12 U.S.C. § 5345 — Funding
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 431 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”.
All amounts provided to the Office* under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund.
The Director* may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office.
Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director.
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund.
Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office.
Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys.
Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose.
During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office.
Beginning 2 years after July 21, 2010, the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $$250,000,000,000 2 or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under section 5325 of this title, to collect assessments equal to the total expenses of the Office.
Source credit: (Pub. L. 111–203, title I, § 155, July 21, 2010, 124 Stat. 1418; Pub. L. 115–174, title IV, § 401(c)(1)(D), May 24, 2018, 132 Stat. 1358.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1418
- 2018Amended · Pub. L. 115-174 · 132 Stat. 1358
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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