12 USC 5216 – Rights; management; sale of troubled assets; revenues and sale proceeds
(a) Exercise of rights
The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
(b) Management of troubled assets
Terms Used In 12 USC 5216
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
The Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
(c) Sale of troubled assets
The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this chapter.
(d) Transfer to Treasury
Revenues of, and proceeds from the sale of troubled assets purchased under this chapter, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 5223 of this title shall be paid into the general fund of the Treasury for reduction of the public debt.
(e) Application of sunset to troubled assets
The authority of the Secretary to hold any troubled asset purchased under this chapter before the termination date in section 5230 of this title, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 5230 of this title, is not subject to the provisions of section 5230 of this title.
(f) Report
The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).