12 U.S.C. § 5345 — Funding

FEDERAL · 12 U.S.C. · Chapter 53

Funding

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 53 — WALL STREET REFORM AND CONSUMER PROTECTION·Subch. I·Pt. B

(a)Financial Research Fund

(1)Fund established There is established in the Treasury of the United States a separate fund to be known as the "Financial Research Fund".

(2)Fund receipts All amounts provided to the Office under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund.

(3)Investments authorized

(A)Amounts in fund may be invested The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office.

(B)Eligible investments Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, wit

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(a) Financial Research Fund
(1) Fund established
There is established in the Treasury of the United States a separate fund to be known as the "Financial Research Fund".
(2) Fund receipts
All amounts provided to the Office under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund.
(3) Investments authorized
(A) Amounts in fund may be invested
The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office.
(B) Eligible investments
Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director.
(4) Interest and proceeds credited
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund.
(b) Use of funds
(1) In general
Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office.
(2) Fees, assessments, and other funds not Government funds
Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys.
(3) Amounts not subject to apportionment
Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose.
(c) Interim funding
During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office.
(d) Permanent self-funding
Beginning 2 years after July 21, 2010, the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $$250,000,000,000 2 or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under section 5325 of this title, to collect assessments equal to the total expenses of the Office.

12 U.S.C. § 5345 (Funding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 111–203, title I, §155, July 21, 2010, 124 Stat. 1418; Pub. L. 115–174, title IV, §401(c)(1)(D), May 24, 2018, 132 Stat. 1358.)

Editorial Notes

Editorial Notes

Codification
Amendment by Pub. L. 115–174 was executed to subsec. (d) of this section as it appeared in the enrolled bill for H.R. 4173 (111th Congress, 2d session), which contained the text "$50,000,000,000". As published in the Statutes at Large for Pub. L. 111–203, text appeared as "50,000,000,000".

Amendments
2018—Subsec. (d). Pub. L. 115–174 substituted "$250,000,000,000" for "50,000,000,000". See Codification note above.

Statutory Notes and Related Subsidiaries

Effective Date of 2018 Amendment
Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

Construction of 2018 Amendment
For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.