15 U.S.C. § 9060: Reports

Summary

The Secretary of the Treasury must quickly put information online about any loan or loan guarantee made under the Act. Within 72 hours the Treasury must post a plain-language description with the application date, approval date, who the counterparty was, the loan or guarantee amount, interest rate and other key financial terms, and any final term sheet or contract. The Treasury must also post the rules, eligibility, and application materials for each program, and must post any administrative contract within 24 hours of signing it. The Secretary must report to Congress within 7 days after making a loan or guarantee. The report must give an overview of actions, show obligations, spending, and payments, and include a detailed financial statement listing loans made, renewed, or restructured; types of transactions and parties; assets bought; how programs are set up; and any repayments, delinquencies, or defaults. The Treasury must publish that report online within 7 days and then update the public every 30 days while any such loan or guarantee is outstanding. The Federal Reserve must give similar 7-day and 30-day reports for its facilities and publish them. The Secretary and the Fed Chair must testify twice a year before the Senate Banking Committee and the House Financial Services Committee (this requirement ends December 31, 2027). The Comptroller General must study these loans and report not later than 9 months after March 27, 2020, and then yearly until the year after the last such loans are outstanding, sending those reports to the listed House and Senate committees.

Title 15, §9060

Commerce and Trade, Source: USLM XML via OLRC

(a)Disclosure of transactions

Not later than 72 hours after any transaction by the Secretary under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall publish on the website of the Department of the Treasury—

(1)a plain-language description of the transaction, including the date of application, date of application approval, and identity of the counterparty;

(2)the amount of the loan or loan guarantee;

(3)the interest rate, conditions, and any other material or financial terms associated with the transaction, if applicable; and

(4)a copy of the relevant and final term sheet, if applicable, and contract or other relevant documentation regarding the transaction.

(b)Reports

(1)To Congress

(A)In general

In addition to such reports as are required under section 5302(c) of title 31, not later than 7 days after the Secretary makes any loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall submit to the Chairmen and Ranking Members of the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Chairmen and Ranking Members of the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives a report summarizing—

(i)an overview of actions taken by the Secretary under paragraph (1), (2) or (3) of section 9042(b) of this title during such period;

(ii)the actual obligation, expenditure, and disbursements of the funds during such period; and

(iii)a detailed financial statement with respect to the exercise of authority under paragraph (1), (2) or (3) of section 9042(b) of this title showing—

(I)all loans and loan guarantees made, renewed, or restructured;

(II)all transactions during such period, including the types of parties involved;

(III)the nature of the assets purchased;

(IV)a description of the vehicles established to exercise such authority; and

(V)any or all repayment activity, delinquencies or defaults on loans and loan guarantees issued under paragraph (1), (2) or (3) of section 9042(b) of this title.

(B)Publication

Not later than 7 days after the date on which the Secretary submits a report under subparagraph (A) to the committees of Congress described in such subparagraph, the Secretary shall publish such report on the website of the Department of the Treasury.

Every 30 days during such time as a loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title is outstanding, the Secretary shall publish on the website of the Department of the Treasury a report summarizing the information set forth in subparagraph (A).

(2)Board of Governors

(A)In general

With respect to any program or facility described in paragraph (4) of section 9042(b) of this title, the Board of Governors of the Federal Reserve System shall provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives such reports as are required to be provided under section 343(3) of title 12—

(i)not later than 7 days after the Board authorizes a new facility or other financial assistance in accordance with section 343(3)(C)(i) of title 12; and

(ii)once every 30 days with respect to outstanding loans or financial assistance in accordance with section 343(3)(C)(ii) of title 12.

(B)Publication

Not later than 7 days after the Board of Governors of the Federal Reserve System submits a report under subparagraph (A) to the committees of Congress described in subparagraph (A), the Board shall publish on its website such report.

(c)Testimony

The Secretary and the Chairman of the Board of Governors of the Federal Reserve System shall testify, on a semiannual basis, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the obligations of the Department of the Treasury and the Federal Reserve System, and transactions entered into, under this Act. This subsection shall have no force or effect after December 31, 2027.

(d)Program descriptions

The Secretary shall post on the website of the Department of the Treasury all criteria, guidelines, eligibility requirements, and application materials for the making of any loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title.

(e)Administrative contracts

Not later than 24 hours after the Secretary enters into a contract in connection with the administration of any loan or loan guarantee authorized to be made under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall post on the website of the Department of the Treasury a copy of the contract.

(f)Government Accountability Office

(1)Study

The Comptroller General of the United States shall conduct a study on the loans, loan guarantees, and other investments provided under section 9042 of this title.

(2)Report

Not later than 9 months after March 27, 2020, and annually thereafter through the year succeeding the last year for which loans, loan guarantees, or other investments made under section 9042 of this title are outstanding, the Comptroller General shall submit to the Committee on Financial Services, the Committee on Transportation and Infrastructure, the Committee on Appropriations, and the Committee on the Budget of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, the Committee on Appropriations, and the Committee on the Budget of the Senate a report on the loans, loan guarantees, and other investments made under section 9042 of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in subsec. (c), probably means subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of this Act to the Code, see section 4001 of Pub. L. 116–136, set out as a

Short Title

note under section 9001 of this title, and Tables.

Amendments

2022—Subsec. (c). Pub. L. 117–103 substituted “semiannual” for “quarterly” and inserted at end “This subsection shall have no force or effect after December 31, 2027.”

§9060 Reports