§5416 — Title 12 Banks and Banking | U.S. Code

§5416 Contracting and leasing authority

Title 12 › Chapter CHAPTER 53— - WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter SUBCHAPTER III— - TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS › Part Part A— - Transfer of Powers and Duties › § 5416

Last updated Apr 6, 2026|Official source

Summary

The Comptroller’s Office may make contracts and deal in real property (buy, hold, lease, sell, or dispose) to carry out its duties, despite many procurement laws of title 40 and title 41 (except certain listed sections), but it must follow the Competition in Contracting Act’s full-and-open competition rule.

Title 12, §5416

Banks and Banking — Source: USLM XML via OLRC

Notwithstanding chapters 1 to 11 of title 40 and division C (except section 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41 or any other provision of law (except the full and open competition requirements of the Competition in Contracting Act), the Office of the Comptroller of the Currency may—

(1)enter into and perform contracts, execute instruments, and acquire real property (or property interest) as the Comptroller deems necessary to carry out the duties and responsibilities of the Office of the Comptroller of the Currency; and

(2)hold, maintain, sell, lease, or otherwise dispose of the property (or property interest) acquired under paragraph (1).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Competition in Contracting Act, referred to in text, probably means the Competition in Contracting Act of 1984, which is title VII of Pub. L. 98–369, div. B, July 18, 1984, 98 Stat. 1175. For complete classification of this Act to the Code, see

Short Title

of 1984 Act note set out under section 101 of Title 41, Public Contracts, and Tables. Codification In text, “chapters 1 to 11 of title 40 and division C (except section 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.)” on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.