§5218 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must make rules to prevent or manage conflicts of interest when using the powers in this chapter. The rules must cover hiring contractors and asset managers, buying and managing troubled assets, post‑employment limits for staff, and other conflicts. The rules must be issued as soon as possible after October 3, 2008.

Title 12, §5218

Banks and Banking — Source: USLM XML via OLRC

(a)The Secretary shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under this chapter, including—

(1)conflicts arising in the selection or hiring of contractors or advisors, including asset managers;

(2)the purchase of troubled assets;

(3)the management of the troubled assets held;

(4)post-employment restrictions on employees; and

(5)any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest.

(b)Regulations or guidelines required by this section shall be issued as soon as practicable after October 3, 2008.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see

Short Title

note set out under section 5201 of this title and Tables.

§5218 Conflicts of interest