12 USC 5211 - Purchases of troubled assets

U.S Code last checked for updates: Nov 22, 2024

§ 5211.

Purchases of troubled assets

(a)

Offices; authority

(1)

Authority

(2)

Commencement of program

(3)

Establishment of Treasury office

(A)

In general

(B)

Omitted

(b)

Consultation

(c)

Necessary actions

The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this chapter, including, without limitation, the following:

(1)

The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this chapter.

(2)

Entering into contracts, including contracts for services authorized by section 3109 of title 5.

(3)

Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this chapter as financial agents of the Federal Government as may be required.

(4)

In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.

(5)

Issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this chapter.

(d)

Program guidelines

Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on October 3, 2008, the Secretary shall publish program guidelines, including the following:

(1)

Mechanisms for purchasing troubled assets.

(2)

Methods for pricing and valuing troubled assets.

(3)

Procedures for selecting asset managers.

(4)

Criteria for identifying troubled assets for purchase.

(e)

Preventing unjust enrichment

(Pub. L. 110–343, div. A, title I, § 101, Oct. 3, 2008, 122 Stat. 3767.)

cite as: 12 USC 5211