12 U.S.C. § 5394

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 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.

12 U.S.C. § 5394

Pub. L. 111-203, title II, §214, July 21, 2010, 124 Stat. 1518.

EDITORIAL NOTES

REFERENCES IN TEXTThis subchapter, referred to in text, was in the original "this title", meaning title II of Pub. L. 111-203, 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 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.