§ 5345. Funding

Footnotes

1. 1 So in original. Comma probably should not appear.
2. 2 See Codification and 2018 Amendment notes below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2010

   Financial Stability Act of 2010

   Pub. L. 111–203 title I § 155 · 124 Stat. 1376

   Enacted · 12 U.S.C. § 5345

   Pub. L. 111–203, title I, § 155, July 21, 2010, 124 Stat. 1418

   Source evidence

   Code source credit
   Pub. L. 111–203, title I, § 155, July 21, 2010, 124 Stat. 1418

   Enacted provision · exact public law section
   SEC. 155. FUNDING. (a) Financial Research Fund.— (1) Fund established.— There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”. (2) Fund receipts.— All amounts provided to the Office under subsection (c), and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund. (3) Investments authorized.— (A) Amounts in fund may be invested.— 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. (B) Eligible investments.— 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. (4) Interest and proceeds credited.— 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. (b) Use of Funds.— (1) In general.— 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. (2) Fees, assessments, and other funds not government funds.— Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys. (3) Amounts not subject to apportionment.— 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, United States Code, or under any other authority, or for any other purpose. (c) Interim Funding.— During Time period. the 2-year period following the date of enactment of this Act, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office. (d) Permanent Self-funding.— Beginning Effective date. Regulations. Assessments. 2 years after the date of enactment of this Act, 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 50,000,000,000 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 115, to collect assessments equal to the total expenses of the Office.

2. 2018

   Economic Growth, Regulatory Relief, and Consumer Protection Act

   Pub. L. 115–174 title IV § 401(c)(1)(D) · 132 Stat. 1296

   Substituted · 12 U.S.C. § 5345(d)

   Pub. L. 115–174 substituted “$250,000,000,000” for “50,000,000,000”. See Codification note above

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 115–174 substituted “$250,000,000,000” for “50,000,000,000”. See Codification note above.

   Enacted provision · exact public law section
   (D) in section 155(d) (12 U.S.C. 5345(d)), by striking “50,000,000,000” and inserting “$250,000,000,000”;

   Effective date note
   Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

2 of 2 references resolved to an enrolled provision