Sec. 1104. LIQUIDITY EVENT DETERMINATION
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## SEC. 1104 LIQUIDITY EVENT DETERMINATION **[**[12 U.S.C. 5611](/us/usc/t12/s5611)**]** ###
(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 1105. ####
(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 1105 are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions. ###
(b)Procedures Notwithstanding 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 1105, and with the written consent of the Secretary— ####
(1)the Corporation shall take action in accordance with section 1105(a); and ####
(2)the Secretary (in consultation with the President) shall take action in accordance with section 1105(c). ###
(c)Documentation and Review ####
(1)Documentation 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 1105(c), 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.
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Sec. 1104
LIQUIDITY EVENT DETERMINATION
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