12 U.S.C. § 5394 — Prohibition on taxpayer funding
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 91 words · no verdicts yet
This section requires covered financial companies to be liquidated and bars taxpayer-funded bailouts. It requires recovery from the company’s assets or assessments on the financial sector.
(a) Liquidation required. Every financial company* placed into receivership under this subchapter must be liquidated. Taxpayer money may not be used to stop that liquidation.
(b) Recovery of funds. Money spent liquidating the company* must be recovered from disposing of the company’s assets or must be paid by the financial sector through assessments.
(c) No losses to taxpayers. Taxpayers may not bear losses from using any authority under this subchapter.
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.
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.
Taxpayers shall bear no losses from the exercise of any authority under this subchapter.
Source credit: (Pub. L. 111–203, title II, § 214, July 21, 2010, 124 Stat. 1518.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1518
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
all 0 arguments · sorted by: best
no arguments yet — make the first case