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 123STA T . 1 605PUBLIC LA W 111 – 15 — AP R .2 4, 200 9‘ ‘ (6)TheInsp e ctorG ener al o f an y other ent i ty as appro - priate . ‘‘(h) COUNCIL O FTHE IN SP ECTO R S GENER A L ON INTE G RIT Y AN DE FFICIENCY. — The S pecial Inspector General shall b ea m ember of the Co u ncil of the Inspectors General on Inte g rity an d Efficiency established under section 1 1 of the Inspector General A ctof1 978 ( 5U .S.C. App.) until the date of termination of the O ffice of the Special Inspector General for the Troubled Asset R elief P rogram. ’ ’. SEC.5 . R E PO R TING RE QU IRE M ENTS. Section 1 2 1(i) of the Emergency Economic Stabili z ation Act of2 0 08 (di v ision A of Public L a w 110 –34 3) , as redesignated by this Act, is amended— (1) in paragraph (1), by stri k ing the first sentence and inserting ‘‘ N ot later than 60 days after the confirmation of the Special Inspector General, and not later than 30 days following the end of each fiscal q uarter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during that fiscal quarter.’’ (2) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; (3) by inserting after paragraph (1) the following ‘‘(2) Not later than September 1, 2009, the Special Inspector General shall submit a report to Congress assessing use of any funds, to the e x tent practical, received by a financial institution under the TARP and make the report available to the public, including posting the report on the home page of the website of the Special Inspector General within 24 hours after the submission of the report.’’; and (4) by adding at the end the following: ‘‘(5) Except as provided under paragraph (3), all reports sub- mitted under this subsection shall be available to the public.’’. SEC. 6 . F UN D INGOFT H E OFFICE OF THE SPECI AL INSPECTOR GEN - ERAL. Section 121( j )(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343), as redesignated by this Act, is amended by inserting before the period at the end the following: ‘‘, not later than 7 days after the date of enactment of the Special Inspector General for the Troubled Asset Relief Program Act of 2009’’. SEC. 7 . COUNCIL OF THE INSPECTORS GENERAL ON INTEGRIT Y AND EFFICIENCY. The Special Inspector General for Iraq Reconstruction and the Special Inspector General for Afghanistan Reconstruction shall be a members of the Council of the Inspectors General on Integrity and Efficiency established under section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) until the date of termination of the Office of the Special Inspector General for Iraq Reconstruction 5USCap p .1 1 note . Public in f o rm ation. W eb po s tin g . 1 2 USC 52 3 1.


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 123STA T . 1 60 6 PUBLIC LA W 111 – 1 5— AP R .2 4, 200 9LEGIS L AT I V E H IST ORY— S .38 3 HO U SE RE P ORTS: No . 1 11 –4 1, P t .1 (C o m m.o nFi n a n c ia l S erv ice s). CONGRESSIONAL RECOR D , Vol.1 5 5( 20 0 9 ): Fe b . 4, consi d ered and p assed Senate. M ar. 25, considered and passed Ho u se. andtheOf f ic e o f the Sp ecia lI n s pecto rG eneral for A f g hanistan R econstr u ction , respecti v el y. Approved April 24 ,2 0 0 9.

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


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 123STA T . 1 607PUBLIC LA W 111 – 16 —M A Y 7, 200 9PublicLaw1 11 – 1 6 111 thCongres s A n Act Tomaket e chni ca l amen d ment s to la w s containin g time p e r iods a f fecting ju dicial proceedings .Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E. ThisActmaybe cite d as the ‘ ‘ S tat u t or y Time -P eriods Tech n ica l Amendments Act o f20 0 9’ ’ . SEC. 2 . AM EN D MENTS RELATED TO TITLE 11 ,U NITED STATES CODE. Title 1 1, U nited States C ode, is amended —( 1 ) in section 109(h)( 3 )(A)(ii), by stri k in g ‘‘ 5 -day’’ and inserting ‘‘ 7 -day’’ (2) in section 322(a), by striking ‘‘fi v e days’’ and inserting ‘‘seven days’’; (3) in section 332(a), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; ( 4 ) in section 342(e)(2), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; (5) in section 521(e)(3)( B ), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; ( 6 ) in section 521(i)(2), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; (7) in section 704(b)(1)(B), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; ( 8 ) in section 749(b), by striking ‘‘five days’’ and inserting ‘‘seven days’’; and (9) in section 764(b), by striking ‘‘five days’’ and inserting ‘‘seven days’’. SEC. 3 . AMENDMENTS RELATED TO TITLE 1 8, UNITED STATES CODE. Title 18, United States Code, is amended— (1) in section 983( j )(3), by striking ‘‘10 days’’ and inserting ‘‘14 days’’; (2) in section 1514(a)(2)(C), by striking ‘‘10 days’’ each p lace it appears and inserting ‘‘14 days’’; (3) in section 1514(a)(2)( E ), by inserting after ‘‘the G overn- ment’’ the follo w ing ‘‘, e x cluding intermediate weekends and holidays,’’; (4) in section 1963(d)(2), by striking ‘‘ten days’’ and inserting ‘‘fourteen days’’; (5) in section 2252A(c), by striking ‘‘10 days’’ and inserting ‘‘14 days’’; Sta t u t oryTime-P erio ds Te chn ica lA mendments Act o f20 0 9.1 1 U S C 101 note. M ay 7, 2009 [H . R .1 6 26 ]


text: Dictionary of National Biography, 1885-1900/Montgomery, Robert (1809-1887)


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 123STA T . 1 608PUBLIC LA W 111 – 16 —M A Y7, 200 9(6)insect i o n 23 3 9B ( f )( 5 )(B)(ii) ,by st r i k in g‘ ‘ 10da ys ’ ’ and inserting ‘‘1 4 days’’ ( 7 ) in section 2339B(f)(5)(B)(iii)( I ), by inserting after ‘‘tria l ’’ t h e follo w ing ‘‘, e x cl u ding inter m ediate weekends and holi - days’’; ( 8 ) in section 2339B(f)(5)(B)(iii)(III), by inserting after ‘‘a p peal’’ the following: ‘‘, excluding intermediate weekends and holidays’’; (9) in section 3060(b)(1), by striking ‘‘tenth day’’ and inserting ‘‘fourteenth day’’; (10) in section 3432, by inserting after ‘‘commencement of trial’’ the following: ‘‘, excluding intermediate weekends and holidays,’’; (11) in section 3509(b)(1)( A ), by striking ‘‘5 days’’ and inserting ‘‘7 days’’; and (12) in section 3771(d)(5)(B), by striking ‘‘10 days’’ and inserting ‘‘14 days’’ .SEC.4 . AM E ND MEN T S R E L ATED T O T H E CLASS IF IED INFORMATION P ROCED U RES ACT. T he C lassified Information P rocedures Act (18 U . S .C. App.) is amended — (1) in section 7(b), by striking ‘‘ten days’’ and inserting ‘‘fourteen days’’; (2) in section 7(b)(1), by inserting after ‘‘ad j ournment of the trial,’’ the following: ‘‘excluding intermediate weekends and holidays,’’; and (3) in section 7(b)(3), by inserting after ‘‘argument on appeal,’’ the following: ‘‘excluding intermediate weekends and holidays,’’. SEC. 5 . AMENDMENT RELATED TO THE CONTROLLED SU B STANCES ACT. Section 413(e)(2) of the Controlled Substances Act (21 U.S.C. 853(e)(2)) is amended by striking ‘‘ten days’’ and inserting ‘‘fourteen days’’. SEC. 6 . AMENDMENTS RELATED TO TITLE 28, UNITED STATES CODE. Title 28, United States Code, is amended— (1) in section 636(b)(1), by striking ‘‘ten days’’ and inserting ‘‘fourteen days’’; (2) in section 1453(c)(1), by striking ‘‘not less than 7 days’’ and inserting ‘‘not more than 10 days’’; and (3) in section 2107(c), by striking ‘‘7 days’’ and inserting ‘‘14 days’’.


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 123STA T . 1 609PUBLIC LA W 111 – 16 —M A Y7, 2009 LEGIS L AT I V E H IST ORY— H . R. 162 6
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O N GRESSIONAL RECOR D, V ol .1 5 5 ( 2 0 0 9) A pr . 22, c o nside red a nd passed Ho u se. Apr. 2 7, considered and passed Sena t e. SEC.7 .E F FEC TIV E DA TE. Theam e nd men ts made by th i s Ac t sha l lta k ee f fect o n D ecembe r1,20 0 9. A p pro v ed M ay 7, 2009. 1 1 USC 1 09note.


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 123STA T . 1 6 1 0PUBLIC LA W 111 – 1 7—M A Y 7, 200 9LEGIS L AT I V E H IST ORY— S .J .R es. 8:C O N GRESSIONAL RECOR D, V ol . 15 5 (20 0 9) Mar .1 7, c o n s id ered and p assed Sena t e. Apr. 22, considered and passed Ho u se. PublicLaw1 11 – 1 7 111 thCongres s J oint R esolution P ro v idin gf ort h e appoint m ent of David M. Ru b enstein as a citi z en regent of the B oard of Regents of the Smithsonian Institution. Resolv e dbyth e S e na te and H o u seo f Re pr esentat i ves of the U nited States of Am eri c ain C on g ress assembled ,That,in a c c ord- anc ew ith s ection 5 5 81 o f the R e v ised S tat u tes (20U. S. C . 43) , the vacanc y on the B oard of Re g ents of the S m ithsonian I nstitution, inthec l ass other than M em b ers of Congress, occurring because ofthee xp iration of the term of A nne d ’H arnoncourt of P ennsylvania is filled by the appointment of D avid M. Rubenstein of Maryland. The appointment is for a term of 6 years, effective on the date of enactment of this j oint resolution. Approved May 7, 200 9 . Ef f ectiv e da te .M a y7,20 0 9[S . J. R e s . 8]


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 123STA T . 1 6 11 PUBLIC LA W 111 – 1 8—M A Y 8, 2 0 0 9LEGIS L AT I V E H IST ORY— S .39:C O N GRESSIONAL RECOR D, V ol . 15 5 (20 09 ) Mar . 12, c o nside red and p assed Sena t e. Apr. 21, considered and passed Ho u se. PublicLaw1 11 – 1 8 111 thCongres s A n Act To repeal section 10( f )of P u b lic La w 93 – 531, co m monl yk nown as t h e ‘ ‘ B ennett F ree z e ’ ’. Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1.R E P E AL O F T H E B ENNETT FREE Z E. Section10(f) of Publ ic Law93–5 31( 2 5 U. S. C . 64 0 d –9(f)) i sr e p ealed. A ppro v ed M a y8, 2009. May8,20 0 9[S.3 9 ]


