15 U.S.C. § 771

Comptroller General, powers and duties

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(a) Scope of activities; monitoring activity; data to Comptroller General from Administration; reports and recommendations to Congress

For the duration of this chapter, the Comptroller General of the United States shall monitor and evaluate the operations of the Administration including its reporting activities. The Comptroller General shall (1) conduct studies of existing statutes and regulations governing the Administration’s programs; (2) review the policies and practices of the Administration; (3) review and evaluate the procedures followed by the Administrator in gathering, analyzing, and interpreting energy statistics, data, and information related to the management and conservation of energy, including but not limited to data related to energy costs, supply, demand, industry structure, and environmental impacts; and (4) evaluate particular projects or programs. The Comptroller General shall have access to such data within the possession or control of the Administration from any public or private source whatever, notwithstanding the provisions of any other law, as are necessary to carry out his responsibilities under this chapter and shall report to the Congress at such times as he deems appropriate with respect to the Administration’s programs, including his recommendations for modifications in existing laws, regulations, procedures, and practices.

(b) Access to material and written energy information from owners or operators of facilities or business premises engaged in energy matters; scope of information

The Comptroller General or any of his authorized representatives in carrying out his responsibilities under this section may request access to any books, documents, papers, statistics, data, records, and information of any person owning or operating facilities or business premises who is engaged in any phase of energy supply or major energy consumption, where such material relates to the purposes of this chapter, including but not limited to energy costs, demand, supply, industry structure, and environmental impacts. The Comptroller General may request such person to submit in writing such energy information as the Comptroller General may prescribe.

The Comptroller General of the United States, or any of his duly authorized representatives, shall have access to and the right to examine any books, documents, papers, records, or other recorded information of any recipients of Federal funds or assistance under contracts, leases, cooperative agreements, or other transactions entered into pursuant to subsection (d) or (g) of section 766 11 See References in Text note below. of this title which in the opinion of the Comptroller General may be related or pertinent to such contracts, leases, cooperative agreements, or similar transactions.

(d) Subpenas; committee resolution; issuance; production of evidence

To assist in carrying out his responsibilities under this section, the Comptroller General may, with the concurrence of a duly established committee of Congress having legislative or investigative jurisdiction over the subject matter and upon the adoption of a resolution by such a committee which sets forth specifically the scope and necessity therefor, and the specific identity of those persons from whom information is sought, sign and issue subpenas requiring the production of the books, documents, papers, statistics, data, records, and information referred to in subsection (b) of this section.

(e) Enforcement of subpenas; jurisdiction; order for production of evidence; contempt

In case of disobedience to a subpena issued under subsection (d) of this section, the Comptroller General may invoke the aid of any district court of the United States in requiring the production of the books, documents, papers, statistics, data, records, and information referred to in subsection (b) of this section. Any district court of the United States within the jurisdiction where such person is found or transacts business may, in case of contumacy or refusal to obey a subpena issued by the Comptroller General, issue an order requiring such person to produce the books, documents, papers, statistics, data, records, or information; and any failure to obey such order of the court shall be punished by the court as a contempt thereof.

(f) Availability to public of reports submitted to Congress; prohibited disclosures: confidential information and trade secrets; preservation of confidentiality in disclosures to GovernmentReports submitted by the Comptroller General to the Congress pursuant to this section shall be available to the public at reasonable cost and upon identifiable request. The Comptroller General may not disclose to the public any information which concerns or relates to a trade secret or other matter referred to in section 1905 of title 18, except that such information shall be disclosed by the Comptroller General or the Administrator, in a manner designed to preserve its confidentiality—(1) to other Federal Government departments, agencies, and officials for official use upon request;(2) to committees of Congress upon request; and(3) to a court in any judicial proceeding under court order.(Pub. L. 93–275, § 12, May 7, 1974, 88 Stat. 106.)Editorial NotesReferences in Text

Subsections (d) and (g) of section 766 of this title, referred to in subsec. (c), were repealed by Pub. L. 95–91, title VII, § 709(a)(2)(B), Aug. 4, 1977, 91 Stat. 608.

Statutory Notes and Related SubsidiariesTransfer of Functions

Federal Energy Administration terminated and functions vested by law in Administrator thereof transferred to Secretary of Energy (unless otherwise specifically provided) by sections 7151(a) and 7293 of Title 42, The Public Health and Welfare.

Functions of Comptroller General of United States under this section made applicable with respect to monitoring and evaluation of all functions and activities of Department of Energy by section 7137 of Title 42.

