12 U.S.C. § 5612 — Emergency financial stabilization

(a) In general. After the written determination under section 5611, the Corporation shall create a broadly available program to guarantee obligations of solvent insured depository institutions and solvent depository institution holding companies, including their affiliates, during severe economic distress. The guarantee may not provide equity in any form.
(b) Rulemaking and terms. (1) As soon as practical after July 21, 2010, the Corporation shall issue regulations, after consulting the Secretary, setting policies and procedures for guarantees. They may require collateral. (2) The Corporation sets each program’s terms with the Secretary’s agreement.
(c) Guaranteed amount. (1) For a program under subsection (a), and subject to paragraph (2), the Secretary, consulting the President, shall set the maximum outstanding debt the Corporation may guarantee. The President may send Congress a written plan and request approval. After the joint resolution described in subsection (d) passes, the Corporation shall guarantee up to that maximum. Without approval, it shall issue no such guarantees. (2) If the Secretary, consulting the President, later decides the maximum should increase and the Council agrees, the President may send Congress a plan for the increased amount. The Corporation may guarantee up to it only after the required joint resolution passes; without approval it shall issue none.
(d) Resolution of approval. (1) Congress grants the President’s request by adopting a joint resolution approving it. The Senate considers it under expedited procedures. (2)(A) If the Senate has been adjourned or recessed more than two days when it receives the request, its majority leader, after consulting the minority leader, shall notify Senators that the Senate will meet no later than the second calendar day after receipt. (B) When introduced, the resolution goes immediately on the Senate calendar. (C)(i) Between the fourth and seventh day after Congress receives the request, a motion to proceed is in order at any time, despite Senate Rule XXII, even if an earlier identical motion failed; points of order are waived, the motion is not debatable or postponable, and reconsideration is unavailable. If agreed to, the resolution remains unfinished business until disposed of. (ii) Debate on the resolution and related debatable motions and appeals is limited to ten hours, divided equally between majority and minority leaders or designees. A motion to limit debate further is allowed and not debatable. Amendments, postponement, proceeding to other business, and recommittal are not allowed. (iii) The passage vote occurs immediately after debate and, if requested under Senate rules, one quorum call. (iv) Appeals from the Chair’s procedural rulings are decided without debate.
(3)(A) If the Senate receives a House joint resolution before the Senate passes its own, the House resolution is not referred to committee. Senate procedure proceeds as if it had not received the House resolution, but the passage vote is on the House resolution. (B) If the Senate does not introduce or consider its own resolution, the House resolution gets expedited floor treatment under this subsection. (C) If the Senate later receives the House companion after Senate passage, the companion is not debatable. (D) This paragraph is adopted as a Senate rule for this procedure, overrides inconsistent rules, and recognizes that the Senate may change its rules at any time in the same way as other rules.
(4) Here “joint resolution” means only one that (A) is introduced within three calendar days after Congress receives the request; (B) has no preamble; (C) has the specified title, “Joint resolution relating to the approval of a plan to guarantee obligations under section 1105 of the Dodd-Frank Wall Street Reform and Consumer^* Protection Act”; and (D) has the specified matter after the resolving clause: “That Congress approves the obligation of any amount described in section 1105(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
(e) Funding. (1) The Corporation shall charge every participant fees and assessments sufficient to offset projected losses and administrative costs, including borrowing under paragraph (3); the money is available to the Corporation. (2) Excess fees remaining when the program ends go into the Treasury’s General Fund. (3)(A) The Corporation may borrow from the Treasury Secretary and issue obligations for the borrowed amounts. The money may fund the program and reasonable administration costs. The obligations must be repaid in full with interest from participant fees and charges under paragraphs (1) and (4). (B) It may not borrow from the Deposit Insurance Fund under section 1821(a)(4). (4) If fees are insufficient for program losses or expenses, including borrowing, the Corporation shall impose a special assessment only on participants, in the amount needed; that money is available for those losses or expenses. (5) The Secretary may buy obligations issued under paragraph (3)(A), using proceeds from securities issued under title 31, chapter 31. That chapter’s authorized purposes include these purchases, and securities issued for them are treated as securities under section 208(n)(5)(E).
(f) Rule of construction. A guarantee of deposits in noninterest-bearing transaction accounts at insured depository institutions may be treated as a debt-guarantee program.
(g) Definitions. (1) “Company” means any entity other than a natural person^* incorporated or organized under Federal law or State^* law. (2) “Depository institution holding company” has the meaning in section 1813. This section does not define it. (3) “Liquidity event” means (A) an exceptional, broad reduction in financial market participants’ general ability to (i) sell financial assets without an unusual, significant discount or (ii) borrow against financial assets without an unusual, significant increase in margin; or (B) an unusual, significant reduction in their ability to obtain unsecured credit^*. (4) “Solvent” means an entity’s assets are worth more than its obligations to creditors.
(h) Approval during the COVID–19 crisis. (1) For the congressional approval required by subsections (c) and (d), the Federal Deposit Insurance Corporation is approved, when this Act is enacted, to establish the subsection (a) program despite other provisions of this section, but every such program and guarantee must end by December 31, 2020. (2) Any program under this subsection must include a maximum amount of outstanding debt that may be guaranteed.