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 123STA T . 1 6 12 PUBLIC LA W 111 – 1 9—M A Y 12, 2 0 09 PublicLaw1 11 – 1 9 111 thCongres s A n Act Todirect t h e L i b r a ria n o fC on g re s s and the S ecretar y oftheS m ithsonian I nstit u tion to carry out a j oint p roject at the Library of Congress and the N ationa lM useum of A frican American H istory and Culture to collect v ideo and audio recordings of personal histories and testimonials of individuals w ho participated in the Civil R ights movement , and for other purposes .Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E. ThisActmaybe cite d as the ‘ ‘ C i v i lR i g hts H ist or y P ro j ect Act o f20 0 9’ ’ . SEC. 2 . F IN D IN G S RPOSE. ( a )FIND IN GS . — Co n gress finds as follo w s ( 1 )Af u ndamental p rinciple of American democracy is that individuals should stand up for their rights and beliefs and fight for justice. (2) The actions of those who participated in the Civil Rights movement from the 19 5 0s through the 19 6 0s are a shining e x ample of this principle in action , demonstrated in events as varied as the M ontgomery B us Boycott, the sit - ins, the Freedom Rides, the March on W ashington, the drive for voting rights in Mississippi, and the March to S elma. ( 3 ) While the Civil Rights movement had many visible leaders, including Thurgood Marshall, D r. Martin L uther K ing, J r., and Rosa Par k s, there were many others whose impact and experience were just as important to the cause but who are not as well known. ( 4 ) The participants in the Civil Rights movement possess an invaluable resource in their first-hand memories of the movement, and the recording of the retelling of their stories and memories will provide a rich, detailed history of our N ation during an important and tumultuous period. (5) I t is in the Nation’s interest to undertake a project to collect oral histories of individuals from the Civil Rights movement so future generations will be able to learn of their struggle and sacrifice through primary-source, eyewitness mate- rial. A coordinated Federal project would also focus attention on the efforts undertaken by various public and private entities to collect and interpret articles in all formats relating to the Civil Rights movement, and serve as a model for future projects undertaken in museums, libraries, and universities throughout the Nation. 20USC8 0 s. 20 USC 80s note . C iv i lR i gh ts H isto ryP ro j e c t A ct o f 200 9 . Ma y 1 2, 2009 [ H.R. 5 8 6]
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 123STA T . 1 6 13 PUBLIC LA W 111 – 1 9—M A Y 12, 2 0 09 (6)TheLibra r yofC o ng re s san dt he Sm ithsonian I nstit u- tion are a p propriate repositories to c o l lect , preser v e, and ma k e available to the public a collection of these oral histories . The Library and Smithsonian have e x pertise in the management of documentation pro j ects, and experience in the development of cultural and educational programs for the public. (b) PURPOSE . — It is the purpose of this A ct to create a ne w federally sponsored, authori z ed, and funded project that will coordi- nate at a national level the collection of video and audio recordings of personal histories and testimonials of individuals who partici- pated in the American Civil R ights movement that will build upon and complement previous and ongoing documentary work on this subject, and to assist and encourage local efforts to preserve the memories of such individuals so that Americans of all current and future generations may hear from them directly and better appreciate the sacrifices they made. SEC.3 . ES TABLI S HM E N T OFJ OINT PR OJECT AT LIBRAR Y OF CON -G RESS AN D NATIONAL M U SEUM OF AFRICAN AMERICAN HIS- TORY AND CULTURE TO COLLECT V IDEO AND AUDIO RECORDINGS OF HISTORIES OF PARTICIPANTS IN AMER- ICAN CIVIL RIGHTS MOVEMENT. (a) E S TABLI S HM E N TO F PRO J E C T.— ( 1 )IN G ENERAL.— W ithin the limits of available funds, the Librarian of Congress (hereafter referred to as the ‘ ‘Librarian ’ ’) and the Secretary of the Smithsonian Institution (hereafter referred to as the ‘‘Secretary)’’, acting jointly, shall establish an oral history project— (A) to survey, during the initial phase of the project, collections of audio and video recordings of the reminiscences of participants in the Civil Rights movement that are housed in archives, libraries, museums, and other educational institutions, as well as ongoing documentary work, in order to augment and complement these endeavors and avoid duplication of effort ( B ) to solicit, reproduce, and collect— (i) video and audio recordings of personal histories and testimonials of individuals who participated in the Civil Rights movement, and (ii) visual and written materials (such as letters, diaries, photographs, and ephemera) relevant to the personal histories of individuals; (C) to create a collection of the recordings and other materials obtained, and to catalog and index the collection in a manner the Librarian and the Secretary consider appropriate; and ( D ) to make the collection available for public use through the Library of Congress and the N ational M useum of African American H istory and Culture, as well as through such other methods as the Librarian and the Sec- retary consider appropriate. ( 2 ) ROLE OF D IRECTOR OF MUSEUM.—The Secretary shall carry out the Secretary’s duties under this Act through the Director of the National Museum of African American History and Culture. (b) U SE OF AND CONSULTATION WITH O THER ENTITIES.—The Librarian and the Secretary may carry out the activities described 20USC8 0 s–1.


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 123STA T . 1 6 1 4PUBLIC LA W 111 – 1 9—M A Y 12, 2 0 09 insub s ect i o n (a) ( 1 )t hr ou g h agree m ents an dp artnerships entered into w ith other go v ernment and private entities , and ma y otherwise consu l t with interested persons (within the limits o f available resources) and develop appropriate guidelines and arrangements for soliciting, ac q uiring, and ma k ing available recordings under the pro j ect under this A ct . (c) SERVIC E SOFEXP ER T S ANDC ONS UL TANTS ACCEPTANCE OF V OLUNTEER SERVICES; ADVANCE P A YM ENTS. —I n carrying out activi - ties described in subsection (a)(1), the L ibrarian and the Secretary may— (1) procure temporary and intermittent services under sec- tion 3 1 09 of title 5, U nited States Code; ( 2 ) accept and utili z e the services of volunteers and other uncompensated personnel and reimburse them for travel e x penses, including per diem, as authorized under section 5 7 03 of title 5, United States Code; and (3) make advances of money and payments in advance in accordance with section 332 4 of title 31, United States Code. (d) T IMIN G .—As soon as practicable after the enactment of this Act, the Librarian and the Secretary shall begin collecting video and audio recordings and other materials under subsection (a)(1), and shall attempt to collect the first such recordings from the oldest individuals involved. (e) D EFINITION.—In this Act, the term ‘ ‘Civil R ights movement ’ ’ means the movement to secure racial equality in the United States for African Americans that, focusing on the period 1954 through 19 68, challenged the practice of racial segregation in the N ation and achieved equal rights legislation for all American citizens. SEC.4 . PRIVAT ES U PP O RT F OR CIVI L RI GH TS HISTOR Y PRO J ECT. (a) ENCOURAGING SOLICITATION AND ACCEPTANCE OF DONA- TIONS.—The Librarian of Congress and the Secretary are encour- aged to solicit and accept donations of funds and in-kind contribu- tions to support activities under section 3. (b) DEDICATION OF F UNDS PROVIDED TO LI B RARY OF CON- GRESS.—Notwithstanding any other provision of law— (1) any funds donated to the Librarian of Congress to support the activities of the Librarian under section 3 shall be deposited entirely into an account established for such pur- pose; (2) the funds contained in such account shall be used solely to support such activities; and (3) the Librarian of Congress may not deposit into such account any funds donated to the Librarian which are not donated for the exclusive purpose of supporting such activities. 20USC8 0 s– 2 .


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 123STA T . 1 6 1 5PUBLIC LA W 111 – 1 9—M A Y 12, 2 0 09 LEGIS L AT I V E H IST ORY— H . R. 586:C O N GRESSIONAL RECOR D, V ol . 1 55 (20 0 9) A pr . 22, c o nside red a nd passed Ho u se. Apr. 2 4, considered and passed Sena t e. SEC.5 . AUTHORIZ ATIO N O F A P PROPRIATIONS. Ther e a rea ut h o r iz e d to b ea p propriated to c arr y out thi sA ct —(1)$50 0, 000 f or fisca l year 2 010 a n d (2) such su m s as may be necessary for each of the fiscal years 2011 throu g h 201 4. Appro v ed M ay 12, 200 9 . 20USC8 0 s–3.


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 123STA T . 1 6 16 PUBLIC LA W 111 – 2 0—M A Y 1 5, 200 9LEGIS L AT I V E H IST ORY— S .735:C O N GRESSIONAL RECOR D, V ol . 1 55 (20 0 9) A pr .2, c o nside red a nd passed Sena t e. Apr. 29, considered and passed Ho u se. PublicLaw1 11 –20 111 thCongres s A n Act To ensure States recei v e adoption incentive pa ym ents f or fiscal year 200 8 in accord - ance w it h the F osterin g Connections to Success and Increasing Adoptions Act of 2008. Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E. ThisActmaybe cite d as the ‘ ‘ Pro tecti ngI ncenti v es f or the Ado p tion of C hi l dren w ith S pecial N eeds Act of 20 0 9’ ’ . SEC. 2 . ELI M IN A TION O F RESTRICTION ON P A Y MENTS FOR FISCAL YEAR 2 0 0 8 . E ffective as if incl u ded in the enactment of the O mnibus Appro - priations Act , 2009 ( Public L aw 1 11 –8) , title II of division F of such Act is amended under the heading ‘‘ CHILDRENA ND F A M ILIE S SER V ICES P R OG RAMS’’ under the heading ‘‘ADMINIS T RATION FOR CHIL- DREN AND FAMILIES’’, by stri k ing ‘‘That without regard to the fiscal year limitations set forth in section 473 A of the Social Security Act, from the amounts appropriated herein, the Secretary shall pay adoption incentives for fiscal year 2008 in the same manner as such incentives were awarded in fiscal year 2008 for the previous fiscal year
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rovided further,’’. Approved M ay1 5, 2009. Ante,p.7 7 4 . Ef f ectiv e da te. Pro tecti ngI ncentive s for t h e A doption of C hi l dren w ith S pecial N eeds Act of 20 0 9 . M a y15 , 2009 [ S.7 3 5 ]


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 123STA T . 1 6 1 7PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9PublicLaw1 11 –2 1 111 thCongres s A n Act Toimpr o ve e nf or c emen t of mort ga ge fra ud,s ecurities and commodities fraud, finan - cia l institution fraud, and ot h er frauds related to F ederal assistance and relief programs, for the recover y of funds lost to these frauds, and for other purposes .Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E. ThisActmaybe cite d as the ‘ ‘ Fr a u d Enfo rcement and R eco v ery Act of 20 0 9’ ’ or ‘‘FERA’’ . SEC. 2 . AM EN D MENTS TO IM P RO V E MORT G AGE , SEC U RITIES, COMMODITIES, AND F INANCIAL FRAUD RECOVER Y AND ENFORCEMENT. ( a )DEFIN I T I O NOFFIN A N C IA LI N S TIT U TION A M EN D ED TO INCLUDE M O R T G AGE L ENDING B USINESS. —S ection 20 of tit l e 18,U nited States C ode, is amended— (1) in p ara g raph (8), by stri k ing ‘‘or’’ after the semicolon (2) in paragraph (9), by striking the period and inserting ‘‘; or’’; and ( 3 ) by inserting at the end the follo w ing ‘‘(10) a mortgage lending business (as defined in section 2 7 of this title) or any person or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real Estate Settlement P rocedures Act of 197 4 .’’. (b) MORTGAGE LENDING BUSINESS DEFINED.— (1) IN GENERAL.—Chapter 1 of title 18, United States Code, is amended by inserting after section 2 6 the following: ‘ ‘ §27.Mortga g el e ndi ng bus iness de f ined ‘‘In this title, the term ‘mortgage lending business’ means an organi z ation which finances or refinances any debt secured by an interest in real estate, including private mortgage companies and any subsidiaries of such organizations, and whose activities affect interstate or foreign commerce.’’. (2) C H A P TER ANAL Y SIS.—The chapter analysis for chapter 1 of title 18, United States Code, is amended by adding at the end the following: ‘ ‘ 27 . M ortgage lending b usiness defined. ’ ’. (c) FALSE STATEMENTS IN MORTGAGE APPLICATIONS AMENDED TO INCLUDE FALSE STATEMENTS B Y MORTGAGE BRO K ERS AND AGENTS OF MORTGAGE LENDING BUSINESSES.—Section 1014 of title 18, United States Code, is amended by— 18USC 1 note.FraudE n f or c e m ent and R eco v er yA ct of 20 0 9 . M ay 20 , 2009 [ S. 3 8 6]


