Page:United States Statutes at Large Volume 124.djvu/2146

 124 STAT. 2120 PUBLIC LAW 111–203—JULY 21, 2010 window lending programs, and open market operations; and ‘‘(ii) make any recommendations on whether the exemption described in clause (i) should remain in effect. ‘‘(B) REPORT.—Not later than 30 months after the date of enactment of this section, the Inspector General of the Board of Governors of the Federal Reserve System shall submit a report on the findings of the study required under subparagraph (A) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and publish the report on the website of the Board. ‘‘(9) RULE OF CONSTRUCTION.—Nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5, United States Code (popularly known as the Freedom of Information Act), on or before the date of enactment of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act.’’. SEC. 1104. LIQUIDITY EVENT DETERMINATION. (a) DETERMINATION AND WRITTEN RECOMMENDATION.— (1) DETERMINATION REQUEST.—The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guar- antee program authorized under section 1105. (2) REQUIREMENTS OF DETERMINATION.—Any determination pursuant to paragraph (1) shall— (A) be written; and (B) contain an evaluation of the evidence that— (i) a liquidity event exists; (ii) failure to take action would have serious adverse effects on financial stability or economic condi- tions in the United States; and (iii) actions authorized under section 1105 are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions. (b) PROCEDURES.—Notwithstanding any other provision of Fed- eral or State law, upon the determination of both the Corporation (upon a vote of not fewer than 2⁄3 of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than 2⁄3 of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under section 1105, and with the written consent of the Secretary— (1) the Corporation shall take action in accordance with section 1105(a); and (2) the Secretary (in consultation with the President) shall take action in accordance with section 1105(c). (c) DOCUMENTATION AND REVIEW.— (1) DOCUMENTATION.—The Secretary shall— (A) maintain the written documentation of each deter- mination of the Corporation and the Board of Governors under this section; and (B) provide the documentation for review under para- graph (2). 12 USC 5611. Publication. Web posting.