---
kind: "section"
citation: "12 U.S.C. § 5611"
title: "12"
title_heading: "Banks and Banking"
number: "5611"
heading: "Liquidity event determination"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5611"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter VI — Federal Reserve System Provisions"
---

# §5611. Liquidity event determination

- (a) **Determination and written recommendation—**
  - (1) **Determination request—** The [Secretary](/usc/12/5301.md?p=14) may request the [Corporation](/usc/12/5301.md?p=7) and the [Board of Governors](/usc/12/5301.md?p=3) to determine whether a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](/usc/12/5612.md).
  - (2) **Requirements of determination—** Any determination pursuant to [paragraph (1)](#a-1) shall—
    - (A) be written; and
    - (B) contain an evaluation of the evidence that—
      - (i) a liquidity event exists;
      - (ii) failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and
      - (iii) actions authorized under [section 5612 of this title](/usc/12/5612.md) are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions.
- (b) **Procedures—** Notwithstanding any other provision of Federal or [State](/usc/12/5301.md?p=16) law, upon the determination of both the [Corporation](/usc/12/5301.md?p=7) (upon a vote of not fewer than ⅔ of the members of the [Corporation](/usc/12/5301.md?p=7) then serving) and the [Board of Governors](/usc/12/5301.md?p=3) (upon a vote of not fewer than ⅔ of the members of the [Board of Governors](/usc/12/5301.md?p=3) then serving) under [subsection (a)](#a) that a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](/usc/12/5612.md), and with the written consent of the [Secretary](/usc/12/5301.md?p=14)—
  - (1) the [Corporation](/usc/12/5301.md?p=7) shall take action in accordance with [section 5612(a) of this title](/usc/12/5612.md?p=a); and
  - (2) the [Secretary](/usc/12/5301.md?p=14) (in consultation with the President) shall take action in accordance with [section 5612(c) of this title](/usc/12/5612.md?p=c).
- (c) **Documentation and review—**
  - (1) **Documentation—** The [Secretary](/usc/12/5301.md?p=14) shall—
    - (A) maintain the written documentation of each determination of the [Corporation](/usc/12/5301.md?p=7) and the [Board of Governors](/usc/12/5301.md?p=3) under this section; and
    - (B) provide the documentation for review under [paragraph (2)](#c-2).
  - (2) **GAO review—** The Comptroller General of the United States shall review and report to Congress on any determination of the [Corporation](/usc/12/5301.md?p=7) and the [Board of Governors](/usc/12/5301.md?p=3) under [subsection (a)](#a), [including](/usc/12/5301.md?p=18-A)—
    - (A) the basis for the determination; and
    - (B) the likely effect of the actions taken.
- (d) **Report to Congress—** On the earlier of the date of a submission made to Congress under [section 5612(c) of this title](/usc/12/5612.md?p=c), or within 30 days of the date of a determination under [subsection (a)](#a), the [Secretary](/usc/12/5301.md?p=14) shall provide written notice of the determination of the [Corporation](/usc/12/5301.md?p=7) and the [Board of Governors](/usc/12/5301.md?p=3) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, [including](/usc/12/5301.md?p=18-A) a description of the basis for the determination.

## Source credit

(Pub. L. 111–203, title XI, § 1104, July 21, 2010, 124 Stat. 2120.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Subchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.