Page:United States Statutes at Large Volume 122.djvu/3796

 12 2 STA T .37 73 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8counterswap s m ar k et an dg o v ernment - sponsored enterpr i ses , and providing recommendations f or improvement, inc l uding —(1) recommendations regarding— ( A )w h ether an y participants in the financial markets that are currently outside the regulatory system should b ecome sub j ect to the regulatory system and ( B ) enhancement of the clearing and settlement of over-the-counter swaps; and ( 2 ) the rationale underlying such recommendations . (d) SHARINGOFI NFOR M A T ION.—Any report re q uired under this section shall also be submitted to the C ongressional O versight P anel established under section 12 5 . (e) S U N SE T.— T he reporting requirements under this section shall terminate on the later of— (1) the date that the last troubled asset acquired by the Secretary under section 1 0 1 has been sold or transferred out of the ownership or control of the F ederal G overnment; or (2) the date of e x piration of the last insurance contract issued under section 102. SEC.106 . RIGHT S AGEMENT; SA L E OF TRO UB LE D ASSETS; RE V E - NUES AND SALE P ROCEEDS. (a) EX ER C ISE OF R IGHTS.—The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this Act. (b) M ANAGEMENT OF TROU BL E D ASSETS.—The Secretary shall have authority to manage troubled assets purchased under this Act, 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 trans- actions, or other financial transactions in regard to, any troubled asset purchased under this Act. (d) TRANSFER TO TREASUR Y .—Revenues of, and proceeds from the sale of troubled assets purchased under this Act, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 11 3 shall be paid into the general fund of the Treasury for reduction of the public debt. (e) A P PLICATION OF SUNSET TO TROUBLED ASSETS.—The authority of the Secretary to hold any troubled asset purchased under this Act before the termination date in section 120, or to purchase or fund the purchase of a troubled asset under a commit- ment entered into before the termination date in section 120, is not subject to the provisions of section 120. SEC. 10 7 . CONTRACTING PROCEDURES. (a) STREAMLINED PROCESS.—For purposes of this Act, the Sec- retary may waive specific provisions of the Federal Acquisition Regulation upon a determination that urgent and compelling cir- cumstances 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 Over- sight and Government Reform and Financial Services of the H ouse of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and U rban Affairs of the Senate within 7 days. (b) ADDITIONAL CONTRACTING RE Q UIREMENTS.—In any solicita- tion or contract where the Secretary has, pursuant to subsection Minor i t i es.D e adl ine. W ai v era u t h orit y . 12USC5 21 7 . 12 USC 521 6.
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