12 U.S.C. § 5217 — Contracting procedures

(a) Streamlined process for this chapter, the Secretary^* may waive specific provisions of the Federal Acquisition Regulation upon a determination that urgent and compelling circumstances make compliance with that provisions contrary to the public interest. Any that determination, and the justification for that determination, must be submitted to the Committees on Oversight and Government Reform and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days.

(b) Additional contracting requirements In any solicitation or contract where the Secretary has, under subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary must develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as that term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note)) and women, and minority- and women-owned businesses (as that terms are defined in section 1441a(r)(4) 1 of this title), and individuals with disabilities and businesses owned by individuals with disabilities (for this subsection the term “individual with disability” has the meaning given the term “handicapped individual” as that term is defined in section 632(f) of title 15), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.

(c) Eligibility of FDIC despite subsections

(a) and (b), the Corporation^*— (1) must be eligible for, and must be considered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities; and (2) must be reimbursed by the Secretary for any services provided.