12 U.S.C. § 5235 — Disclosures on exercise of loan authority
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 349 words · no verdicts yet
This section requires reports and updates about certain Federal Reserve loans. It specifies required contents, possible confidentiality, the covered period, and sharing with the Oversight Panel.
(a) Initial report. Within 7 days after using the authority in the third paragraph of section 13 of the Federal Reserve Act, the Board* must report to the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee. The report must give the reason for using the authority and the action's specific terms, including lending size and duration, available collateral value information, who receives warrants or other possible equity for the loan, and expected taxpayer cost. (b) Updates. Every 60 days or more often while the loan is outstanding, the Board must update those committees on the loan's status, the collateral's value as held by the initiating Federal Reserve bank, and projected taxpayer cost. (c) Confidentiality. On the Board Chairman's written request, information submitted to Congress must be confidential and available only to the chairs and ranking members of those committees. (d) Applicability. This section applies to uses of the section 13 authority from March 1, 2008, through October 3, 2008. Reports under subsection (a) are required beginning no later than 30 days after October 3, 2008, for those uses. (e) Sharing. Reports must also go to the Congressional Oversight Panel under section 5233.
Not 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—
the justification for exercising the authority; and
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.
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—
the status of the loan;
the value of the collateral held by the Federal reserve bank which initiated the loan; and
the projected cost to the taxpayers of the loan.
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).
The 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 1October 3, 2008, and reports described in subsection (a) shall be required beginning not later than 30 days after October 3, 2008, with respect to any such exercise of authority.
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
Source credit: (Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3796
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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