PRIA, Government Policy, Made Personal

Summary

The Secretary can waive specific Federal Acquisition Regulation rules when there is an urgent and compelling reason and following those rules would hurt the public interest. When the Secretary makes such a decision, they must send the decision and the reasons to these congressional committees within 7 days: the House Committees on Oversight and Government Reform and Financial Services, and the Senate Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs. If a waiver affects rules about minority contracting, the Secretary must create and use standards and procedures to try to include minorities, women, minority‑ and women‑owned businesses, people with disabilities, and businesses owned by people with disabilities in that solicitation or contract, including for asset managers, servicers, property managers, and other service providers or consultants. Minorities are defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note); minority‑ and women‑owned businesses are defined in section 1441a(r)(4) of this title; and “individual with disability” has the same meaning as “handicapped individual” in 15 U.S.C. 632(f). The Corporation (the FDIC) must be eligible for and considered when selecting asset managers for residential mortgage loans and residential mortgage‑backed securities, and the Secretary must reimburse the FDIC for any services it provides.

Title 12, §5217

Banks and Banking, Source: USLM XML via OLRC

(a)Streamlined process

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)Additional contracting requirements

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) 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)Eligibility of FDIC

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