§ 5216. Rights; management; sale of troubled assets; revenues and sale proceeds
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/usc/title-12/section-5216A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Exercise of rights The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
(b)Management of troubled assets The Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
(c)Sale of troubled assets The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this chapter.
(d)Transfer to Treasury Revenues of, and proceeds from the sale of troubled assets purchased under this chapter, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 5223 of this title shall be paid into the general fund of the Treasury for reduction of the public debt.
(e)Application of sunset to troubled assets The authority of the Secretary to hold any troubled asset purchased under this chapter before the termination date in section 5230 of this title, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 5230 of this title, is not subject to the provisions of section 5230 of this title.
(f)Report The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).
(Pub. L. 110–343, div. A, title I, § 106, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–203, title XIII, § 1303, July 21, 2010, 124 Stat. 2133.)
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Cited by 4 sections
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- Public Law 110–343To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
8 references not yet in our index
- Pub. L. 110–343, div. A, title I, § 106
- 122 Stat. 3773
- Pub. L. 111–203, title XIII, § 1303
- 124 Stat. 2133
- Pub. L. 110–343
- 122 Stat. 3765
- Pub. L. 111–203
- section 4 of Pub. L. 111–203
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§ 5216
Rights; management; sale of troubled assets; revenues and sale proceeds
Stat.×2
Stat. Comp.×1
U.S.C.×1
Pub. L.Pub. L. 110–343, div. A, title I, § 106
Stat.122 Stat. 3773
Pub. L.Pub. L. 111–203, title XIII, § 1303
Stat.124 Stat. 2133
Pub. L.Pub. L. 110–343
Cites 12 · showing 9Cited by 4 across 3 sources