posted on Jan, 21 2013 @ 03:54 PM
Here is the Law Enacted by Bush and Extended by Obama:
(i) TITLE 5.—Section 5315 of title 5,
16 United States Code, is amended in the
17 item relating to Assistant Secretaries of
18 the Treasury, by striking ‘‘(9)’’ and insert19
20 (ii) TITLE 31.—Section 301(e) of title
21 31, United States Code, is amended by
22 striking ‘‘9’’ and inserting ‘‘10’’.
23 (b) CONSULTATION.—In exercising the authority
24 under this section, the Secretary shall consult with the
25 Board, the Corporation, the Comptroller of the Currency,
1 the Director of the Office of Thrift Supervision, and the
2 Secretary of Housing and Urban Development.
3 (c) NECESSARY ACTIONS.—The Secretary is author4
ized to take such actions as the Secretary deems necessary
5 to carry out the authorities in this Act, including, without
6 limitation, the following:
7 (1) The Secretary shall have direct hiring au8
thority with respect to the appointment of employees
9 to administer this Act.
10 (2) Entering into contracts, including contracts
11 for services authorized by section 3109 of title 5,
12 United States Code.
13 (3) Designating financial institutions as finan14
cial agents of the Federal Government, and such in15
stitutions shall perform all such reasonable duties
16 related to this Act as financial agents of the Federal
17 Government as may be required.
18 (4) In order to provide the Secretary with the
19 flexibility to manage troubled assets in a manner de20
signed to minimize cost to the taxpayers, estab21
lishing vehicles that are authorized, subject to super22
vision by the Secretary, to purchase, hold, and sell
23 troubled assets and issue obligations.