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 123STA T . 1 6 1 8PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9(1)strik i ng‘ ‘ o r ’ ’ af t e r ‘‘t h e I nternationa lB anking Ac tof 1 978 ), ’’ an d ( 2 ) inserting after ‘‘section 2 5 (a) of the F ederal R eser v e Act’’ the follo w ing ‘‘,ora m ortgage lending bu siness, or an yp erson or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real E state S ettlement P rocedures Act of 197 4 ’’ . (d) MAJOR FRA UD A G A INST T HEG O V ERN M ENT AMENDED T O IN CL UDE ECONOMIC RELIE F AND TROU B LED ASSET RELIEF PROGRAM FUNDS. — Section 1 0 31(a) of title 18, U nited States C ode, is amended by— (1) inserting after ‘‘or promises, in’’ the following: ‘‘any grant, contract, subcontract, subsidy, loan, guarantee, insur - ance, or other form of Federal assistance, including through the Troubled Asset Relief Program, an economic stimulus, recovery or rescue plan provided by the Government, or the Government’s purchase of any troubled asset as defined in the Emergency Economic Stabili z ation Act of 2008, or in’’; (2) striking ‘‘the contract, subcontract’’ and inserting ‘‘such grant, contract, subcontract, subsidy, loan, guarantee, insur- ance, or other form of Federal assistance’’; and (3) striking ‘‘for such property or services’’. (e) SECURITIES FRAUD AMENDED TO INCLUDE FRAUD INVOLVING OP TIONS AND FUTURES IN COMMODITIES.— (1) IN GENERAL.—Section 1348 of title 18, United States Code, is amended— (A) in the caption, by inserting ‘‘ andcom mod it i es ’’ after ‘‘ S ec ur ities’’; (B) in paragraph (1), by inserting ‘‘any commodity for future delivery, or any option on a commodity for future delivery, or’’ after ‘‘any person in connection with’’; and (C) in paragraph (2), by inserting ‘‘any commodity for future delivery, or any option on a commodity for future delivery, or’’ after ‘‘in connection with the purchase or sale of’’. (2) CHAPTER ANAL Y SIS.—The item for section 1348 in the chapter analysis for chapter 6 3 of title 18, United States Code, is amended by inserting ‘‘and commodities’’ after ‘‘Securities’’. (f) MONEY L AUNDERING AMENDED TO D EFINE PROCEEDS OF SPECIFIED UNLA W FUL ACTIVITY.— (1) MONEY LAUNDERING.—Section 1956(c) of title 18, United States Code, is amended— (A) in paragraph (8), by striking the period and inserting ‘‘; and’’; and (B) by inserting at the end the following: ‘‘(9) the term ‘proceeds’ means any property derived from or obtained or retained, directly or indirectly, through some form of unlawful activity, including the gross receipts of such activity.’’. (2) MONETARY TRANSACTIONS.—Section 1957(f) of title 18, United States Code, is amended by striking paragraph (3) and inserting the following: ‘‘(3) the terms ‘specified unlawful activity’ and ‘proceeds’ shall have the meaning given those terms in section 1956 of this title.’’. (g) SENSE OF THE CONGRESS AND REPORT CONCERNING RE Q UIRED APPROVAL FOR MERGER CASES.—


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 123STA T . 1 6 1 9PUBLIC LA W 111 – 21 —M A Y 2 0, 2009 (1)SENS E OFC ON GR ESS .—Itis t he se n se of the C on gr ess th a tno p rose cu tion of an offense un d er section 1 956 or 195 7 of tit l e1 8,U nited States Code, should b e underta k eninco m- bination w ith the prosecution of an y other offense, without prior appro v al of the A ttorney G eneral, the D eputy Attorney General, the Assistant Attorney General in charge of the Criminal Division, a Deputy Assistant Attorney General in the Criminal Division, or the relevant United States Attorney, if the conduct to be charged as ‘ ‘specified unlawful activity ’ ’ in connection with the offense under section 1956 or 1957 is so closely connected with the conduct to be charged as the other offense that there is no clear delineation between the two offenses. ( 2 ) R E P OR T .— O ne year after the date of the enactment of this Act, and at the end of each of the four succeeding one-year periods, the Attorney General shall report to the H ouse and Senate Committees on the J udiciary on efforts undertaken by the Department of Justice to ensure that the review and approval described in paragraph (1) takes place in all appro- priate cases. T he report shall include the following (A) The number of prosecutions described in paragraph (1) that were undertaken during the previous one-year period after prior approval by an official described in para- graph (1), classified by type of offense and by the approving official. ( B ) The number of prosecutions described in paragraph (1) that were undertaken during the previous one-year period without such prior approval, classified by type of offense, and the reasons why such prior approval was not obtained. (C) The number of times during the previous year in which an approval described in paragraph (1) was denied. SEC.3 . AUTHORIZ ATIO N O F A D DITIONA L FUNDIN G TO CO MB AT MORT - GAGE FRAUD , SECURITIES AND COMMODITIES FRAUD, AND OTHER FRAUDS IN V OLVING FEDERAL ECONOMIC ASSIST- ANCE. (a) A U T H OR IZA TION OF A D DITIONA L APPROPRIATIONS FOR THE DEPART M ENT OF JUSTICE.— (1) IN GENERAL.—There is authori z ed to be appropriated to the Attorney General, $ 165, 0 00,000 for each of the fiscal years 2010 and 2011, for the purposes of investigations and prosecutions and civil and administrative proceedings involving F ederal assistance programs and financial institutions, including financial institutions to which this Act and amend- ments made by this Act apply. (2) ALLOCATIONS.— W ith respect to fiscal years 2010 and 2011, the amounts authorized to be appropriated under para- graph (1) shall be allocated as follows: (A) Federal Bureau of Investigation: $75,000,000 for fiscal year 2010 and $65,000,000 for fiscal year 2011, an appropriate percentage of which amounts shall be used to investigate mortgage fraud. (B) The offices of the United States Attorneys: $50,000,000 for each fiscal year.


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 123STA T . 1 6 2 0PUBLIC LA W 111 – 21 —M A Y 20, 200 9(C)Thecrim i nald i v i s i o no ft he D e p artment of Ju stice
 * $20,

000,000 for each fiscal y ear . (D) The civil division of the Department of Justice: $ 15 ,000,000 for each fiscal year. ( E )Theta x division of the Department of Justice: $5,000,000 for each fiscal year. ( b ) AUTHORIZA TIO N O F A D DITIONA L A P PROPRIATION S FOR TH EP OSTAL I NSPE C TION S ER V ICE. — There is authori z ed to be appro - priated to the Postal Inspection Service of the U nited States Postal Service, $ 3 0,000,000 for each of the fiscal years 2010 and 2011 for investi g ations involving F ederal assistance programs and finan- cial institutions, including financial institutions to w hich this Act and amendments made by this Act apply. (c) AUTHORIZATION OF ADDITIONAL APPROPRIATIONS FOR THE INSPECTOR G ENERAL FOR THE DEPART M ENT OF H OUSIN G AND UR B AN DEVELOPMENT.—There is authorized to be appropriated to the Inspector General of the Department of Housing and Urban Development, $30,000,000 for each of the fiscal years 2010 and 2011 for investigations involving Federal assistance programs and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. (d) AUTHORIZATION OF ADDITIONAL APPROPRIATIONS FOR THE UNITED STATES SECRET SERVICE.—There is authorized to be appro- priated to the United States Secret Service of the Department of Homeland Security, $20,000,000 for each of the fiscal years 2010 and 2011 for investigations involving Federal assistance pro- grams and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. (e) AUTHORIZATION OF ADDITIONAL APPROPRIATIONS FOR THE SECURITIES AND E X CHANGE COMMISSION.— (1) IN GENERAL.—There is authorized to be appropriated to the Securities and Exchange Commission, $20,000,000 for each of the fiscal years 2010 and 2011 for investigations and enforcement proceedings involving financial institutions, including financial institutions to which this Act and amend- ments made by this Act apply. (2) INSPECTOR GENERAL.—There is authorized to be appro- priated to the Securities and Exchange Commission, $1,000,000 for each of the fiscal years 2010 and 2011 for the salaries and expenses of the O ffice of the Inspector General of the Securities and Exchange Commission. (f) USE OF FUNDS.— (1) IN GENERAL.—The funds appropriated pursuant to authorization under this section shall be limited to covering the costs of each listed agency or department for investigating possible criminal, civil, or administrative violations and for criminal, civil, or administrative proceedings involving financial crimes and crimes against Federal assistance programs, including mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs. (2) FUNDS FOR TRAINING AND RESEARCH.—Funds authorized to be appropriated under this section may be used and expended for programs for improving the detection, investigation, and prosecution of economic crime including financial fraud and mortgage fraud. Funds allocated under this section may be allocated to programs which assist State and local criminal


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 123STA T . 1 6 21 PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9justiceag e n cies t od e v e l o p, esta b lis h , and m aintain intelligence -f ocused policing st r ategies and related information sharing provide training and investigative support services to S tate and local criminal justice agencies to provide such agencies w ith s k ills and resources needed to investigate and prosecute such criminal activities and related criminal activities; provide research support, establish partnerships, and provide other resources to aid State and local criminal justice agencies to prevent, investigate, and prosecute such criminal activities and related problems; provide information and research to the gen- eral public to facilitate the prevention of such criminal activi- ties; and an y other programs specified by the A ttorney G eneral as furthering the purposes of this Act .( g ) A D D IT I ONALN AT URE O F AUT H ORI Z ATION S V AILA B ILIT Y . —T he amounts authori z ed under this section are in addition to amounts otherwise authorized in other Acts and shall remain avail- able until e x pended. (h) R E P ORT TO C ON G RESS.— F ollowing the final expenditure of all funds appropriated pursuant to authorization under this section, the Attorney General, in consultation with the U nited States P ostal I nspection Service, the Inspector General for the D epartment of H ousing and Urban Development, the Secretary of Homeland Secu- rity, and the Commissioner of the Securities and E xchange Commis- sion, shall submit a report to Congress identifying— ( 1 ) the amounts expended under each of subsections (a), (b), (c), (d), and (e) and a certification of compliance with the re q uirements listed in subsection (f); and ( 2 ) the amounts recovered as a result of criminal or civil restitution, fines, penalties, and other monetary recoveries resulting from criminal, civil, or administrative proceedings and settlements undertaken with funds authorized by this Act. SEC.4 . C LARIF ICA T I ON STOT H E FALSE CLAI M S ACT TO REFLECT THE ORI G INAL INTENT OF THE LA W. (a) CLARIFI C ATION OF THE FALSE CLAI M S ACT.—Section 37 2 9 of title 31, United States Code, is amended— (1) by striking subsection (a) and inserting the following
 * A

‘(a) L IABILITY FOR CERTAIN ACTS.— ‘‘(1) IN GENERAL.—Subject to paragraph (2), any person who— ‘‘(A) knowingly presents, or causes to be presented, a false or fraudulent claim for payment or approval; ‘‘( B ) knowingly makes, uses, or causes to be made or used, a false record or statement material to a false or fraudulent claim; ‘‘(C) conspires to commit a violation of subparagraph (A), (B), (D), (E), (F), or (G); ‘‘(D) has possession, custody, or control of property or money used, or to be used, by the Government and knowingly delivers, or causes to be delivered, less than all of that money or property; ‘‘(E) is authorized to make or deliver a document certi- fying receipt of property used, or to be used, by the Govern- ment and, intending to defraud the Government, makes or delivers the receipt without completely knowing that the information on the receipt is true;


