The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under section
5612 of this title.
(2) Requirements of determination
Any determination pursuant to paragraph (1) shall—
(A)be written; and
(B)contain an evaluation of the evidence that—
(i)a liquidity event exists;
(ii)failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and
(iii)actions authorized under section
5612 of this title are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions.
Notwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than 2/3 of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than 2/3 of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under section
5612 of this title, and with the written consent of the Secretary—
(1)the Corporation shall take action in accordance with section
5612(a) of this title; and
(2)the Secretary (in consultation with the President) shall take action in accordance with section
5612(c) of this title.
(c) Documentation and review
The Secretary shall—
(A)maintain the written documentation of each determination of the Corporation and the Board of Governors under this section; and
(B)provide the documentation for review under paragraph (2).
(2) GAO review
The Comptroller General of the United States shall review and report to Congress on any determination of the Corporation and the Board of Governors under subsection (a), including—
(A)the basis for the determination; and
(B)the likely effect of the actions taken.
(d) Report to Congress
On the earlier of the date of a submission made to Congress under section
5612(c) of this title, or within 30 days of the date of a determination under subsection (a), the Secretary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, including a description of the basis for the determination.
Subchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as a note under section
5301 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.