§5612. Emergency financial stabilization — Inbound Citations
12 U.S.C. § 5612
Cited by 8 provisions in release 119-102.
Citations to 12 U.S.C. § 5612 as a whole
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(1) The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under section 5612 of this title.
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(iii) actions authorized under section 5612 of this title are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions.
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(b) Notwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than ⅔ of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than ⅔ of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under section 5612 of this title, and with the written consent of the Secretary—(1) the Corporation shall take action in accordance with section 5612(a) of this title; and(2) the Secretary (in consultation with the President) shall take action in accordance with section 5612(c) of this title.
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(a) Effective upon July 21, 2010, the Corporation may not exercise its authority under section 1823(c)(4)(G)(i) of this title to establish any widely available debt guarantee program for which section 5612 of this title would provide authority.
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(c) If an insured depository institution or depository institution holding company (as those terms are defined in section 1813 of this title) participating in a program under section 5612 of this title, or any participant in a debt guarantee program established pursuant to section 1823(c)(4)(G)(i) of this title defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall—(1) appoint itself as receiver for the insured depository institution that defaults; and(2) with respect to any other participating company that is not an insured depository institution that defaults—(A) require—(i) consideration of whether a determination shall be made, as provided in section 5383 of this title to resolve the company under section 5382 of this title; and(ii) the company to file a petition for bankruptcy under section 301 of title 11 if the Corporation is not appointed receiver pursuant to section 5382 of this title within 30 days of the date of default; or(B) file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11.
Citations to §5612(a)
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(1) the Corporation shall take action in accordance with section 5612(a) of this title; and
Citations to §5612(c)
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(2) the Secretary (in consultation with the President) shall take action in accordance with section 5612(c) of this title.
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(d) On the earlier of the date of a submission made to Congress under section 5612(c) of this title, or within 30 days of the date of a determination under subsection (a), the Secretary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, including a description of the basis for the determination.