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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

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(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.

Source credit: (Pub. L. 111–203, title II, § 214, July 21, 2010, 124 Stat. 1518.)

history & why it existsrecord from the source credit
  • 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.

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