Notes of Decisions

Cited in 550 cases (13 in the last 5 years), 1938–2025 · leading case: Fed. Hous. Fin. Agency v. Nomura Holding Am., Inc., 873 F.3d 85 (2d Cir. 2017).

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Fed. Hous. Fin. Agency v. Nomura Holding Am., Inc., 873 F.3d 85 (2d Cir. 2017). · cites it 3× “Section 12(a)(2) of the Act, as amended, 15 U.S.C. § 771 , accords relief to any person (1) who was offered or purchased a security “by means of a prospectus or oral communication”; (2) from a statutory seller; (3) when the prospectus or oral communication “includes an untrue…”

Mann v. Kemper Fin. Companies, Inc., 618 N.E.2d 317 (Ill. App. Ct. 1992). · cites it 5× “Count VI alleged the corporate defendants’ violation of section 12(2) of the Securities Act ( 15 U.S.C. §771 (2) (1988)). Corporate defendants offered and sold securities by means of prospectuses that stated that the mutual funds would not engage in speculative transactions in…”

Kronenberg v. Katz, 872 A.2d 568 (Del. Ch. 2004). · cites it 2× “15 U.S.C. § 771 (a)(2), which codifies Section 12(2) of the 1933 Act (as amended) provides: Any person who- — ■ (2) offers or sells a security .”

Tara Scott v. Vantage Corp, 64 F.4th 462 (3rd Cir. 2023). · cites it 3× “First, under 15 U.S.C. § 771 , Plaintiffs alleged a federal securities law violation for the sale of unregistered and non- exempt securities (the “Unregistered Securities Claim”).”

In Re WorldCom, Inc. Sec. Litig., 294 F. Supp. 2d 392 (S.D.N.Y. 2003). · cites it 2× “by means of a prospectus or oral communication, which includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements .”

Texas Capital Sec., Inc. v. Sandefer, 58 S.W.3d 760 (Tex. App. 2001). · cites it 2× “Article 581-33(A)(2) was copied almost verbatim from 15 U.S.C.A. § 771 (2). Flowers v. Dempsey-Tegeler & Co.”

In Re Enron Corp. Sec., Derivative & ERISA Lit., 235 F. Supp. 2d 549 (S.D. Tex. 2002). · cites it 2× “Defendants who remain in this litigation may file an appropriate motion with a supporting brief and evidence challenging Plaintiff's one-entity approach, but for purposes of .”

In Re Chaus Sec. Litig., 801 F. Supp. 1257 (S.D.N.Y. 1992). · cites it 4× “§ 77k] or section 12(2) [ 15 U.S.C. § 771 (2)] unless brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence, or, if the action is to enforce a liability created…”

Clinton D. Brown v. Earthboard Sports Usa, Inc. Hugh Jeffreys Jeffrey A. Vaughn Lincoln Fin. Advisors Corp., D/B/A Sagemark Consulting, 481 F.3d 901 (6th Cir. 2007). · cites it 2× “Second, Lincoln claims that Brown has effectively waived his Blue Sky claim by admitting that the offering was private.”

Fed. Sec. L. Rep. P 96,366 Benjamin A. Cook v. Avien, Inc., James F. Pritchard, Benjamin A. Cook v. Avien, Inc., 573 F.2d 685 (1st Cir. 1978). · cites it 2× “15 U.S.C. § 771 (2). See Odette v. Shearson, Hammill & Co.”

Gilmer v. Interstate/Johnson Lane Corp., 500 U.S. 20 (1991). “; and § 12(2) of the Securities Act of 1933, 15 U. S. C. § 771 (2). See Mitsubishi Motors Corp.”

Sec. & Exch. Comm'n v. Tambone, 597 F.3d 436 (1st Cir. 2010). “1439 ; see also 15 U.S.C. § 771 (a). .The SEC specifically observes in this Release that the underwriters' "obligation to have a reasonable basis for belief in the accuracy of statements directly made concerning the offering is underscored when a broker-dealer underwrites…”

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— 15 U.S.C. § 771(2) — 4 cases

Manuel M. Ellis v. Victor Carter, Etc., 291 F.2d 270 (9th Cir. 1961).

Nelson v. Quimby Island Reclamation Dist. Facilities Corp., 491 F. Supp. 1364 (N.D. Cal. 1980).

Hallmark Indus., L.L.C. v. First Systech Int'l, Inc., 52 P.3d 812 (Ariz. Ct. App. 2002).

Rosenfield v. Integrated Container Serv. Indus. Corp., 50 F.R.D. 237 (S.D.N.Y. 1970).

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