§5202 — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used in the chapter. It lists who or what certain names mean when they are used below. Appropriate committees of Congress are the named Senate committees (Banking, Housing, and Urban Affairs; Finance; Budget; Appropriations) and the named House committees (Financial Services; Ways and Means; Budget; Appropriations). Board means the Board of Governors of the Federal Reserve System. Congressional support agencies are the Congressional Budget Office and the Joint Committee on Taxation. Corporation means the Federal Deposit Insurance Corporation. Financial institution means banks, savings associations, credit unions, brokers or dealers, insurance companies, and similar firms set up and regulated under U.S. or state law with significant U.S. operations, but not foreign central banks or institutions owned by a foreign government. Fund means the Troubled Assets Insurance Financing Fund (section 5212). Secretary means the Secretary of the Treasury. TARP means the Troubled Asset Relief Program (section 5211). Troubled assets are residential or commercial mortgages and related securities originated or issued on or before March 14, 2008, that the Secretary decides help financial stability, and any other financial instruments the Secretary, after consulting the Fed Chair, decides are necessary if the Secretary sends that decision in writing to the appropriate congressional committees.

Title 12, §5202

Banks and Banking — Source: USLM XML via OLRC

For purposes of this chapter, the following definitions shall apply:

(1)The term “appropriate committees of Congress” means—

(A)the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and

(B)the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.

(2)The term “Board” means the Board of Governors of the Federal Reserve System.

(3)The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.

(4)The term “Corporation” means the Federal Deposit Insurance Corporation.

(5)The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.

(6)The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.

(7)The term “Secretary” means the Secretary of the Treasury.

(8)The term “TARP” means the Troubled Asset Relief Program established under section 5211 of this title.

(9)The term “troubled assets” means—

(A)residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and

(B)any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, 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.

§5202 Definitions