Page:United States Statutes at Large Volume 107 Part 3.djvu/420

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107 STAT. 2358 PUBLIC LAW 103-202—DEC. 17, 1993 (A) IN GENERAL.— Subject to subparagraph (B), a member of the advisory committee may not discuss any part of any discussion, debate, or recommendation at a meeting of the advisory committee which occurs while such meeting is closed to the public (in accordance with paragraph (1)(B)) with, or disclose the contents of such discussion, debate, or recommendation to, anyone other than— (i) another member of the advisory committee who is present at the meeting; or (ii) an officer or employee of the Department of the Treasury. (B) APPLICABLE PERIOD OF PROHIBITION.— The prohibition contained in subparagraph (A) on discussions and disclosures of any discussion, debate, or recommendation at a meeting of the advisory committee shall cease to apply— (i) with respect to any discussion, debate, or recommendation which relates to the securities to be auctioned in a midquarter refunding by the Secretary '* of the Treasury, at the time the Secretary makes a public announcement of the refunding; and (ii) with respect to any other discussion, debate, or recommendation at the meeting, at the time the Secretary releases the minutes of the meeting in accordance with paragraph (2). (C) REMOVAL FROM ADVISORY COMMITTEE FOR VIOLA- TIONS OF THIS PARAGRAPH. — In addition to any penalty or enforcement action to which a person who violates a provision of this paragraph may be subject under any other provision of law, the Secretary of the Treasury shall— (i) remove a member of the advisory committee who violates a provision of this paragraph from the advisory committee and permanently bar such person from serving as a member of the advisory committee; and (ii) prohibit any director, officer, or employee of the firm of which the member referred to in clause (i) is a director, officer, or employee (at the time the • member is removed from the advisory committee) from serving as a member of the advisory committee at any time during the 5-year period beginning on the date of such removal, (d) REPORT TO CONGRESS. — (1) REPORT REQUIRED. —The Secretary of the Treasury shall submit an annual report to the Congress containing the follow- ' ing information with respect to material violations or suspected material violations of regulations of the Secretary relating to auctions and other offerings of securities upon the issuance of such securities by the Secretary: (A) The number of inquiries begun by the Secretary during the year covered by the report regarding such material violations or suspected material violations by any participant in the auction system or any director, officer, or employee of any such participant and the number of inquiries regarding any such violations or suspected violations which remained open at the end of such year. (B) A brief description of the nature of the violations.