12-U.S.C.-5394
§5394 – Prohibition On Taxpayer Funding
Pathway
Title 12 > Chapter 53 > Subchapter II > Section 5394
Details
- Reference: Section 5394
- Legend: §5394 – Prohibition On Taxpayer Funding
- USCode Year: 2013
Provision Content
(a) Liquidation required
All financial companies put into receivership under this subchapter shall be liquidated. No taxpayer funds shall be used to prevent the liquidation of any financial company under this subchapter.
(b) Recovery of funds
All funds expended in the liquidation of a financial company under this subchapter shall be recovered from the disposition of assets of such financial company, or shall be the responsibility of the financial sector, through assessments.
(c) No losses to taxpayers
Taxpayers shall bear no losses from the exercise of any authority under this subchapter.
(Pub. L. 111–203, title II, §214, July 21, 2010, 124 Stat. 1518.)
References in Text
This subchapter, referred to in text, was in the original this title, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-5389 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-5389, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-5383 in the Legal Encyclopedia: Banking Reform
In this entry about 12-U.S.C.-5383, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.
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