Title 12 — Banks and Banking
Chapter 53 — Wall Street Reform and Consumer Protection
§ 5394. Prohibition on taxpayer funding
Statutory text
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.
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.
No losses to taxpayers
Taxpayers shall bear no losses from the exercise of any authority under this subchapter.
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.
Dodd-Frank Wall Street Reform and Consumer Protection Act
Pub. L. 111–203 title II § 214 · 124 Stat. 1376
Enacted · 12 U.S.C. § 5394
(Pub. L. 111–203, title II, § 214, July 21, 2010, 124 Stat. 1518.)
Source evidence
Code source credit
(Pub. L. 111–203, title II, § 214, July 21, 2010, 124 Stat. 1518.)Enacted provision · exact public law section
SEC. 214. PROHIBITION ON TAXPAYER FUNDING. (a) Liquidation Required.— All financial companies put into receivership under this title shall be liquidated. No taxpayer funds shall be used to prevent the liquidation of any financial company under this title. (b) Recovery of Funds.— All funds expended in the liquidation of a financial company under this title 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 title.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this title”, meaning title II of Pub. L. 111–203, , 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after , except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.