2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter IV - Payment, Clearing, and Settlement Supervision (Sections 5461 - 5472)
Sec. 5461 - Findings and purposes
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER IV - PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION Sec. 5461 - Findings and purposes |
Contains | section 5461 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Short Titles | "Payment, Clearing, and Settlement Supervision Act of 2010", see Short Title note set out under section 5301 of this title. |
Source Credit | Pub. L. 111-203, title VIII, §802, July 21, 2010, 124 Stat. 1802. |
Statutes at Large References | 124 Stat. 1802, 1822 |
Public and Private Laws | Public Law 111-203 |
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Congress finds the following:
(1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions.
(2) Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner.
(3) Payment, clearing, and settlement activities conducted by financial institutions also present important risks to the participating financial institutions and to the financial system.
(4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary—
(A) to provide consistency;
(B) to promote robust risk management and safety and soundness;
(C) to reduce systemic risks; and
(D) to support the stability of the broader financial system.
(b) PurposeThe purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by—
(1) authorizing the Board of Governors to promote uniform standards for the—
(A) management of risks by systemically important financial market utilities; and
(B) conduct of systemically important payment, clearing, and settlement activities by financial institutions;
(2) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important financial market utilities;
(3) strengthening the liquidity of systemically important financial market utilities; and
(4) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important payment, clearing, and settlement activities by financial institutions.
(Pub. L. 111–203, title VIII, §802, July 21, 2010, 124 Stat. 1802.)
EFFECTIVE DATEPub. L. 111–203, title VIII, §814, July 21, 2010, 124 Stat. 1822, provided that: "This title [enacting this subchapter] is effective as of the date of enactment of this Act [July 21, 2010]."
SHORT TITLEThis subchapter known as the "Payment, Clearing, and Settlement Supervision Act of 2010", see Short Title note set out under section 5301 of this title.
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