Page:United States Statutes at Large Volume 124.djvu/2147

124 STAT. 2121 PUBLIC LAW 111–203—JULY 21, 2010 (2) GAO REVIEW.—The Comptroller General of the United States shall review and report to Congress on any determina- tion of the Corporation and the Board of Governors under subsection (a), including— (A) the basis for the determination; and (B) the likely effect of the actions taken. (d) REPORT TO CONGRESS.—On the earlier of the date of a submission made to Congress under section 1105(c), or within 30 days of the date of a determination under subsection (a), the Sec- retary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives, including a description of the basis for the determination. SEC. 1105. EMERGENCY FINANCIAL STABILIZATION. (a) IN GENERAL.—Upon the written determination of the Cor- poration and the Board of Governors under section 1104, the Cor- poration shall create a widely available program to guarantee obligations of solvent insured depository institutions or solvent depository institution holding companies (including any affiliates thereof) during times of severe economic distress, except that a guarantee of obligations under this section may not include the provision of equity in any form. (b) RULEMAKING AND TERMS AND CONDITIONS.— (1) POLICIES AND PROCEDURES.—As soon as is practicable after the date of enactment of this Act, the Corporation shall establish, by regulation, and in consultation with the Secretary, policies and procedures governing the issuance of guarantees authorized by this section. Such policies and procedures may include a requirement of collateral as a condition of any such guarantee. (2) TERMS AND CONDITIONS.—The terms and conditions of any guarantee program shall be established by the Corporation, with the concurrence of the Secretary. (c) DETERMINATION OF GUARANTEED AMOUNT.— (1) IN GENERAL.—In connection with any program estab- lished pursuant to subsection (a) and subject to paragraph (2) of this subsection, the Secretary (in consultation with the President) shall determine the maximum amount of debt out- standing that the Corporation may guarantee under this sec- tion, and the President may transmit to Congress a written report on the plan of the Corporation to exercise the authority under this section to issue guarantees up to that maximum amount and a request for approval of such plan. The Corpora- tion shall exercise the authority under this section to issue guarantees up to that specified maximum amount upon passage of the joint resolution of approval, as provided in subsection (d). Absent such approval, the Corporation shall issue no such guarantees. (2) ADDITIONAL DEBT GUARANTEE AUTHORITY.—If the Sec- retary (in consultation with the President) determines, after a submission to Congress under paragraph (1), that the max- imum guarantee amount should be raised, and the Council concurs with that determination, the President may transmit to Congress a written report on the plan of the Corporation to exercise the authority under this section to issue guarantees 12 USC 5612.