12 U.S.C. § 5611: Liquidity event determination

The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under section 5612 of this title . be written; and a liquidity event exists; failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and actions authorized under section 5612 of this title are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions. the Corporation shall take action in accordance with section 5612(a) of this title ; and the Secretary (in consultation with the President) shall take action in accordance with section 5612(c) of this title . maintain the written documentation of each determination of the Corporation and the Board of Governors under this section; and provide the documentation for review under paragraph (2). the basis for the determination; and the likely effect of the actions taken. On the earlier of the date of a submission made to Congress under section 5612(c) of this title , or within 30 days of the date of a determination under subsection (a), the Secretary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, including a description of the basis for the determination.