Page:United States Statutes at Large Volume 122.djvu/3803

 12 2 STA T .3780PUBLIC LA W 110 – 3 4 3 —O CT. 3 , 2008 SEC.1 1 4 . MARK E T TRA N S P ARENC Y . (a)PRIC I NG.—Tof a cil i t at em a rk et tra nsp arenc y, t h e S ecretary shall make a v aila b letothep u blic, in electronic form, a d escription, amounts, and pricin g of assets ac q uired under this A ct, w ithin 2 business days of purchase, trade, or other disposition. (b) D I S C LO S U R E .— F or each type of financial institutions that sells troubled assets to the Secretary under this Act, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off - balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential e x posure is adequate to provide to the public sufficient information as to the true financial position of the institutions. I f such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional disclosure requirements to the relevant regulators. SEC. 11 5 . G RA DU ATED AUT HO R IZ ATION TO PURCHASE. (a) AU TH ORIT Y .—The authority of the Secretary to purchase troubled assets under this Act shall be limited as follows

( 1 ) E ffective upon the date of enactment of this Act, such authority shall be limited to $ 2 50 ,000,000,000 outstanding at any one time. (2) If at any time, the President submits to the C ongress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submis- sion, such authority shall be limited to $ 3 50,000,000,000 out- standing at any one time. (3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a j oint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $ 7 00,000,000,000 outstanding at any one time. (b) AGGREG A TION O F PURCHASE PRICES.—The amount of trou- bled assets purchased by the Secretary outstanding at any one time shall be determined for purposes of the dollar amount limita- tions under subsection (a) by aggregating the purchase prices of all troubled assets held. (c) J OINT R ESOLUTION OF DISA P PRO V AL.— (1) IN GENERAL.— N otwithstanding any other provision of this section, the Secretary may not exercise any authority to make purchases under this Act with regard to any amount in excess of $350,000,000,000 previously obligated, as described in this section if, within 15 calendar days after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3), there is enacted into law a joint resolution disapproving the plan of the Secretary with respect to such additional amount. (2) CONTENTS OF J OINT RESOLUTION.—For the purpose of this section, the term ‘ ‘joint resolution ’ ’ means only a joint resolution— (A) that is introduced not later than 3 calendar days after the date on which the report of the plan of the Secretary referred to in subsection (a)(3) is received by Congress i t i o n .E ffe c ti v e da te s . 12USC5 225. Publ ic info rm ation. Deadline. 12 USC 522 4.
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