124 STAT. 1452 PUBLIC LAW 111–203—JULY 21, 2010 (C) notify the covered financial company and the Cor- poration of such determination. (2) REPORT TO CONGRESS.—Not later than 24 hours after the date of appointment of the Corporation as receiver for a covered financial company, the Secretary shall provide written notice of the recommendations and determinations reached in accordance with subsections (a) and (b) to the Majority Leader and the Minority Leader of the Senate and the Speaker and the Minority Leader of the House of Representatives, the Com- mittee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Rep- resentatives, which shall consist of a summary of the basis for the determination, including, to the extent available at the time of the determination— (A) the size and financial condition of the covered financial company; (B) the sources of capital and credit support that were available to the covered financial company; (C) the operations of the covered financial company that could have had a significant impact on financial sta- bility, markets, or both; (D) identification of the banks and financial companies which may be able to provide the services offered by the covered financial company; (E) any potential international ramifications of resolu- tion of the covered financial company under other applicable insolvency law; (F) an estimate of the potential effect of the resolution of the covered financial company under other applicable insolvency law on the financial stability of the United States; (G) the potential effect of the appointment of a receiver by the Secretary on consumers; (H) the potential effect of the appointment of a receiver by the Secretary on the financial system, financial markets, and banks and other financial companies; and (I) whether resolution of the covered financial company under other applicable insolvency law would cause banks or other financial companies to experience severe liquidity distress. (3) REPORTS TO CONGRESS AND THE PUBLIC.— (A) IN GENERAL.—Not later than 60 days after the date of appointment of the Corporation as receiver for a covered financial company, the Corporation shall file a report with the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Finan- cial Services of the House of Representatives— (i) setting forth information on the financial condi- tion of the covered financial company as of the date of the appointment, including a description of its assets and liabilities; (ii) describing the plan of, and actions taken by, the Corporation to wind down the covered financial company; (iii) explaining each instance in which the Corpora- tion waived any applicable requirements of part 366 Notification.
