FEDERAL · 12 U.S.C. · Chapter 53
Prohibition on taxpayer funding
12 U.S.C. § 5394
Title12 — Banks and Banking
Chapter53 — WALL STREET REFORM AND CONSUMER PROTECTION
SubchapterII
Current throughPub. L. 119-99
This text of 12 U.S.C. § 5394 (Prohibition on taxpayer funding) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 5394.
Text
(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.
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Related
In re Checking Account Overdraft Litigation
830 F. Supp. 2d 1330 (S.D. Florida, 2011)
Source Credit
History
(Pub. L. 111–203, title II, §214, July 21, 2010, 124 Stat. 1518.)
Editorial Notes
Editorial Notes
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.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
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.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
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Bluebook (online)
12 U.S.C. § 5394, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/5394.