§9060 — Title 15 Commerce and Trade | U.S. Code

Summary

Require the Treasury Secretary to quickly put clear details online when certain loans or loan guarantees are made. Within 72 hours the Secretary must post a plain description with the application date, approval date, who the other party is, the loan or guarantee amount, the interest rate and main financial terms if they apply, and a final term sheet or contract if there is one. Within 7 days the Secretary must also send Congress a report that gives an overview of actions, the money obligated, spent, and paid out, and a detailed financial statement listing loans made, renewed, or changed; the kinds of transactions and parties involved; what assets were bought; the tools used to carry out the program; and any repayments, late payments, or defaults. That same report must be published on the Treasury website within 7 days, and the Secretary must post an updated summary every 30 days while any such loan or guarantee is still outstanding. The Federal Reserve Board must give similar reports to Congress: within 7 days when it starts a new facility and every 30 days for outstanding assistance, and it must post those reports on its website within 7 days. The Treasury Secretary and the Fed Chair must testify twice a year before Congress about these actions until December 31, 2027. The Secretary must also post the rules, eligibility, and application forms online and must post any contract for administering loans within 24 hours. The Comptroller General must study the loans and related investments and send a report no later than 9 months after March 27, 2020, and then yearly after that through the year after the last outstanding loans.

Title 15, §9060

Commerce and Trade — Source: USLM XML via OLRC

(a)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)(1)(A)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)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.

(C)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)(A)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)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)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)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)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)(1)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)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.”

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