§5217 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary can skip specific parts of the Federal Acquisition Regulation when there are urgent, compelling reasons and following those rules would harm the public interest. If the Secretary does this, they must send the decision and the reasons to the House Committees on Oversight and Government Reform and Financial Services and to the Senate Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs within 7 days. When a waiver affects rules about minority contracting in a solicitation or contract, the Secretary must put in place standards and steps to try to include and use minorities, women, minority- and women-owned businesses, individuals with disabilities, and businesses owned by individuals with disabilities in that solicitation or contract (this includes hiring asset managers, servicers, property managers, and other service providers or expert consultants). The Corporation must be allowed to compete for and be considered for asset manager roles for residential mortgage loans and residential mortgage-backed securities, and the Secretary must pay the Corporation for any services it provides. Definitions (one line each): minorities — certain racial or ethnic groups; minority- and women-owned businesses — firms owned by those groups or women; individuals with disabilities — people with disabilities; businesses owned by individuals with disabilities — firms owned by those individuals.

Title 12, §5217

Banks and Banking — Source: USLM XML via OLRC

(a)For purposes of this chapter, the Secretary may waive specific provisions of the Federal Acquisition Regulation upon a determination that urgent and compelling circumstances make compliance with such provisions contrary to the public interest. Any such determination, and the justification for such determination, shall be submitted to the Committees on Oversight and Government Reform and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate within 7 days.

(b)In any solicitation or contract where the Secretary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minority- and women-owned businesses (as such terms are defined in section 1441a(r)(4) 11 See References in Text note below. of this title), and individuals with disabilities and businesses owned by individuals with disabilities (for purposes of this subsection the term “individual with disability” has the same meaning as the term “handicapped individual” as that term is defined in section 632(f) of title 15), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.

(c)Notwithstanding subsections (a) and (b), the Corporation—

(1)shall be eligible for, and shall be considered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities; and

(2)shall be reimbursed by the Secretary for any services provided.

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. section 1204(c) of the Financial Institutions Reform, Recovery, and

Enforcement

Act of 1989, referred to in subsec. (b), is section 1204(c) of Pub. L. 101–73, which is set out as a note under section 1811 of this title. section 1441a(r)(4) of this title, referred to in subsec. (b), was repealed by Pub. L. 111–203, title III, § 364(b), July 21, 2010, 124 Stat. 1555.

Amendments

2009—Subsec. (b). Pub. L. 111–5 inserted “and individuals with disabilities and businesses owned by individuals with disabilities (for purposes of this subsection the term ‘individual with disability’ has the same meaning as the term ‘handicapped individual’ as that term is defined in section 632(f) of title 15),” after “section 1441a(r)(4) of this title),”.

Statutory Notes and Related Subsidiaries

Change of Name

Committee on Oversight and Government Reform of House of Representatives changed to Committee on Oversight and Reform of House of Representatives by House Resolution No. 6, One Hundred Sixteenth Congress, Jan. 9, 2019. Committee on Oversight and Reform of House of Representatives changed to Committee on Oversight and Accountability of House of Representatives by House Resolution No. 5, One Hundred Eighteenth Congress, Jan. 9, 2023.

§5217 Contracting Procedures