2016 US Code
Title 12 - Banks and Banking
Chapter 53 - Wall Street Reform and Consumer Protection
Subchapter II - Orderly Liquidation Authority
Sec. 5394 - Prohibition on taxpayer funding
| 12 U.S.C. § 5394 (2016) |
| §5394. Prohibition on taxpayer funding |
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(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 fundsAll 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 taxpayersTaxpayers shall bear no losses from the exercise of any authority under this subchapter. |
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(Pub. L. 111–203, title II, §214, July 21, 2010, 124 Stat. 1518.) |
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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 DATESection 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. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER II - ORDERLY LIQUIDATION AUTHORITY Sec. 5394 - Prohibition on taxpayer funding |
| section 5394 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 124 Stat. 1518, 1442 |
| Public Law 111-203 |