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 123STA T . 1 6 22 PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9‘ ‘ (F)knowi n glybu y s, o r r ec ei v es a sa p le d geo f an obliga t ion or debt, public property fro m an officer or employee of t h e G overnment, or a member of the A rmed Forces, who lawfully may not sell or pledge property or ‘‘(G) knowingly makes, uses, or causes to be made or used, a false record or statement material to an obliga - tion to pay or transmit money or property to the Govern- ment, or knowingly conceals or knowingly and improperly avoids or decreases an obligation to pay or transmit money or property to the Government, is liable to the U nited S tates Government for a civil penalty of not less than $5, 0 00 and not more than $ 1 0,000, as ad j usted by the Federal C ivil P enalties I nflation Adjustment Act of 1 9 90( 28 U . S.C. 2 46 1 note; Public L aw 104 – 410), plus 3 times the amount of damages which the Government sustains because of the act of that person. ‘‘(2) REDUC EDD AM A G E S . — If the court finds that— ‘‘(A) the person committing the violation of this sub- section furnished officials of the United States responsible for investigating false claims violations with all information known to such person about the violation within 30 days after the date on which the defendant first obtained the information; ‘‘( B ) such person fully cooperated with any Government investigation of such violation; and ‘‘(C) at the time such person furnished the United States with the information about the violation, no criminal prosecution, civil action, or administrative action had com- menced under this title with respect to such violation, and the person did not have actual knowledge of the e x ist- ence of an investigation into such violation, the court may assess not less than 2 times the amount of damages which the Government sustains because of the act of that person. ‘‘(3) C O S T SO F C IV I L ACTIO N S.—A person violating this sub- section shall also be liable to the United States Government for the costs of a civil action brought to recover any such penalty or damages. ’ ’; (2) by striking subsections (b) and (c) and inserting the following ‘‘(b) D EFINITIONS.—For purposes of this section— ‘‘(1) the terms ‘knowing’ and ‘knowingly’— ‘‘(A) mean that a person, with respect to information— ‘‘(i) has actual knowledge of the information; ‘‘(ii) acts in deliberate ignorance of the truth or falsity of the information; or ‘‘(iii) acts in reckless disregard of the truth or falsity of the information; and ‘‘(B) re q uire no proof of specific intent to defraud; ‘‘(2) the term ‘claim’— ‘‘(A) means any request or demand, whether under a contract or otherwise, for money or property and whether or not the United States has title to the money or property, that— ‘‘(i) is presented to an officer, employee, or agent of the United States; or


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 123STA T . 1 6 23 PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9‘ ‘ (i i ) i smadeto a c o n t r actor ,g rantee, or ot h er reci p ient, i f the mone y or property is to b e spent or u sed on the G o v ernment ’ s beha l f or to advance a Government program or interest, and if the U nited S tates Government — ‘‘( I ) provides or has provided any portion of the money or property re q uested or demanded or ‘‘(II) w ill reimburse such contractor, grantee, or other recipient for any portion of the money or property which is requested or demanded; and ‘‘( B ) does not include requests or demands for money or property that the Government has paid to an individual as compensation for F ederal employment or as an income subsidy with no restrictions on that individual’s use of the money or property; ‘‘( 3 ) the term ‘obligation’ means an established duty, whether or not fi x ed, arising from an express or implied contrac - tual, grantor-grantee, or licensor-licensee relationship, from a fee-based or similar relationship, from statute or regulation, or from the retention of any overpayment; and ‘‘( 4 ) the term ‘material’ means having a natural tendency to influence, or be capable of influencing, the payment or receipt of money or property . ’’; (3) by redesignating subsections (d) and (e) as subsections (c) and (d), respectively; and (4) in subsection (c), as redesignated, by stri k ing ‘‘subpara- graphs ( A ) through ( C ) of subsection (a)’’ and inserting ‘‘sub- section (a)( 2 )’’. (b) I NTERV ENT IO N BY T H E GOVERN M ENT.—Section 3 7 3 1 (b) of title 31, United States Code, is amended— (1) by redesignating subsection (c) as subsection (d); (2) by redesignating subsection (d) as subsection (e); and (3) by inserting the new subsection (c) ‘‘(c) If the Government elects to intervene and proceed with an action brought under 373 0 (b), the Government may file its own complaint or amend the complaint of a person who has brought an action under section 3730(b) to clarify or add detail to the claims in which the Government is intervening and to add any additional claims with respect to which the Government contends it is entitled to relief. For statute of limitations purposes, any such Government pleading shall relate back to the filing date of the complaint of the person who originally brought the action, to the extent that the claim of the Government arises out of the conduct, transactions, or occurrences set forth, or attempted to be set forth, in the prior complaint of that person.’’. (c) CIVI L INVE S TI GA TIVE D EMAN D S.—Section 3733 of title 31, United States Code, is amended— (1) in subsection (a)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A)— (I) by inserting ‘‘, or a designee (for purposes of this section),’’ after ‘‘ W henever the Attorney General’’; and (II) by striking ‘‘the Attorney General may, before commencing a civil proceeding under section 3730 or other false claims law,’’ and inserting ‘‘the


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 123STA T . 1 6 2 4PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9At t orneyG ener al, ora d e sig nee, m ay, b e f ore c om - mencing a ci v il p roceeding u nder section 37 3 0( a ) or ot h er false claims la w ,orma k ing an election under section 3730(b), ’ ’ and (ii) in the matter following subparagraph ( D ) — ( I ) by striking ‘ ‘may not delegate’’ and inserting ‘‘may delegate’’; and (II) by adding at the end the following ‘‘Any information obtained by the Attorney General or a designee of the Attorney General under this section may be shared with any q ui tam relator if the Attorney General or designee determine it is necessary as part of any false claims act inves- tigation . ’’; and ( B ) in paragraph ( 2 )(G), by striking the second sen- tence; (2) in subsection (i)(2)— (A) in subparagraph (B), by striking ‘‘, who is author- i z ed for such use under regulations which the Attorney General shall issue’’; and (B) in subparagraph ( C ), by striking ‘‘Disclosure of information to any such other agency shall be allowed only upon application, made by the Attorney General to a U nited S tates district court, showing substantial need for the use of the information by such agency in furtherance of its statutory responsibilities.’’; and (3) in subsection (l)— (A) in paragraph ( 6 ), by striking ‘‘and’’ after the semi- colon; (B) in paragraph (7), by striking the period and inserting ‘‘; and’’; and (C) by adding at the end the following: ‘‘( 8 ) the term ‘official use’ means any use that is consistent with the law, and the regulations and policies of the Depart- ment of J ustice, including use in connection with internal Department of Justice memoranda and reports; communications between the Department of Justice and a F ederal, State, or local government agency, or a contractor of a Federal, State, or local government agency, undertaken in furtherance of a Department of Justice investigation or prosecution of a case; interviews of any qui tam relator or other witness; oral e x aminations; depositions; preparation for and response to civil discovery requests; introduction into the record of a case or proceeding; applications, motions, memoranda and briefs sub- mitted to a court or other tribunal; and communications with Government investigators, auditors, consultants and experts, the counsel of other parties, arbitrators and mediators, con- cerning an investigation, case or proceeding.’’. (d) RELI E F F ROM RE TA LIATOR Y A C TIO NS .—Section 3730(h) of title 3 1, United States Code, is amended to read as follows: ‘‘(h) RELIEF FROM RETALIATORY ACTIONS.— ‘‘(1) IN G ENERAL.—Any employee, contractor, or agent shall be entitled to all relief necessary to make that employee, con- tractor, or agent whole, if that employee, contractor, or agent is discharged, demoted, suspended, threatened, harassed, or in any other manner discriminated against in the terms and conditions of employment because of lawful acts done by the Defin i t i o n .


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 123STA T . 1 6 2 5PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9employ ee ,c o ntra ctor, or a g ent on b e h al f of the employee, con - tractor, or agent or a s soc i ate d others in f u rtherance of other efforts to stop 1 or more v iolations of this subchapter .‘ ‘ (2)RELI E F . — Relief under paragraph (1) shall include reinstatement w ith the same seniority status that employee, contractor, or agent would have had but for the discrimination, 2 times the amount of bac k pay, interest on the back pay, and compensation for any special damages sustained as a result of the discrimination, including litigation costs and reasonable attorneys ’ fees. A n action under this subsection may be brought in the appropriate district court of the U nited S tates for the relief provided in this subsection.’’. (e) FA L S E C LAI M S JUR IS D I CT I ON .—Section 37 32 of title 31, United States Code, is amended by adding at the end the following new subsection ‘‘(c) SER V ICE ON STATE OR L OCAL AUT H ORITIES.— W ith respect to any State or local government that is named as a co-plaintiff with the United States in an action brought under subsection (b), a seal on the action ordered by the court under section 373 0 (b) shall not preclude the G overnment or the person bringing the action from serving the complaint, any other pleadings, or the written disclosure of substantially all material evidence and information possessed by the person bringing the action on the law enforcement authorities that are authori z ed under the law of that State or local government to investigate and prosecute such actions on behalf of such governments, e x cept that such seal applies to the law enforcement authorities so served to the same extent as the seal applies to other parties in the action.’’. (f) E FFECTIVE D ATE AND A P PLICATION.— T he amendments made by this section shall take effect on the date of enactment of this Act and shall apply to conduct on or after the date of enactment, except that— (1) subparagraph ( B ) of section 372 9 (a)(1) of title 31, United States Code, as added by subsection (a)(1), shall take effect as if enacted on June 7, 200 8, and apply to all claims under the False Claims Act (31 U.S.C. 3729 et se q .) that are pending on or after that date and (2) section 3731(b) of title 31, as amended by subsection (b); section 3733, of title 31, as amended by subsection (c); and section 3732 of title 31, as amended by subsection (e); shall apply to cases pending on the date of enactment. SEC.5 . FINA NCIA L C R ISIS IN QU IR Y C OM MISSION. (a) ESTA B LISHMENT OF COMMISSION.—There is established in the legislative branch the Financial Crisis I nquiry Commission (in this section referred to as the ‘‘Commission’’) to examine the causes, domestic and global, of the current financial and economic crisis in the United States. (b) COMPOSITION OF THE COMMISSION.— (1) M EMBERS.—The Commission shall be composed of 10 members, of whom— (A) 3 members shall be appointed by the ma j ority leader of the Senate, in consultation with relevant Commit- tees; (B) 3 members shall be appointed by the Speaker of the H ouse of Representatives, in consultation with relevant Committees; 31USC 3 729note.Ap p licab ilit y .


