Title 12 — Banks and Banking
Chapter 52 — Emergency Economic Stabilization
§ 5230. Termination of authority
Statutory text
Termination
The authorities provided under sections 5211(a), excluding section 5211(a)(3), and 5212 of this title shall terminate on .
Extension upon certification
The Secretary, upon submission of a written certification to Congress, may extend the authority provided under this chapter to expire not later than 2 years from . Such certification shall include a justification of why the extension is necessary to assist American families and stabilize financial markets, as well as the expected cost to the taxpayers for such an extension. Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on , provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.
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 title I § 120 · 122 Stat. 3765
Enacted · 12 U.S.C. § 5230
Pub. L. 110–343, div. A, title I, § 120, Oct. 3, 2008, 122 Stat. 3788
Source evidence
Code source credit
Pub. L. 110–343, div. A, title I, § 120, Oct. 3, 2008, 122 Stat. 3788Enacted provision · exact public law section
SEC. 120. TERMINATION OF AUTHORITY. (a) Termination.— The authorities provided under sections 101(a), excluding section 101(a)(3), and 102 shall terminate on December 31, 2009. (b) Extension Upon Certification.— The Secretary, upon submission of a written certification to Congress, may extend the authority provided under this Act to expire not later than 2 years from the date of enactment of this Act. Such certification shall include a justification of why the extension is necessary to assist American families and stabilize financial markets, as well as the expected cost to the taxpayers for such an extension.Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2016
Pub. L. 114–113 div. O title VII § 709(a) · 129 Stat. 2242
Inserted · 12 U.S.C. § 5230(b)
Pub. L. 114–113 inserted at end “Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 114–113 inserted at end “Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.”Enacted provision · exact public law section
Sec. 709. Except as otherwise specifically provided by law, not more than $20,000,000 in unobligated balances from appropriations made available for salaries and expenses in this Act for the Farm Service Agency shall remain available through September 30, 2017, for information technology expenses: Provided, That except as otherwise specifically provided by law, unobligated balances from appropriations made available for salaries and expenses in this Act for the Rural Development mission area shall remain available through September 30, 2017, for information technology expenses.
2 of 2 references resolved to an enrolled provision
Editorial Notes
References in Text
This chapter, referred to in subsec. (b), 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.
Amendments
2015—Subsec. (b). Pub. L. 114–113 inserted at end “Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on , provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.”
Statutory Notes and Related Subsidiaries
Termination of the Making Home Affordable Initiative
Pub. L. 114–113, div. O, title VII, § 709(b), , 129 Stat. 3030, provided that:
“(1) In general.—
The Making Home Affordable initiative of the Secretary of the Treasury, as authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), shall terminate on .
“(2) Applicability.—
Paragraph (1) shall not apply to any loan modification application made under the Home Affordable Modification Program under the Making Home Affordable initiative of the Secretary of the Treasury, as authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), before .”
Credits
2008–2015 · 2 acts
- 2008Pub. L. 110–343, div. A, title I, § 120, , 122 Stat. 3788
- 2015Pub. L. 114–113, div. O, title VII, § 709(a), , 129 Stat. 3030.
Show as published
(Pub. L. 110–343, div. A, title I, § 120, , 122 Stat. 3788; Pub. L. 114–113, div. O, title VII, § 709(a), , 129 Stat. 3030.)