stat. 3780.) 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. § 5225. Graduated authorization to purchase (a) Authority The authority of the Secretary to purchase troubled assets under this chapter shall be lim- ited as follows: (1) Effective upon October 3, 2008, such au- thority shall be limited to $250,000,000,000 out- standing 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 sub- mission, 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 de- tailing 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 exer- cised by the Secretary shall not be reduced by— (A) any amounts received by the Secretary before, on, or after July 21, 2010, from repay- ment of the principal of financial assistance by an entity that has received financial as- sistance under the TARP or any other pro- gram enacted by the Secretary under the au- thorities granted to the Secretary under this chapter; (B) any amounts committed for any guar- antees 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 The amount of troubled assets purchased by the Secretary outstanding at any one time shall be determined for purposes of the dollar amount limitations under subsection (a) by aggregating the purchase prices of all troubled assets held. (c) Joint resolution of disapproval (1) In general Notwithstanding any other provision of this section, the Secretary may not exercise any authority to make purchases under this chap- ter with regard to any amount in excess of $350,000,000,000 previously obligated, as de- scribed in this section if, within 15 calendar days after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3), there is enacted into law a joint resolution disapproving the plan of the Secretary with respect to such additional amount. (2) Contents of joint resolution For the purpose of this section, the term ‘‘joint resolution’’ means only a joint resolu- tion— (A) that is introduced not later than 3 cal- endar days after the date on which the re- port of the plan of the Secretary referred to in subsection (a)(3) is received by Congress; (B) which does not have a preamble; Page 1814 TITLE 12—BANKS AND BANKING § 5225 1 So in original. The semicolon probably should be a period. (C) the title of which is as follows: ‘‘Joint resolution relating to the disapproval of ob- ligations under the Emergency Economic Stabilization Act of 2008’’; and (D) the matter after the resolving clause of which is as follows: ‘‘That Congress dis- approves the obligation of any amount ex- ceeding 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 Rep- resentatives (1) Reconvening Upon receipt of a report under subsection (a)(3), the Speaker, if the House would other- wise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than the second calendar day after receipt of such report; 1 (2) Reporting and discharge Any committee of the House of Representa- tives to which a joint resolution is referred shall report it to the House not later than 5 calendar days after the date of receipt of the report described in subsection (a)(3). If a com- mittee fails to report the joint resolution within that period, the committee shall be dis- charged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar. (3) Proceeding to consideration After each committee authorized to consider a joint resolution reports it to the House or has been discharged from its consideration, it shall be in order, not later than the sixth day after Congress receives the report described in subsection (a)(3), to move to proceed to con- sider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order. (4) Consideration The joint resolution shall be considered as read. All points of order against the joint reso- lution and against its consideration are waived. The previous question shall be consid- ered as ordered on the joint resolution to its passage without intervening motion except two hours of debate equally divided and con- trolled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order. (e) Fast track consideration in Senate (1) Reconvening Upon receipt of a report under subsection (a)(3), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minor- ity leader of the Senate, shall notify the Mem- bers of the Senate that, pursuant to this sec- tion, the Senate shall convene not later than the second calendar day after receipt of such message. (2) Placement on calendar Upon introduction in the Senate, the joint resolution shall be placed immediately on the calendar. (3) Floor consideration (A) In general Notwithstanding Rule XXII of the Stand- ing Rules of the Senate, it is in order at any time during the period beginning on the 4th day after the date on which Congress re- ceives a report of the plan of the Secretary described in subsection (a)(3) and ending on the 6th day after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3) (even though a previous motion to the same effect has been disagreed to) to move to proceed to the con- sideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint reso- lution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to recon- sider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the resolution is agreed to, the joint resolu- tion shall remain the unfinished business until disposed of. (B) Debate Debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally be- tween the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order. (C) Vote on passage The vote on passage shall occur imme- diately following the conclusion of the de- bate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate. (D) Rulings of the chair on procedure Appeals from the decisions of the Chair re- lating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be de- cided without debate. (f) Rules relating to Senate and House of Rep- resentatives (1) Coordination with action by other House 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: Page 1815 TITLE 12—BANKS AND BANKING § 5226 1 So in original. Probably should be ‘‘Troubled Asset Relief Program’’. (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 If one House fails to introduce or consider a joint resolution under this section, the joint resolution of the other House shall be entitled to expedited floor procedures under this sec- tion. (3) Treatment of companion measures If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Rep- resentatives, the companion measure shall not be debatable. (4) Consideration after passage (A) In general If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and end- ing on the date the President takes action with respect to the joint resolution shall be disregarded in computing the 15-calendar day period described in subsection (a)(3). (B) Vetoes If the President vetoes the joint resolu- tion— (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 com- puting the 15-calendar day period de- scribed in subsection (a)(3), and (ii) debate on a veto message in the Sen- ate 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 Sen- ate This 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 proce- dure 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 incon- sistent with such rules; and (B) with full recognition of the constitu- tional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same man- ner, 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.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a) and (c)(1), was in the original ‘‘this Act’’ and was translated as read- ing ‘‘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 reflect the prob- able 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. The Emergency Economic Stabilization Act of 2008, referred to in subsec. (c)(2)(C), (D), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to this chapter. Paragraphs (1) and (2) of section 115(a) of the Act are classified to paragraphs (1) and (2), respectively, of subsec. (a) of this section. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. AMENDMENTS 2010—Subsec. (a)(3). Pub. L. 111–203, § 1302(1)(B), struck out ‘‘outstanding at any one time’’ before the period at the end. Pub. L. 111–203, § 1302(1)(A), which directed substi- tution of ‘‘$475,000,000,000’’ for ‘‘, $700,000,000,000, as such amount is reduced by $1,259,000,000, as such amount is reduced by $1,244,000,000’’, was executed by making the substitution for ‘‘$700,000,000,000, as such amount is re- duced by $1,259,000,000,, as such amount is reduced by $1,244,000,000,’’, to reflect the probable intent of Con- gress. Subsec. (a)(4), (5). Pub. L. 111–203, § 1302(2), added pars. (4) and (5). 2009—Subsec. (a)(3). Pub. L. 111–22, § 402(f), inserted ‘‘, as such amount is reduced by $1,259,000,000,’’ after ‘‘$700,000,000,000’’. Pub. L. 111–22, § 202(b), inserted of ‘‘, as such amount is reduced by $1,244,000,000,’’ after ‘‘$700,000,000,000’’. 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. § 5226. Oversight and audits (a) Comptroller General oversight (1) Scope of oversight The Comptroller General of the United States shall, upon establishment of the trou- bled assets relief program 1 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 re- lated to the agent or representative’s activi- ties 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 meet- ing the purposes of this chapter, particularly those involving— (i) foreclosure mitigation;