12 USC 5235 - Disclosures on exercise of loan authority

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

§ 5235.

Disclosures on exercise of loan authority

(a)

In general

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—

(1)

the justification for exercising the authority; and

(2)

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.

(b)

Periodic updates

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—

(1)

the status of the loan;

(2)

the value of the collateral held by the Federal reserve bank which initiated the loan; and

(3)

the projected cost to the taxpayers of the loan.

(c)

Confidentiality

(d)

Applicability

(e)

Sharing of information

(Pub. L. 110–343, div. A, title I, § 129, Oct. 3, 2008, 122 Stat. 3796.)

cite as: 12 USC 5235