Sec. 107. General provisions
1,179 words·~5 min read·
/bill/117/hr/4309/ih/section-107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All rights and remedies of the Administration (including any rights and remedies of the Administration on, under, or with respect to any mortgage or any obligation secured by a mortgage) shall be immune from impairment, limitation, or restriction by or under— any law (other than a law enacted by Congress expressly in limitation of this paragraph) that becomes effective after the acquisition by the Administration of the subject or property on, under, or with respect to which the right or remedy arises or exists or would so arise or exist in the absence of the law; or any administrative or other action that becomes effective after the acquisition.
The Administrator may conduct the business of the Administration without regard to any qualification or law of any State relating to incorporation. With the consent of a department, establishment, or instrumentality (including any field office), the Administration may— use and act through any department, establishment, or instrumentality; or use, and pay compensation for, information, services, facilities, and personnel of the department, establishment, or instrumentality. The Administrator shall be the senior procurement officer for the Administration for purposes of section 1702 of title 41, United States Code.
Funds of the Administration may be invested in such investments as the Board of Directors may prescribe. Any Federal reserve bank or any bank for which, at the time of designation by the Administrator there is outstanding a designation by the Secretary of the Treasury as a general or other depository of public money, may be designated by the Administrator as a depositary or custodian or as a fiscal or other agent of the Administration. Notwithstanding section 1349 of title 28, United States Code, or any other provision of law— the Administration shall be considered a corporation covered by sections 1345 and 1442 of title 28, United States Code; all civil actions to which the Administration is a party shall be considered to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such actions, without regard to amount or value, except that the courts of appeals shall have jurisdiction over civil actions pertaining to section 103(a)(3); and any civil or other action, case or controversy in a court of a State, or in any court other than a district court of the United States, to which the Administration is a party may at any time before trial be removed by the Administration, without the giving of any bond or security and by following any procedure for removal of causes in effect at the time of the removal— to the district court of the United States for the district and division embracing the place in which the same is pending; or if there is no such district court, to the district court of the United States for the district in which the principal office of the Administration is located.
Not later than 1 year after commencement of operation of the Administration and at least biannually thereafter, the Administrator shall submit to the Committee on Energy and Commerce of the House of Representatives and the Committee on Energy and Natural Resources of the Senate a report that includes a description of— the technologies supported by activities of the Administration; and the performance of the Administration on meeting the goals developed by the Secretary under section 102.
The programs, activities, receipts, expenditures, and financial transactions of the Administration shall be subject to audit by the Comptroller General of the United States under such rules and regulations as may be prescribed by the Comptroller General. The representatives of the Government Accountability Office shall— have access to the personnel and to all books, accounts, documents, records (including electronic records), reports, files, and all other papers, automated data, things, or property belonging to, under the control of, or in use by the Administration, or any agent, representative, attorney, advisor, or consultant retained by the Administration, and necessary to facilitate the audit; be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians; be authorized to obtain and duplicate any such books, accounts, documents, records, working papers, automated data and files, or other information relevant to the audit without cost to the Comptroller General; and have the right of access of the Comptroller General to such information under section 716(c) of title 31, United States Code.
For the purpose of conducting an audit under this subsection, the Comptroller General may, in the discretion of the Comptroller General, employ by contract, without regard to section 6101 of title 41, United States Code, professional services of firms and organizations of certified public accountants for temporary periods or for special purposes. On the request of the Comptroller General, the Administration shall reimburse the General Accountability Office for the full cost of any audit conducted by the Comptroller General under this subsection.
Such reimbursements shall— be credited to the appropriation account entitled Salaries and Expenses, Government Accountability Office at the time at which the payment is received; and remain available until expended. The Administrator shall— have an annual independent audit made of the financial statements of the Administration by an independent public accountant in accordance with generally accepted auditing standards; and submit to the Secretary the results of the audit. In conducting an audit under this subsection, the independent public accountant shall determine and report on whether the financial statements of the Administration— are presented fairly in accordance with generally accepted accounting principles; and comply with any disclosure requirements imposed under this subtitle.
The Administrator shall submit to the Secretary annual and quarterly reports of the financial condition and operations of the Administration, which shall be in such form, contain such information, and be submitted on such dates as the Secretary shall require. Each annual report shall include— financial statements prepared in accordance with generally accepted accounting principles; any supplemental information or alternative presentation that the Secretary may require; and an assessment (as of the end of the most recent fiscal year of the Administration), signed by the chief executive officer and chief accounting or financial officer of the Administration, of— the effectiveness of the internal control structure and procedures of the Administration; and the compliance of the Administration with applicable safety and soundness laws.
The Secretary may require the Administrator to submit other reports on the condition (including financial condition), management, activities, or operations of the Administration, as the Secretary considers appropriate. Each report of financial condition shall contain a declaration by the Administrator or any other officer designated by the Board of Directors of the Administration to make the declaration, that the report is true and correct to the best of the knowledge and belief of the officer.
Reports required under this section shall be published and made publicly available as soon as is practicable after receipt by the Secretary. The Administrator shall not initiate any new obligations under this subtitle on or after January 1, 2039. The authorities and obligations of the Administration shall revert to the Secretary on January 1, 2039.