Page:United States Statutes at Large Volume 124.djvu/1540

 124 STAT. 1514 PUBLIC LAW 111–203—JULY 21, 2010 the terms of a loan or other obligation to such an extent that the property securing the obligation is foreclosed upon. (s) RECOUPMENT OF COMPENSATION FROM SENIOR EXECUTIVES AND DIRECTORS.— (1) IN GENERAL.—The Corporation, as receiver of a covered financial company, may recover from any current or former senior executive or director substantially responsible for the failed condition of the covered financial company any compensa- tion received during the 2-year period preceding the date on which the Corporation was appointed as the receiver of the covered financial company, except that, in the case of fraud, no time limit shall apply. (2) COST CONSIDERATIONS.—In seeking to recover any such compensation, the Corporation shall weigh the financial and deterrent benefits of such recovery against the cost of executing the recovery. (3) RULEMAKING.—The Corporation shall promulgate regu- lations to implement the requirements of this subsection, including defining the term ‘‘compensation’’ to mean any finan- cial remuneration, including salary, bonuses, incentives, bene- fits, severance, deferred compensation, or golden parachute benefits, and any profits realized from the sale of the securities of the covered financial company. SEC. 211. MISCELLANEOUS PROVISIONS. (a) CLARIFICATION OF PROHIBITION REGARDING CONCEALMENT OF ASSETS FROM RECEIVER OR LIQUIDATING AGENT.—Section 1032(1) of title 18, United States Code, is amended by inserting ‘‘the Federal Deposit Insurance Corporation acting as receiver for a covered financial company, in accordance with title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act,’’ before ‘‘or the National Credit’’. (b) CONFORMING AMENDMENT.—Section 1032 of title 18, United States Code, is amended in the section heading, by striking ‘‘of financial institution’’. (c) FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991.—Section 403(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4403(a)) is amended by inserting ‘‘section 210(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4617(d)),’’ after ‘‘section 11(e) of the Federal Deposit Insurance Act,’’. (d) FDIC INSPECTOR GENERAL REVIEWS.— (1) SCOPE.—The Inspector General of the Corporation shall conduct, supervise, and coordinate audits and investigations of the liquidation of any covered financial company by the Corporation as receiver under this title, including collecting and summarizing— (A) a description of actions taken by the Corporation as receiver; (B) a description of any material sales, transfers, merg- ers, obligations, purchases, and other material transactions entered into by the Corporation; (C) an evaluation of the adequacy of the policies and procedures of the Corporation under section 203(d) and orderly liquidation plan under section 210(n)(14); Audits. Investigations. 12 USC 5391.