§ 5235. Disclosures on exercise of loan authority

Footnotes

1. 1 So in original.

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.

1. 2008

   Emergency Economic Stabilization Act of 2008

   Pub. L. 110–343 div. A title I § 129 · 122 Stat. 3765

   Enacted · 12 U.S.C. § 5235

   (Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)

   Source evidence

   Code source credit
   (Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)

   Enacted provision · exact public law section
   SEC. 129. DISCLOSURES ON EXERCISE OF LOAN AUTHORITY. (a) In General.— Not Reports. Deadline. 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.— The information submitted to the Congress under this section shall be kept confidential, upon the written request of the Chairman of the Board, in which case it shall be made available only to the Chairpersons and Ranking Members of the Committees described in subsection (a). (d) Applicability.— The Effective date. Termination date. Reports. Deadline. provisions of this section shall be in force for all uses of the authority provided under section 13 of the Federal Reserve Act occurring during the period beginning on March 1, 2008 and ending on the after the date of enactment of this Act, and reports described in subsection (a) shall be required beginning not later than 30 days after that date of enactment, with respect to any such exercise of authority. (e) Sharing of Information.— Any Reports. reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 125.

1 of 1 references resolved to an enrolled provision