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 123STA T . 1 6 26 PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9(C)2me m b e rs s hal lbea p p oint e d b y the minority leader o f the S enate , in c ons u ltation w ith rele v ant Commit - tees and ( D ) 2 members shall be appointed by the minority leader of the H ouse of R epresentatives, in consultation with relevant Committees . (2) QUALIF I C A T I ONS M ITATION. — ( A ) I N GE NE R AL.—It is the sense of the Con g ress that individuals appointed to the Commission should be promi- nent U nited States citi z ens with national recognition and significant depth of e x perience in such fields as ban k ing, regulation of markets, taxation, finance, economics, con- sumer protection, and housing. ( B ) L IMITATION.— N o person who is a member of Con- gress or an officer or employee of the F ederal G overnment or any State or local government may serve as a member of the Commission. ( 3 )C H AIR P ERSON; V ICE CHAIRPERSON.— (A) IN GENERAL.—Sub j ect to the re q uirements of subparagraph (B), the Chairperson of the Commission shall be selected jointly by the M ajority Leader of the Senate and the Speaker of the House of Representatives, and the V ice Chairperson shall be selected jointly by the Minority Leader of the Senate and the Minority Leader of the House of Representatives. (B) P OLITICAL PART Y AFFILIATION.— T he Chairperson and Vice Chairperson of the Commission may not be from the same political party. ( 4 ) MEETINGS, Q UORUM; VACANCIES.— (A) MEETINGS.— (i) INITIAL MEETING.—The initial meeting of the Commission shall be as soon as possible after a quorum of members have been appointed. (ii) SU B SEQUENT MEETINGS.—After the initial meeting of the Commission, the Commission shall meet upon the call of the Chairperson or a majority of its members. (B) QUORUM.— 6 members of the Commission shall con- stitute a quorum. (C) VACANCIES.—Any vacancy on the Commission shall— (i) not affect the powers of the Commission; and (ii) be filled in the same manner in which the original appointment was made. (c) FUNCTIONS OF THE COMMISSION.—The functions of the Commission are— ( 1 ) to examine the causes of the current financial and economic crisis in the United States, specifically the role of— (A) fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; (B) Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; (C) the global imbalance of savings, international cap- ital flows, and fiscal imbalances of various governments; (D) monetary policy and the availability and terms of credit;
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 123STA T . 1 6 2 7PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9(E)ac c ounti n gpr actic es, inc l u d ing, m ar k- to-market and f air v alue rules, and treatment of off- b alance s h eet vehicles ( F )ta x treatment of financial products and invest- ments; ( G ) capital re q uirements and regulations on leverage and liquidit y , including the capital structures of regulated and non-regulated financial entities; ( H ) credit rating agencies in the financial system, including, reliance on credit ratings by financial institu- tions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securiti z ation markets; ( I ) lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; ( J ) affiliations bet w een insured depository institutions and securities, insurance, and other types of nonbanking companies; ( K ) the concept that certain institutions are ‘ ‘too-big- to-fail ’ ’ and its impact on market expectations; ( L ) corporate governance, including the impact of com- pany conversions from partnerships to corporations; ( M ) compensation structures; ( N ) changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; ( O ) the legal and regulatory structure of the U nited S tates housing market; ( P ) derivatives and unregulated financial products and practices, including credit default swaps; ( Q ) short-selling; ( R ) financial institution reliance on numerical models, including risk models and credit ratings; (S) the legal and regulatory structure governing finan- cial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage; ( T ) the legal and regulatory structure governing investor and mortgagor protection; (U) financial institutions and government-sponsored enterprises; and ( V ) the quality of due diligence undertaken by financial institutions; ( 2 ) to examine the causes of the collapse of each ma j or financial institution that failed (including institutions that were acquired to prevent their failure) or was likely to have failed if not for the receipt of exceptional Government assistance from the Secretary of the Treasury during the period beginning in A ugust 2 0 0 7 through April 200 9 ( 3 ) to submit a report under subsection (h); ( 4 ) to refer to the Attorney General of the United States and any appropriate State attorney general any person that the C ommission finds may have violated the laws of the United States in relation to such crisis; and


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 123STA T . 1 6 2 8PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9(5)tobuild u p o n t hew o rk o f other entitie s,a nda v oid unne c essar y duplication, by reviewin g the record of the C o m- mittee on B anking, H ousing, and U rban A ffairs of the S enate, the Committee on F inancial Services of the House of R epresent- atives, other congressional committees, the G overnment Accountability O ffice, other legislative panels, and any other department, agency, bureau, board, commission, office, inde- pendent establishment, or instrumentality of the United States (to the fullest e x tent permitted by law) with respect to the current financial and economic crisis . (d) POWERS O FTH ECO M M I SSIO N . — ( 1 )HE A RIN G SAN D E V IDEN C E.— T he Commission may, for purposes of carrying out this section— (A) hold hearings, sit and act at times and places, take testimony, receive evidence, and administer oaths and (B) re q uire, by subpoena or otherwise, the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, and docu- ments. ( 2 )S UBP OENAS.— (A) SERVICE.—Subpoenas issued under paragraph (1)(B) may be served by any person designated by the Commission. (B) E NFORCEMENT.— (i) I N GENERA L .—In the case of contumacy or failure to obey a subpoena issued under paragraph (1)(B), the United States district court for the j udicial district in which the subpoenaed person resides, is served, or may be found, or where the subpoena is returnable, may issue an order requiring such person to appear at any designated place to testify or to produce documentary or other evidence. Any failure to obey the order of the court may be punished by the court as a contempt of that court. (ii) ADDITIONAL ENFORCEMENT.—Sections 1 0 2 through 10 4 of the Revised Statutes of the United States (2 U.S.C. 1 9 2 through 194) shall apply in the case of any failure of any witness to comply with any subpoena or to testify when summoned under the authority of this section. (iii) ISSUANCE.—A subpoena may be issued under this subsection only— (I) by the agreement of the Chairperson and the V ice Chairperson; or (II) by the affirmative vote of a majority of the Commission, including an affirmative vote of at least one member appointed under subpara- graph (C) or ( D ) of subsection (b)(1), a majority being present. ( 3 ) CONTRACTING.—The Commission may enter into con- tracts to enable the Commission to discharge its duties under this section. (4) INFORMATION FROM FEDERAL AGENCIES AND OTHER ENTI- TIES.— (A) IN GENERAL.—The Commission may secure directly from any department, agency, bureau, board, commission, Ap p licab ili ty.


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 123STA T . 1 6 2 9PUBLIC LA W 111 – 21 —M A Y 2 0, 2009 of f ice, i nd e p enden t e s t abl is hm ent, o r instr u mentalit y of the U nited S tates any information related to any in q uiry of the C ommission conducted under this section, includin g information of a confidential nature (w hich the Commission shall maintain in a secure manner ).E ach such department, agency, bureau, board, commission, office, independent establishment, or instrumentality shall furnish such information directly to the Commission upon request. ( B ) OTHER E N T I TIE S . —I t is the sense of the Congress that the Commission should see k testimony or information from principals and other representati v es of government agencies and private entities that were significant partici - pants in the United States and global financial and housing markets during the time period e x amined by the Commis- sion. ( 5 ) ADM INISTR A TI V ES UP P O RT SERVI C ES.—Upon the request of the Commission— (A) the Administrator of G eneral Services shall provide to the Commission, on a reimbursable basis, the adminis- trative support services necessary for the Commission to carry out its responsibilities under this Act and (B) other F ederal departments and agencies may pro- vide to the Commission any administrative support services as may be determined by the head of such department or agency to be advisable and authori z ed by law. ( 6 ) D ONATIONS O FG OODS AND SERVICES.— T he Commission may accept, use, and dispose of gifts or donations of services or property. ( 7 ) P OSTA L SERVICES.—The Commission may use the United States mails in the same manner and under the same conditions as departments and agencies of the United States. ( 8 )PO W ERS OF SU B COMMITTEES, MEMBERS, AND AGENTS.— Any subcommittee, member, or agent of the Commission may, if authorized by the Commission, take any action which the Commission is authorized to take by this section. (e) STAFF OF THE COMMISSION.— ( 1 ) DIRECTOR.—The Commission shall have a Director who shall be appointed by the Chairperson and the V ice Chair- person, acting j ointly. ( 2 ) STAFF.—The Chairperson and the Vice Chairperson may jointly appoint additional personnel, as may be necessary, to enable the Commission to carry out its functions. ( 3 ) APPLICABILIT Y OF CERTAIN CIVIL SERVICE LAWS.—The Director and staff of the Commission may be appointed without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and may be paid with- out regard to the provisions of chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, except that no rate of pay fixed under this paragraph may exceed the equivalent of that payable for a position at level V of the Executive Schedule under section 5316 of title 5, United States Code. Any individual appointed under paragraph (1) or (2) shall be treated as an employee for purposes of chapters 63, 81, 83, 8 4, 85,87,8 9 , 89A, 89B, and 9 0 of that title. (4) DETAILEES.—Any Federal Government employee may be detailed to the Commission without reimbursement from


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 123STA T . 1 6 3 0PUBLIC LA W 111 – 21 —M A Y 20, 200 9theCom m is sio n,a n d s uc h detai l ee shall r etain the ri g hts, status, and p ri v ileges o f his or her regular emplo y ment w ithout interruption .(5) C ONSULTA NTS ERVIC ES. —T he Commission is authori z ed to procure the services of e x perts and consultants in accordance with section 3109 of title 5, U nited S tates Code, b ut at rates not to exceed the daily rate paid a person occupying a position at level IV of the E xecutive Schedule under section 5315 of title 5, United States Code. (f) CO MP ENSATION AN D TRAVEL E X PENSES.— (1) COMPENSATION.—Each member of the Commission may be compensated at a rate not to exceed the daily e q uivalent of the annual rate of basic pay in effect for a position at level IV of the Executive Schedule under section 5315 of title 5, United States Code, for each day during which that member is engaged in the actual performance of the duties of the Commission. ( 2 ) TRAVEL EXPENSES.— W hile away from their homes or regular places of business in the performance of services for the Commission, members of the Commission shall be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the G overnment service are allowed expenses under section 5 7 03(b) of title 5, United States Code. (g) N ONAPPLICA B ILIT Y O FF EDERAL A DVISORY COMMITTEE ACT.— The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the Commission. (h) R EPORT OF T H E COMMISSION APPEARANCE B EFORE AND CONSULTATIONS WITH CON G RESS.— (1) REPORT.— O n D ecember 15, 2010, the Commission shall submit to the P resident and to the Congress a report containing the findings and conclusions of the Commission on the causes of the current financial and economic crisis in the United States. (2) INSTITUTION - SPECIFIC REPORTS AUTHORI Z ED.—At the discretion of the chairperson of the Commission, the report under paragraph (1) may include reports or specific findings on any financial institution examined by the Commission under subsection (c)(2). (3) APPEARANCE BEFORE THE CONGRESS.—The chairperson of the Commission shall, not later than 120 days after the date of submission of the final reports under paragraph (1), appear before the Committee on Ban k ing, H ousing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding such reports and the findings of the Commission. ( 4 ) CONSULTATIONS W ITH THE CONGRESS.—The Commission shall consult with the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Serv- ices of the House of Representatives, and other relevant commit- tees of the Congress, for purposes of informing the Congress on the work of the Commission. (i) TERMINATION OF COMMISSION.— (1) IN GENERAL.—The Commission, and all the authorities of this section, shall terminate 6 0 days after the date on which the final report is submitted under subsection (h). (2) ADMINISTRATIVE ACTIVITIES BEFORE TERMINATION.—The Commission may use the 60-day period referred to in paragraph Deadlin e .


