Page:United States Statutes at Large Volume 124.djvu/1542

 124 STAT. 1516 PUBLIC LAW 111–203—JULY 21, 2010 of 1978 (5 U.S.C. App.), a summary of the findings and assess- ments under paragraph (1), and shall appear before the appro- priate committees of Congress, if requested, to present each such report. (4) TERMINATION OF RESPONSIBILITIES.—The duties and responsibilities of the Inspector General of the Department of the Treasury under this subsection shall terminate 1 year after the date on which the obligations purchased by the Sec- retary from the Corporation under section 210 are fully redeemed. (f) PRIMARY FINANCIAL REGULATORY AGENCY INSPECTOR GEN- ERAL REVIEWS.— (1) SCOPE.—Upon the appointment of the Corporation as receiver for a covered financial company supervised by a Fed- eral primary financial regulatory agency or the Board of Gov- ernors under section 165, the Inspector General of the agency or the Board of Governors shall make a written report reviewing the supervision by the agency or the Board of Governors of the covered financial company, which shall— (A) evaluate the effectiveness of the agency or the Board of Governors in carrying out its supervisory respon- sibilities with respect to the covered financial company; (B) identify any acts or omissions on the part of agency or Board of Governors officials that contributed to the covered financial company being in default or in danger of default; (C) identify any actions that could have been taken by the agency or the Board of Governors that would have prevented the company from being in default or in danger of default; and (D) recommend appropriate administrative or legisla- tive action. (2) REPORTS AND TESTIMONY.—Not later than 1 year after the date of appointment of the Corporation as receiver under this title, the Inspector General of the Federal primary financial regulatory agency or the Board of Governors shall provide the report required by paragraph (1) to such agency or the Board of Governors, and along with such agency or the Board of Governors, as applicable, shall appear before the appropriate committees of Congress, if requested, to present the report required by paragraph (1). Not later than 90 days after the date of receipt of the report required by paragraph (1), such agency or the Board of Governors, as applicable, shall provide a written report to Congress describing any actions taken in response to the recommendations in the report, and if no such actions were taken, describing the reasons why no actions were taken. SEC. 212. PROHIBITION OF CIRCUMVENTION AND PREVENTION OF CONFLICTS OF INTEREST. (a) NO OTHER FUNDING.—Funds for the orderly liquidation of any covered financial company under this title shall only be provided as specified under this title. (b) LIMIT ON GOVERNMENTAL ACTIONS.—No governmental entity may take any action to circumvent the purposes of this title. 12 USC 5392. Recommenda- tion. Evaluation. Reports.