Statutes, codes, and regulations
United States Code
Title 12 - BANKS AND BANKINGChapter 52 - EMERGENCY ECONOMIC STABILIZATION
Subchapter I - TROUBLED ASSETS RELIEF PROGRAM
Section 5218 - Conflicts of interest

12 U.S.C. § 5218

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Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 5218 - Conflicts of interest
(a) Standards required

The Secretary shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under this chapter, including-

(1) conflicts arising in the selection or hiring of contractors or advisors, including asset managers;
(2) the purchase of troubled assets;
(3) the management of the troubled assets held;
(4) post-employment restrictions on employees; and
(5) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest.
(b) Timing

Regulations or guidelines required by this section shall be issued as soon as practicable after October 3, 2008.

12 U.S.C. § 5218

Pub. L. 110-343, div. A, title I, §108, Oct. 3, 2008, 122 Stat. 3774.

EDITORIAL NOTES

REFERENCES IN TEXTThis chapter, referred to in subsec. (a), was in the original "this Act" and was translated as reading "this division", meaning div. A of Pub. L. 110-343, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.

Secretary
The term "Secretary" means the Secretary of the Treasury.
troubled assets
The term "troubled assets" means-(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.