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 123STA T . 1 6 31 PUBLIC LA W 111 – 21 —M A Y 2 0, 200 9LEGIS L AT I V E H IST ORY— S .386: SE N ATE RE P ORTS: N o. 1 11 – 1 0(C o m m.o ntheJudic i ary) . CONGRESSIONAL RECOR D, Vo l .1 5 5( 2 00 9 ): A p r.22,23,2 7, 28, con s idered and passed Senate. M ay 6, considered and passed House, amended. May 1 4, Senate concurred in House amendments w ith an amendment. May 19, House concurred in Senate amendment. DAILY COMPILATION O F PRESIDENTIAL DOC U MENTS (2009): May 20, Presidential remar k s and statement. (1)forthepu rpo s eof c o n c l u di n g the a cti v ities of the C o m mis - sion , including providing testimon y to committees of the Con- gress concerning reports of the Commission and disseminating the final report su b mitted under subsection (h) . ( j ) AUTHORIZA TIO N O F A P PROPRIATION. —T here is authori z ed to be appropriated to the S ecretary of the Treasury such sums as are necessary to cover the costs of the Commission. Approved M ay 20, 200 9.


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 123STA T . 1 6 32 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9PublicLaw1 11 –2 2 111 thCongres s A n Act Toprev e ntm ort ga ge f ore cl o su res an d en h ance mortgage cred i t availa b ilit y.Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,DIV I S I ONA—PRE VEN T IN GM ORTGAGE F ORE CL OS U RES SECTION1. S H O R T TIT L E T AB LEO F CONTENTS. (a)SHORTTI T LE.— T hisd i v isi onm a ybec i t ed as the ‘ ‘ H e lp in gF amilies Save Thei r Homes A cto f20 0 9’ ’. (b) T AB LEO FC O N TENT S .—The table of contents of this division is the follo w ing
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ec. 1 . Short title table of contents. T I T LE I —PR E V E N TI O NO FM ORT GA GE FORE C LOS U RES Sec. 1 0 1. Guaranteed rural housing loans. Sec. 10 2 . Modification of housing loans guaranteed by the D epartment of Veterans Affairs. Sec. 10 3 . Additional funding for H UD programs to assist individuals to better w ith - stand the current mortgage crisis. Sec. 10 4 . Mortgage modification data collecting and reporting. Sec. 10 5 . Neighborhood Stabili z ation Program Refinements. TITLE II—FORECLOSURE MITIGATION AND CREDIT AVAILA B ILIT Y Sec. 201. Servicer safe harbor for mortgage loan modifications. Sec. 202. Changes to HOPE for Homeowners Program. Sec. 203. Re q uirements for FHA-approved mortgagees. Sec. 204. Enhancement of liquidity and stability of insured depository institutions to ensure availability of credit and reduction of foreclosures. Sec. 205. Application of GSE conforming loan limit to mortgages assisted with TARP funds. Sec. 20 6 . Mortgages on certain homes on leased land. Sec. 20 7 . Sense of Congress regarding mortgage revenue bond purchases. TITLE III—MORTGAGE FRAUD TAS K FORCE Sec. 301. Sense of the Congress on establishment of a Nationwide Mortgage Fraud Tas k Force. TITLE IV—FORECLOSURE MORATORIUM PROVISIONS Sec. 401. Sense of the Congress on foreclosures. Sec. 402. Public-Private Investment Program; Additional Appropriations for the Special Inspector General for the Troubled Asset Relief Program. Sec. 403. Removal of requirement to liquidate warrants under the TARP. Sec. 404. Notification of sale or transfer of mortgage loans. TITLE V—FARM LOAN RESTRUCTURING Sec. 501. Congressional Oversight Panel special report. 12USC5 2 0 1 note.H e lpi n gFam ilie s Sa v e Th ei r Homes Ac to f 200 9 . M a y 20 , 2009 [ S. 8 9 6]


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 123STA T . 1 6 33 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9TI T LEV I — E NHA N C E DO VE RS I G HTO F THE TRO UB LED ASSET RELIEF P ROGRA M S ec.601 . E nha nce dov e rsig h t o f the Tro ubl ed Asset Relief Progra m . TITLE VII—PROTECTING TENANTS AT FORECLOSURE ACT Sec. 7 01. Short title. Sec. 70 2 . Effect of foreclosure on p ree x isting tenanc y . Sec. 70 3 . Effect of foreclosure on section 8 tenancies. Sec. 70 4 . Sunset. TITLE VIII—COMPTROLLER GENERAL ADDITIONAL AUDIT AUTHORITIES Sec. 801. Comptroller General additional audit authorities. TI T LE I —PR E V E N TI O NO FM ORT GA GE FORE C LO SU RES SEC.10 1. GUAR A NT EE D RURA LHO US I NG LOANS. (a)GUAR A NTE E DR URA LHO U SI N GL OANS .—Section502 ( h )o f the Ho us in gA ct of 194 9 (42 U .S. C .14 7 2(h)) is a m en d ed— (1) byr edesignating p aragraphs (1 3 ) and (14) as paragraphs (1 6 ) and (17) , respecti v e l y and (2) by inserting after paragraph (12) the follo w ing new paragraphs

‘(13) LOSS M ITIGATION.—Upon default or imminent default of any mortgage guaranteed under this subsection, mortgagees shall engage in loss mitigation actions for the purpose of pro - viding an alternative to foreclosure (including actions such as special forbearance, loan modification, pre-foreclosure sale, deed in lieu of foreclosure, as re q uired, support for borrower housing counseling, subordinate lien resolution, and borrower relocation), as provided for by the Secretary. ‘‘(14) P A Y MENT O FP ARTIAL C LAIMS AND MORTGAGE MODI- FICATIONS.— T he Secretary may authori z e the modification of mortgages, and establish a program for payment of a partial claim to a mortgagee that agrees to apply the claim amount to payment of a mortgage on a 1- to 4-family residence, for mortgages that are in default or face imminent default, as defined by the Secretary. Any payment under such program directed to the mortgagee shall be made at the sole discretion of the Secretary and on terms and conditions acceptable to the Secretary, e x cept that— ‘‘(A) the amount of the partial claim payment shall be in an amount determined by the Secretary, and shall not exceed an amount equivalent to 30 percent of the unpaid principal balance of the mortgage and any costs that are approved by the Secretary; ‘‘( B ) the amount of the partial claim payment shall be applied first to any outstanding indebtedness on the mortgage, including any arrearage, but may also include principal reduction; ‘‘(C) the mortgagor shall agree to repay the amount of the partial claim to the Secretary upon terms and condi- tions acceptable to the Secretary; ‘‘( D ) expenses related to a partial claim or modification are not to be charged to the borrower; ‘‘( E ) the Secretary may authorize compensation to the mortgagee for lost income on monthly mortgage payments due to interest rate reduction;


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 123STA T . 1 6 3 4PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9‘ ‘ (F)theS e cr et a r ym ay re i m bu r s ethem o rt g agee f rom the a p propriate guara n ty fun d in connection w ith any acti v ities that the mortgagee is re q uired to underta k e con - cerning repayment by the mortgagor of the amount owed to the Secretary ‘‘( G ) the Secretary may authori z e payments to the mortgagee on beha l f of the borrower , under such terms and conditions as are defined by the Secretary, based on successful performance under the terms of the mortgage modification, which shall be used to reduce the principal obligation under the modified mortgage; and ‘‘( H ) the Secretary may authorize the modification of mortgages with terms e x tended up to 40 years from the date of modification . ‘‘( 15 ) AS S IGNME N T . — ‘‘(A) PRO GR A MA U T H ORIT Y .— T he Secretary may estab- lish a program for assignment to the Secretary, upon request of the mortgagee, of a mortgage on a 1- to 4- family residence guaranteed under this chapter. ‘‘( B ) PROGRAM RE Q UIREMENTS.— ‘‘(i) I N GENERA L .—The Secretary may encourage loan modifications for eligible delinquent mortgages or mortgages facing imminent default, as defined by the Secretary, through the payment of the guaranty and assignment of the mortgage to the Secretary and the subsequent modification of the terms of the mort- gage according to a loan modification approved under this section. ‘‘(ii) A C CE P TANCE O F ASSIGNMENT.—The Secretary may accept assignment of a mortgage under a program under this subsection only if— ‘‘(I) the mortgage is in default or facing imminent default; ‘‘(II) the mortgagee has modified the mortgage or qualified the mortgage for modification suffi- cient to cure the default and provide for mortgage payments the mortgagor is reasonably able to pay, at interest rates not exceeding current market interest rates; and ‘‘(III) the Secretary arranges for servicing of the assigned mortgage by a mortgagee (which may include the assigning mortgagee) through proce- dures that the Secretary has determined to be in the best interests of the appropriate guaranty fund. ‘‘( C ) PAYMENT OF GUARANTY.— U nder the program under this paragraph, the Secretary may pay the guaranty for a mortgage, in the amount determined in accordance with paragraph ( 2 ), without reduction for any amounts modified, but only upon the assignment, transfer, and delivery to the Secretary of all rights, interest, claims, evidence, and records with respect to the mortgage, as defined by the Secretary. ‘‘( D ) DISPOSITION.—After modification of a mortgage pursuant to this paragraph, and assignment of the mort- gage, the Secretary may provide guarantees under this


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 123STA T . 1 6 3 5PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9sub s ectionf o r t h e m ort ga ge .T he S ecretar y may subse -q uent l y —‘ ‘ ( i ) re-assign the mortgage to the mortgagee un d er terms and conditions as are agreed to by the mortgagee and the Secretary ‘‘(ii) act as a G o v ernment N ational M ortgage A ssociation issuer , or contract w ith an entity for such p urpose, in order to pool the mortgage into a Govern- ment National Mortgage Association security; or ‘‘(iii) re-sell the mortgage in accordance with any program that has been established for purchase by the F ederal Government of mortgages insured under this title, and the Secretary may coordinate standards for interest rate reductions available for loan modifica- tion with interest rates established for such purchase. ‘‘( E ) LOANSERVIC IN G .— I n carrying out the program under this subsection, the Secretary may require the e x isting servicer of a mortgage assigned to the Secretary under the program to continue servicing the mortgage as an agent of the Secretary during the period that the Sec- retary acquires and holds the mortgage for the purpose of modifying the terms of the mortgage. If the mortgage is resold pursuant to subparagraph ( D )(iii), the Secretary may provide for the existing servicer to continue to service the mortgage or may engage another entity to service the mortgage. ’ ’. (b) TEC H NICA L A M EN D MEN T S.—Subsection (h) of section 502 of the H ousing Act of 194 9 (42 U .S. C .14 7 2(h)) is amended— (1) in paragraph (5)(A), by stri k ing ‘‘(as defined in para- graph (1 3 )’’ and inserting ‘‘(as defined in paragraph (17)’’; and (2) in paragraph (1 8 )(E)(as so redesignated by subsection (a)(2)), by— (A) striking ‘‘paragraphs (3), ( 6 ), (7)(A), (8), and (10)’’ and inserting ‘‘paragraphs (3), (6), (7)(A), (8), (10), (13), and (14)’’; and ( B ) striking ‘‘paragraphs (2) through (13)’’ and inserting ‘‘paragraphs (2) through (15)’’. (c) P ROCED U RE.— (1) IN GENERAL.—The promulgation of regulations neces- sitated and the administration actions required by the amend- ments made by this section shall be made without regard to— (A) the notice and comment provisions of section 553 of title 5, United States Code; (B) the Statement of Policy of the Secretary of Agri- culture effective J uly 24, 1971 (36 Fed. R eg. 13804), relating to notices of proposed rulemaking and public participation in rulemaking; and (C) chapter 35 of title 44, United States Code (com- monly known as the ‘‘Paperwork Reduction Act’’). (2) CONGRESSIONAL REVIE W O F AGENC Y RULEMA K ING.—In carrying out this section, and the amendments made by this section, the Secretary shall use the authority provided under section 808 of title 5, United States Code. 42USC1 4 7 2 note.


