This section may be cited as the "Public-Private Investment Program Improvement and Oversight Act of 2009".
Any program established by the Federal Government to create a public-private investment fund shall-
The Secretary shall consult with the Special Inspector General and shall issue regulations governing the interaction of the Public-Private Investment Program, the Term-Asset Backed Securities Loan Facility, and other similar public-private investment programs. Such regulations shall address concerns regarding the potential for excessive leverage that could result from interactions between such programs.
Not later than 60 days after the date of the establishment of a program described in paragraph (1), the Special Inspector General shall submit a report to Congress on the implementation of this section.
Of amounts made available under section 115(a) of the Emergency Economic Stabilization Act of 2008 ( Public Law 110-343) [ 12 U.S.C. 5225(a) ], $15,000,000 shall be made available to the Special Inspector General, which shall be in addition to amounts otherwise made available to the Special Inspector General.
In utilizing funds made available under this section, the Special Inspector General shall prioritize the performance of audits or investigations of recipients of non-recourse Federal loans made under any program that is funded in whole or in part by funds appropriated under the Emergency Economic Stabilization Act of 2008 [ 12 U.S.C. 5201 et seq.], to the extent that such priority is consistent with other aspects of the mission of the Special Inspector General. Such audits or investigations shall determine the existence of any collusion between the loan recipient and the seller or originator of the asset used as loan collateral, or any other conflict of interest that may have led the loan recipient to deliberately overstate the value of the asset used as loan collateral.
Notwithstanding any other provision of law, nothing in this section shall be construed to apply to any activity of the Federal Deposit Insurance Corporation in connection with insured depository institutions, as described in section 1823(c)(2)(B) of this title.
In this section, the term "public-private investment fund" means a financial vehicle that is-
The Secretary of the Treasury may prescribe such regulations or other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this section.
1 So in original. Probably should be "Troubled".
12 U.S.C. § 5231a
EDITORIAL NOTES
REFERENCES IN TEXTThe Emergency Economic Stabilization Act of 2008, referred to in subsecs. (c)(2) and (e)(2), is div. A of Pub. L. 110-343, 122 Stat. 3765, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables.
CODIFICATIONSection was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.Section is comprised of section 402 of Pub. L. 111-22. Subsec. (f) of section 402 of Pub. L. 111-22 amended section 5225 of this title.
- Corporation
- The term "Corporation" means the Federal Deposit Insurance Corporation.
- Fund
- The term "Fund" means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury.
- financial institution
- The term "financial institution" means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.