(a) Determination and written recommendation
(1) Determination request
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 determinationAny determination pursuant to paragraph (1) shall—
(B) contain an evaluation of the evidence that—
(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.
(b) ProceduresNotwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than ⅔ of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than ⅔ 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—
(2)
the Secretary (in consultation with the President) shall take action in accordance with section 5612(c) of this title.
(c) Documentation and review
(1) DocumentationThe Secretary shall—
(A)
maintain the written documentation of each determination of the Corporation and the Board of Governors under this section; and
(2) GAO reviewThe 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—
(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.