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 123STA T . 1 6 36 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9SEC.102 . MODIF IC AT IO N OF H O U SIN GL OANS GUA R ANTEED BY THE DE P ARTMENT OF V ETERANS AFFAIRS. (a)MATURI T YOFH OU S I NGL OANS .—Section370 3( d )( 1 )o f tit l e 3 8,U nited State sC ode, is a m ended by inse r tin g‘ ‘at t h e time of origination ’ ’ after ‘‘loan’’. (b) IMPLE MENTATION.— T he Secretary of V eterans A ffairs may im p lement the amendments made by this section thro u gh notice, procedure notice, or administrati v e notice. SEC. 10 3 . ADDITIONAL FUNDING FOR HUD PROGRAMS TO ASSIST INDIVIDUALS TO BETTER W ITHSTAND THE CURRENT MORTGAGE CRISIS. (a) A D DITIONAL APPROPRIATIONS FOR AD V ERTISING TO IN C REASE P U B LIC A W ARENESS OF MORTGAGE SCAMS AND COUNSELING ASSIST - ANCE.—In addition to any amounts that may be appropriated for each of the fiscal years 2 010 and 2011 for such purpose, there is authori z ed to be appropriated to the Secretary of Housing and Urban D evelopment, to remain available until e x pended, $ 10,000,000 for each of the fiscal years 2010 and 2011 for purposes of providing additional resources to be used for advertising to raise a w areness of mortgage fraud and to support HUD programs and approved counseling agencies, provided that such amounts are used to advertise in the 100 metropolitan statistical areas with the highest rate of home foreclosures, and provided, further that up to$ 5 ,000,000 of such amounts are used for advertisements designed to reach and inform broad segments of the community. (b) ADDITIONAL APPROPRIATIONS FOR T H E HOUSING COUNSELING ASSISTANCE PROGRAM.—In addition to any amounts that may be appropriated for each of the fiscal years 2010 and 2011 for such purpose, there is authorized to be appropriated to the Secretary of Housing and Urban Development, to remain available until expended, $50,000,000 for each of the fiscal years 2010 and 2011 to carry out the Housing Counseling Assistance Program established within the Department of Housing and Urban Development, pro- vided that such amounts are used to fund HUD-certified housing- counseling agencies located in the 100 metropolitan statistical areas with the highest rate of home foreclosures for the purpose of assisting homeowners with in q uiries regarding mortgage-modifica- tion assistance and mortgage scams. (c) ADDITIONAL APPROPRIATIONS FOR PERSONNEL AT THE O FFICE OF F AIR HOUSING AND EQ UAL OPPORTUNITY.—In addition to any amounts that may be appropriated for each of the fiscal years 2010 and 2011 for such purpose, there is authorized to be appro- priated to the Secretary of Housing and Urban Development, to remain available until expended, $5,000,000 for each of the fiscal years 2010 and 2011 for purposes of hiring additional personnel at the Office of Fair Housing and Equal Opportunity within the Department of Housing and Urban Development, provided that such amounts are used to hire personnel at the local branches of such Office located in the 100 metropolitan statistical areas with the highest rate of home foreclosures. SEC. 10 4 . MORTGAGE MODIFICATION DATA COLLECTING AND REPORTING. (a) R EPORTING REQUIREMENTS.— N ot later than 120 days after the date of the enactment of this Act, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office 12USC 1 7 1 5z– 25 .38 USC 37 0 3 note .


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 123STA T . 1 6 3 7PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9ofThri f tSupe r v i s io n, sh al l j ointl y su bm it a report to the C ommittee on B an k in g , H ousing, an dU rban A ffairs of the Senate, the Com - mittee on F inan c ial Services of the House of R epresentatives on the volume of mortgage modifications reported to the O ffice of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous q uarter, including the follo w ing
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A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications . ( 2 ) The total number of mortgage modifications resulting in each of the following: (A) Additions of delinquent payments and fees to loan balances. (B) I nterest rate reductions and free z es. (C) Term e x tensions. ( D ) Reductions of principal. ( E ) Deferrals of principal. (F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E). ( 3 ) The total number of mortgage modifications in which the total monthly principal and interest payment resulted in the following: (A) An increase. (B) Remained the same. (C) Decreased less than 1 0 percent. (D) Decreased between 10 percent and 20 percent. (E) Decreased 20 percent or more. ( 4 ) The total number of loans that have been modified and then entered into default, where the loan modification resulted in — (A) higher monthly payments by the homeowner (B) equivalent monthly payments by the homeowner; (C) lower monthly payments by the homeowner of up to 10 percent; (D) lower monthly payments by the homeowner of between 10 percent to 20 percent; or (E) lower monthly payments by the homeowner of more than 20 percent. (b) D AT AC OL L EC T I O N .— (1) RE QU I R E D .— (A) IN G ENERAL.— N ot later than 6 0 days after the date of the enactment of this Act, the Comptroller of the Currency and the Director of the Office of Thrift Super- vision, shall issue mortgage modification data collection and reporting requirements to institutions covered under the reporting requirement of the mortgage metrics program of the Comptroller or the Director. (B) INCLU S I V ENESS O F COLLECTIONS.—The require- ments under subparagraph (A) shall provide for the collec- tion of all mortgage modification data needed by the Comp- troller of the Currency and the Director of the Office of Thrift Supervision to fulfill the reporting requirements under subsection (a). (2) RE P ORT.—The Comptroller of the Currency shall report all requirements established under paragraph (1) to each com- mittee receiving the report required under subsection (a).


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 123STA T . 1 6 3 8PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9SEC.105 . N E IGHBOR HOO D S TA BI L I Z ATION P ROGRA M RE F INEMENTS. (a)INGE NE RAL.—Section2301 (c) o f t h e F o r ec l o su re P re v ention A ct of 200 8 ( 4 2 U .S. C . 5 301 note) is a m en d ed— (1) by redesi g nating p aragraph (3) as paragraph (4) and (2) by inserting after paragraph (2) the follo w ing new para - graph

‘(3) EXC E PTIO N F OR CERTAIN S TATES.—Each State that has received the minimum allocation of amounts pursuant to the re q uirement under section 2302 may , tothee x tent such State has fulfilled the requirements of paragraph (2), distribute any remaining amounts to areas with homeowners at ris k of fore- closure or in foreclosure without regard to the percentage of home foreclosures in such areas. ’ ’. (b) R ETROACTI V E EFFECTIVE D ATE.— T he amendment made by subsection (a) shall take effect as if enacted on the date of enactment of the Foreclosure Prevention Act of 2008 (Public L aw 110 – 28 9 ). TI T LE II —FOR E C LO SU RE M ITI GA TIO N AN D CREDIT A V AILA B ILIT Y SEC. 2 01. SER V ICER SAFE HARBOR FOR MORTGAGE LOAN MODIFICA - TIONS. (a) CON G RESSIONAL FIN D INGS.—Congress finds the following: (1) Increasing numbers of mortgage foreclosures are not only depriving many Americans of their homes, but are also destabili z ing property values and negatively affecting State and local economies as well as the national economy. (2) In order to reduce the number of foreclosures and to stabilize property values, local economies, and the national economy, servicers must be given— (A) authorization to— (i) modify mortgage loans and engage in other loss mitigation activities consistent with applicable guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Sta- bilization Act of 2008; and (ii) refinance mortgage loans under the H ope for Homeowners program; and ( B ) a safe harbor to enable such servicers to exercise these authorities. (b) SAFE HAR B OR.—Section 129A of the Truth in Lending Act (15 U.S.C. 1 6 39a) is amended to read as follows: ‘ ‘SEC. 12 9 .D U T Y OF SERVICERS OF RESIDENTIAL MORTGAGES. ‘‘(a) IN GENERAL.— N otwithstanding any other provision of law, whenever a servicer of residential mortgages agrees to enter into a qualified loss mitigation plan with respect to 1 or more residential mortgages originated before the date of enactment of the Helping Families Save Their Homes Act of 2009, including mortgages held in a securitization or other investment vehicle— ‘‘(1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed to apply to all such investors and parties, and not to any individual party or group of parties; and Ap p licab ili ty.P la ns. 15USC 1 639 a n o t e. 42 USC 53 0 1 note.


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 123STA T . 1 6 3 9PUBLIC LA W 111 – 22 —M A Y 2 0, 2009 ‘ ‘ (2)thes e rvic er sh al l b e d ee m edt o have satis f ied the d u t y set forth i np ara g raph ( 1 )if , before D ecember 3 1,2 0 12, the servicer implements a q ualified loss mitigation plan that meets the follo w ing criteria ‘‘( A ) Default on the payment of such mortgage has occurred, is imminent, or is reasonably foreseeable, as such terms are defined by guidelines issued by the S ecretary of the T reasury or his designee under the E mergency Eco - nomic Stabili z ation Act of 200 8. ‘‘( B ) The mortgagor occupies the property securing the mortgage as his or her principal residence. ‘‘( C ) The servicer reasonably determined, consistent with the guidelines issued by the Secretary of the Treasury or his designee, that the application of such qualified loss mitigation plan to a mortgage or class of mortgages will li k ely provide an anticipated recovery on the outstanding principal mortgage debt that will e x ceed the anticipated recovery through foreclosures. ‘‘(b) NOLIAB I L I TY . — A servicer that is deemed to be acting in the best interests of all investors or other parties under this section shall not be liable to any party who is owed a duty under subsection (a)(1), and shall not be sub j ect to any injunction, stay, or other equitable relief to such party, based solely upon the implementation by the servicer of a qualified loss mitigation plan. ‘‘(c) STA ND A R D I ND US TRY P RA C TIC E .—The qualified loss mitiga- tion plan guidelines issued by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 shall constitute standard industry practice for purposes of all F ederal and State laws. ‘‘(d) SCO P EO F SAFE H ARBOR.—Any person, including a trustee, issuer, and loan originator, shall not be liable for monetary damages or be subject to an injunction, stay, or other equitable relief, based solely upon the cooperation of such person with a servicer when such cooperation is necessary for the servicer to implement a quali- fied loss mitigation plan that meets the requirements of subsection (a). ‘‘(e) R EPORTIN G .—Each servicer that engages in qualified loss mitigation plans under this section shall regularly report to the Secretary of the Treasury the extent, scope, and results of the servicer ’ s modification activities. The Secretary of the Treasury shall prescribe regulations or guidance specifying the form, content, and timing of such reports. ‘‘(f) DEFINITIONS.—As used in this section— ‘‘(1) the term ‘qualified loss mitigation plan’ means— ‘‘(A) a residential loan modification, workout, or other loss mitigation plan, including to the extent that the Sec- retary of the Treasury determines appropriate, a loan sale, real property disposition, trial modification, pre-foreclosure sale, and deed in lieu of foreclosure, that is described or authorized in guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 and ‘‘(B) a refinancing of a mortgage under the Hope for Homeowners program; ‘‘(2) the term ‘servicer’ means the person responsible for the servicing for others of residential mortgage loans (including of a pool of residential mortgage loans); and Regulations.D ea d line. Cr iteria.


