123STA T . 1 65 6 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9sub s ection(a) s h a l lceasetoa p pl y to such institution as o f the effecti v e d ate of the loan m odification a gr eement . (d) DUTYOFC O NS U MERT O MAI NTAIN P RO P ERTY. —A ny home - o w ner for whose benefit any foreclosure proceeding or sale is barred under subsection (a) from being instituted , continued, or con- summated with respect to any homeowner mortgage should not, with respect to any property securing such mortgage, destroy, dam- age, or impair such property, allow the property to deteriorate, or commit waste on the property. (e) DUTY OF CONSUMER TO R ESPON D TO REASONA BL E I N Q UIRIES.—Any homeowner for whose benefit any foreclosure pro- ceeding or sale is barred under subsection (a) from being instituted, continued, or consummated with respect to any homeowner mort- gage should respond to reasonable in q uiries from a creditor or servicer during the period during which such foreclosure proceeding or sale is barred. SEC.402 . PUBLI C - P R I VAT EI N VEST M ENT PR OG RAM
A D DITIONAL APPROPRIATIONS F ORT H E SPECIAL INSPECTOR GEN- ERAL FOR THE TROUBLED ASSET RELIEF PROGRAM. (a) SH ORT TITLE.—This section may be cited as the ‘ ‘Public- Private Investment Program Improvement and O versight Act of 20 0 9’ ’. (b) PUBLI C -PRI V ATE INVESTMENT PRO G RAM.— ( 1 ) IN GENERAL.—Any program established by the F ederal G overnment to create a public-private investment fund shall— (A) in consultation with the Special Inspector General of the Trouble Asset Relief Program (in this section referred to as the ‘‘Special Inspector General’’), impose strict conflict of interest rules on managers of public-private investment funds to ensure that securities bought by the funds are purchased in arms-length transactions, that fiduciary duties to public and private investors in the fund are not violated, and that there is full disclosure of relevant facts and financial interests (which conflict of interest rules shall be implemented by the manager of a public-private investment fund prior to such fund receiving Federal Government financing)
( B ) require each public-private investment fund to ma k e a quarterly report to the Secretary of the Treasury (in this section referred to as the ‘‘Secretary’’) that discloses the 10 largest positions of such fund (which reports shall be publicly disclosed at such time as the Secretary of the Treasury determines that such disclosure will not harm the ongoing business operations of the fund); (C) allow the Special Inspector General access to all books and records of a public-private investment fund, including all records of financial transactions in machine readable form, and the confidentiality of all such informa- tion shall be maintained by the Special Inspector General; (D) require each manager of a public-private invest- ment fund to retain all books, documents, and records relating to such public-private investment fund, including electronic messages; ( E ) require each manager of a public-private invest- ment fund to acknowledge, in writing, a fiduciary duty to both the public and private investors in such fund; Records. Records. Re p or t s. Publi c i nf or ma tion. C onsultation. Public - Pri v ate I nvestment Pro g ram Improvement and O versig h t A ct of 20 0 9 . 1 2 US C 5 2 3 1a.
