Title 12 — Banks and Banking
Chapter 52 — Emergency Economic Stabilization
§ 5202. Definitions
Statutory text
For purposes of this chapter, the following definitions shall apply:
Appropriate committees of Congress
The term “appropriate committees of Congress” means—
the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
Board
The term “Board” means the Board of Governors of the Federal Reserve System.
Congressional support agencies
The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.
Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
Financial institution
The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security 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 operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
Fund
The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.
Secretary
The term “Secretary” means the Secretary of the Treasury.
TARP
The term “TARP” means the Troubled Asset Relief Program established under section 5211 of this title.
Troubled assets
The term “troubled assets” means—
residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before , the purchase of which the Secretary determines promotes financial market stability; and
any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Emergency Economic Stabilization Act of 2008
Pub. L. 110–343 div. A § 3 · 122 Stat. 3765
Enacted · 12 U.S.C. § 5202
(Pub. L. 110–343, div. A, § 3, Oct. 3, 2008, 122 Stat. 3766.)
Source evidence
Code source credit
(Pub. L. 110–343, div. A, § 3, Oct. 3, 2008, 122 Stat. 3766.)Enacted provision · exact public law section
SEC. 3. DEFINITIONS. For purposes of this Act, the following definitions shall apply: (1) Appropriate committees of congress.— The term “appropriate committees of Congress” means— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, 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 Committee on Appropriations of the House of Representatives. (2) Board.— The term “Board” means the Board of Governors 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, security 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 operations in the United States, but excluding any central bank of, or institution owned by, a foreign government. (6) Fund.— The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 102. (7) Secretary.— The term “Secretary” means the Secretary of the Treasury. (8) TARP.— The term “TARP” means the Troubled Asset Relief Program established under section 101. (9) Troubled assets.— The term “troubled assets” means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, , 122 Stat. 3765, known as the Emergency Economic Stabilization 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.