[USC02] 12 USC 5394: Prohibition on taxpayer funding
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12 USC 5394: Prohibition on taxpayer funding Text contains those laws in effect on November 28, 2020
From Title 12-BANKS AND BANKINGCHAPTER 53-WALL STREET REFORM AND CONSUMER PROTECTIONSUBCHAPTER II-ORDERLY LIQUIDATION AUTHORITY

§5394. Prohibition on taxpayer funding

(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.

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.