123STA T . 1 657PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9(F)requi ree achm a n a g er of a p u bl ic - pri v a t e inve s t- ment fun d to develop a robust ethics polic y that includes methods to ensure compliance w ith such policy
( G ) require strict investor screening procedures for public-private investment funds; and ( H ) require each manager of a public-private fund to identify for the S ecretary , on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund . ( 2 ) INTERAC T IO N B ET W EEN PU B L IC-PRI V ATE INVE S T M ENT F UN D SANDT H E TERM-ASSET BAC K ED SECURITIES LOAN FACILIT Y . —T he Secretary shall consult with the Special Inspector General and shall issue regulations governing the interaction of the P ublic-Private Investment Program, the Term- A sset B ac k ed Securities L oan Facility, and other similar public-private investment programs. Such regulations shall address concerns regarding the potential for e x cessive leverage that could result from interactions between such programs. ( 3 ) R EPORT.— N ot later than 6 0 days after the date of the establishment of a program described in paragraph (1), the Special Inspector General shall submit a report to C ongress on the implementation of this section. (c) ADDITIONAL APPROPRIATIONS FOR THE SPECIAL INSPECTOR GENERAL.— (1) IN G ENERAL.— O f amounts made available under section 11 5 (a) of the E mergency Economic Stabili z ation Act of 200 8 (Public Law 110 – 3 4 3), $ 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. (2) PRIORITIES.—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, 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. (d) RULE OF CONSTRUCTION.—Notwithstanding any other provi- sion of law, nothing in this section shall be construed to apply to any activity of the Federal D eposit Insurance Corporation in connection with insured depository institutions, as described in section 13(c)(2)(B) of the Federal Deposit Insurance Act. (e) DEFINITION.—In this section, the term ‘ ‘public-private invest- ment fund ’ ’ means a financial vehicle that is— (1) established by the Federal Government to purchase pools of loans, securities, or assets from a financial institution described in section 101(a)(1) of the Emergency Economic Sta- bilization Act of 2008 (12 U .S.C. 5211(a)(1)); and Consulta t i on .Reg ulations.
