12 USC 5612 - Emergency financial stabilization

U.S Code last checked for updates: Nov 23, 2024

§ 5612.

Emergency financial stabilization

(a)

In general

(b)

Rulemaking and terms and conditions

(1)

Policies and procedures

(2)

Terms and conditions

(c)

Determination of guaranteed amount

(1)

In general

(2)

Additional debt guarantee authority

(d)

Resolution of approval

(1)

Additional debt guarantee authority

(2)

Fast track consideration in Senate

(A)

Reconvening

(B)

Placement on calendar

(C)

Floor consideration

(i)

In general

(ii)

Debate

(iii)

Vote on passage

(iv)

Rulings of the Chair on procedure

(3)

Rules

(A)

Coordination with action by House of Representatives

If, before the passage by the Senate of a joint resolution of the Senate, the Senate receives a joint resolution, from the House of Representatives, then the following procedures shall apply:

(i)

The joint resolution of the House of Representatives shall not be referred to a committee.

(ii)

With respect to a joint resolution of the Senate—

(I)

the procedure in the Senate shall be the same as if no joint resolution had been received from the other House; but

(II)

the vote on passage shall be on the joint resolution of the House of Representatives.

(B)

Treatment of joint resolution of House of Representatives

(C)

Treatment of companion measures

(D)

Rules of the Senate

This subsection is enacted by Congress—

(i)

as an exercise of the rulemaking power of the Senate, and as such it is deemed a part of the rules of the Senate, but applicable only with respect to the procedure to be followed in the Senate in the case of a joint resolution, and it supersedes other rules, only to the extent that it is inconsistent with such rules; and

(ii)

with full recognition of the constitutional right of the Senate to change the rules (so far as relating to the procedure of the Senate) at any time, in the same manner, and to the same extent as in the case of any other rule of the Senate.

(4)

Definition

As used in this subsection, the term “joint resolution” means only a joint resolution—

(A)

that is introduced not later than 3 calendar days after the date on which the request referred to in subsection (c) is received by Congress;

(B)

that does not have a preamble;

(C)

the title of which is as follows: “Joint resolution relating to the approval of a plan to guarantee obligations under section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act”; and

(D)

the matter after the resolving clause of which is as follows: “That Congress approves the obligation of any amount described in section 1105(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”.

(e)

Funding

(1)

Fees and other charges

(2)

Excess funds

(3)

Authority of Corporation

The Corporation—

(A)

may borrow funds from the Secretary of the Treasury and issue obligations of the Corporation to the Secretary for amounts borrowed, and the amounts borrowed shall be available to the Corporation for purposes of carrying out a program established pursuant to this section, including the payment of reasonable costs of administering the program, and the obligations issued shall be repaid in full with interest through fees and charges paid by participants in accordance with paragraphs (1) and (4), as applicable; and

(B)

may not borrow funds from the Deposit Insurance Fund established pursuant to section 1821(a)(4) of this title.

(4)

Backup special assessments

(5)

Authority of the Secretary

(f)

Rule of construction

(g)

Definitions

For purposes of this section, the following definitions shall apply:

(1)

Company

(2)

Depository institution holding company

(3)

Liquidity event

The term “liquidity event” means—

(A)

an exceptional and broad reduction in the general ability of financial market participants—

(i)

to sell financial assets without an unusual and significant discount; or

(ii)

to borrow using financial assets as collateral without an unusual and significant increase in margin; or

(B)

an unusual and significant reduction in the ability of financial market participants to obtain unsecured credit.

(4)

Solvent

(h)

Approval of guarantee program during the COVID–19 crisis

(1)

In general

(2)

Maximum amount

(Pub. L. 111–203, title XI, § 1105, July 21, 2010, 124 Stat. 2121; Pub. L. 116–136, div. A, title IV, § 4008(a), Mar. 27, 2020, 134 Stat. 477.)

cite as: 12 USC 5612