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 123STA T . 1 640PUBLIC LA W 111 – 22 —M A Y 20, 200 9‘ ‘ (3)the te rm ‘ s e cu r i ti za ti onv ehic l e ’ means a trust , s p ecial purpose entit y , or other le g al structure that is use d to f acilitate the issuing of securities, participation certificates, or similar instruments b ac k ed by or referring to a pool of assets that includes residential mortgages (or instruments that are related to residential mortgages such as credit - linked notes) . ‘‘(g) RULEOFC O NSTR U C T I ON. —N o provision of subsection (b) or (d) shall be construed as affecting the liability of any servicer or person as described in subsection (d) for actual fraud in the origination or servicing of a loan or in the implementation of a q ualified loss mitigation plan, or for the violation of a S tate or F ederal la w, including laws regulating the origination of mortgage loans, commonly referred to as predatory lending laws.’’. SEC.20 2.C HANG ES TO HO P E F O R HO M EO W NERS PROGRAM. (a) P RO G R AM C H ANGES.—Section 257 of the National H ousing A ct( 1 2 U .S.C. 1715z – 23) is amended— (1) in subsection (c)— (A) in the heading for paragraph (1), by striking ‘‘THE B OAR D ’’ and inserting ‘‘SECRETAR Y ’’ ( B ) in paragraph (1), by striking ‘‘Board’’ inserting ‘‘Secretary, after consultation with the Board,’’; (C) in paragraph (1)(A), by inserting ‘‘consistent with section 2 0 3(b) to the ma x imum extent possible’’ before the semicolon; and ( D ) by adding after paragraph (2) the following ‘‘(3) DUTIES OF BOARD.— T he Board shall advise the Sec- retary regarding the establishment and implementation of the H O P E for Homeowners Program.’’; (2) by striking ‘‘Board’’ each place such term appears in subsections (e), (h)(1), (h)(3), ( j ), (l), (n), (s)(3), and (v) and inserting ‘‘Secretary’’; (3) in subsection (e)— (A) by striking paragraph (1) and inserting the fol- lowing: ‘‘(1) BORRO W ER CERTIFICATION.— ‘‘(A) NO INTENTIONAL DEFAULT OR FALSE INFORMA- TION.—The mortgagor shall provide a certification to the Secretary that the mortgagor has not intentionally defaulted on the existing mortgage or mortgages or any other substantial debt within the last 5 years and has not knowingly, or willfully and with actual knowledge, furnished material information known to be false for the purpose of obtaining the eligible mortgage to be insured and has not been convicted under Federal or State law for fraud during the 10-year period ending upon the insur- ance of the mortgage under this section. ‘‘(B) L IABILITY FOR RE P AYMENT.—The mortgagor shall agree in writing that the mortgagor shall be liable to repay to the Secretary any direct financial benefit achieved from the reduction of indebtedness on the existing mortgage or mortgages on the residence refinanced under this section derived from misrepresentations made by the mortgagor in the certifications and documentation required under this paragraph, subject to the discretion of the Secretary. ‘‘(C) CURRENT BORROWER DEBT-TO-INCOME RATIO.—As of the date of application for a commitment to insure or


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 123STA T . 1 64 1 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9insura n ce un d er th is secti o n , the m ort g agor sha l lha v e had, or therea f ter is li k el y to have, due to the terms of the mortgage b eing reset, a ratio of mortgage debt to income, taking into consideration all e x isting mortgages of that mortgagor at such time, greater than 31p ercent ( or such higher amount as the S ecretary determines appro - priate ).’ ’ ( B ) in paragraph ( 4 ) — (i) in subparagraph ( A ), by striking ‘ ‘, sub j ect to standards established by the Board under subpara- graph (B),’’; and (ii) in subparagraph (B)(i), by striking ‘‘shall’’ and inserting ‘‘may’’; and ( C ) in paragraph ( 7 ), by striking ‘‘; and provided that’’ and all that follo w s through ‘‘new second lien’’; ( D ) in paragraph ( 9 )— (i) by striking ‘‘by procuring (A) an income tax return transcript of the income tax return of the mort- gagor, or (B)’’ and inserting ‘‘in accordance with proce- dures and standards that the Secretary shall establish (provided that such procedures and standards are con- sistent with section 20 3(b) to the maximum extent possible) which may include re q uiring the mortgagee to procure’’; and (ii) by striking ‘‘and by any other method, in accordance with procedures and standards that the Board shall establish’’; ( E ) in paragraph (10)— (i) by striking ‘‘ T he mortgagor shall not’’ and inserting the following ‘‘(A) PROHIB I T IO N .—The mortgagor shall not’’; and (ii) by adding at the end the following: ‘‘(B) D U T Y O FM ORT GA G E E.—The duty of the mortgagee to ensure that the mortgagor is in compliance with the prohibition under subparagraph (A) shall be satisfied if the mortgagee makes a good faith effort to determine that the mortgagor has not been convicted under F ederal or State law for fraud during the period described in subpara- graph (A).’’; (F) in paragraph (11), by inserting before the period at the end the following: ‘‘, except that the Secretary may provide exceptions to such latter requirement (relating to present ownership interest) for any mortgagor who has inherited a property’’; and ( G ) by adding at the end: ‘‘(12) BAN ON MI L LIONAIRE S .—The mortgagor shall not have a net worth, as of the date the mortgagor first applies for a mortgage to be insured under the Program under this section, that exceeds $ 1,000,000.’’; (4) in subsection (h)(2), by striking ‘‘The Board shall pro- hibit the Secretary from paying’’ and inserting ‘‘The Secretary shall not pay’’; and ( 5 ) in subsection (i)— (A) by redesignating paragraphs (1) and (2) as subpara- graphs (A) and (B), respectively, and adjusting the margins accordingly;


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 123STA T . 1 64 2 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9(B)inthema tte rp re c e d in gsub paragraph ( A ) , as redesignated b y this paragraph, by stri k ing ‘ ‘ Fo r each ’ ’ and inserting the f o l lo w ing ‘‘( 1 ) PREMIU M S.— For each’’ ( C ) in subparagraph (A), as redesignated by this para - graph, by striking ‘‘e q ual to 3 percent’’ and inserting ‘‘not more than 3 percent’’; and ( D ) in subparagraph (B), as redesignated by this para- graph, by striking ‘‘equal to 1. 5 percent’’ and inserting ‘‘not more than 1.5 percent’’; ( E ) by adding at the end the following: ‘‘( 2 )C ON SI D ER AT IONS.— I n setting the premium under this subsection, the S ecretary shall consider— ‘‘(A) the financial integrity of the HO PE for Home- owners Program; and ‘‘(B) the purposes of the HOPE for Homeowners Pro- gram described in subsection (b).’’; ( 6 ) in subsection (k)— (A) by striking the subsection heading and inserting ‘‘E X IT FEE’’; (B) in paragraph (1), in the matter preceding subpara- graph (A), by striking ‘‘such sale or refinancing’’ and inserting ‘‘the mortgage being insured under this section’’; and (C) in paragraph (2), by striking ‘‘and the mortgagor’’ and all that follows through the end and inserting ‘‘may, upon any sale or disposition of the property to which the mortgage relates, be entitled to up to 5 0 percent of appre- ciation, up to the appraised v alue of the home at the time when the mortgage being refinanced under this section was originally made. T he Secretary may share any amounts received under this paragraph with or assign the rights of any amounts due to the Secretary to the holder of the e x isting senior mortgage on the eligible mortgage, the holder of any existing subordinate mortgage on the eligible mortgage, or both.’’; ( 7 ) in the heading for subsection (n), by striking ‘‘T H E BOARD’’ and inserting ‘‘SE C RETAR Y ’’; ( 8 ) in subsection (p), by striking ‘‘ U nder the direction of the Board, the’’ and inserting ‘‘The’’; ( 9 ) in subsection (s)— (A) in the first sentence of paragraph (2), by striking ‘‘Board of Directors of’’ and inserting ‘‘Advisory Board for’’; and (B) in paragraph (3)(A)(ii), by striking ‘‘subsection (e)(1)(B) and such other’’ and inserting ‘‘such’’; (10) in subsection (v), by inserting after the period at the end the following: ‘‘The Secretary shall conform documents, forms, and procedures for mortgages insured under this section to those in place for mortgages insured under section 203(b) to the maximum extent possible consistent with the require- ments of this section.’’; and (11) by adding at the end the following new subsections: ‘‘(x) PAYMENTS TO SER V ICERS AND ORI G INATORS.—The Secretary may establish a payment to the—


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 123STA T . 1 64 3 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9‘ ‘ (1)servic er ofth ee x isti ng senior m ortg a ge or existing s ub or d inate mortgage for ever yl oan insured under the HOPE for Homeo w ners Program and ‘‘( 2 ) originator of each new loan insured under the HOPE for Homeowners Program . ‘‘(y) AUCTIONS . —T he S ecretary , with the concurrence of the B oard, shall, if feasible, establish a structure and organi z e p roce - dures for an auction to refinance eligible mortgages on a wholesale or bul k basis. ’ ’. (b) RED UCIN G TARP F UNDS TO O F FSET C OSTS OF P R OGR AM C H ANGES.—Paragraph ( 3 ) of section 11 5 (a) of the Emergency Eco- nomic Stabilization Act of 2 0 0 8 (12 U .S.C. 5225) is amended by inserting ‘‘, as such amount is reduced by $ 1,2 4 4,000,000,’’ after ‘‘$ 7 00,000,000,000’’. (c) TECHNICA L CORRECTION.—The second section 257 of the N ational Housing Act (Public L aw 110 – 28 9 U.S.C. 1715z–24) is amended by striking the section heading and inserting the following
 * 122 Stat. 2839; 12

‘ SEC.258 . PILOT P R O G R AMF ORA U TOMATE D PROCESS FOR B OR - RO W ERS WIT H OUT SUFFICIE N T CREDIT HISTOR Y . ’ ’. SEC. 2 03 .RE Q UIREMENTS FOR FHA-APPRO V ED MORTGAGEES. (a) M ORTGAGEE RE V IE W BOARD.— (1) I N GENERAL.—Section 202(c)(2) of the National Housing Act (12 U.S.C. 1708(c)) is amended— (A) in subparagraph (E), by inserting ‘‘and’’ after the semicolon; (B) in subparagraph (F), by striking ‘‘; and’’ and inserting ‘‘or their designees.’’; and (C) by striking subparagraph ( G ). (2) PROHI B ITION AGAINST LIMITATIONS ON MORTGAGEE REVIEW BOARD’S P OWER TO TA K E ACTION AGAINST MORTGA- GEES.—Section 202(c) of the National Housing Act (12 U.S.C. 1708(c)) is amended by adding at the end the following new paragraph: ‘‘(9) PROHIBITION AGAINST LIMITATIONS ON MORTGAGEE REVIEW BOARD’S POWER TO TAKE ACTION AGAINST MORTGA- GEES.—No State or local law, and no Federal law (except a Federal law enacted expressly in limitation of this subsection after the effective date of this sentence), shall preclude or limit the exercise by the Board of its power to take any action authorized under paragraphs (3) and ( 6 ) of this subsection against any mortgagee.’’. (b) LIMITATIONS ON PARTICIPATION AND MORTGAGEE APPROVAL AND USE OF NAME.—Section 202 of the National Housing Act (12 U.S.C. 1708) is amended— (1) by redesignating subsections (d), (e), and (f) as sub- sections (e), (f), and (g), respectively; (2) by inserting after subsection (c) the following new sub- section: ‘‘(d) LIMITATIONS ON PARTICIPATION IN ORIGINATION AND MORT- GAGEE APPROVAL.— ‘‘(1) RE Q UIREMENT.—Any person or entity that is not approved by the Secretary to serve as a mortgagee, as such term is defined in subsection (c)(7), shall not participate in the origination of an FHA-insured loan except as authorized by the Secretary. Procedu re s.