§5236 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must pay back the Exchange Stabilization Fund for any money that fund spent on the Treasury Money Market Funds Guaranty Program, using funds available under this chapter. The Secretary may not use the Exchange Stabilization Fund to start any new guarantee programs for the U.S. money market mutual fund industry.

Title 12, §5236

Banks and Banking — Source: USLM XML via OLRC

(a)The Secretary shall reimburse the Exchange Stabilization Fund established under section 5302 of title 31 for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry, from funds under this chapter.

(b)The Secretary is prohibited from using the Exchange Stabilization Fund for the establishment of any future guaranty programs for the United States money market mutual fund industry.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see

Short Title

note set out under section 5201 of this title and Tables.

Statutory Notes and Related Subsidiaries

Non-Applicability of Restrictions on ESF During National Emergency Pub. L. 116–136, div. A, title IV, § 4015, Mar. 27, 2020, 134 Stat. 481, provided that: “(a) In General.—section 131 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5236) shall not apply during the period beginning on the date of enactment of this Act [Mar. 27, 2020] and ending on

December 31, 2020. Any guarantee established as a result of the application of subsection (a) shall—“(1) be limited to a guarantee of the total value of a shareholder’s account in a participating fund as of the close of business on the day before the announcement of the guarantee; and “(2) terminate not later than

December 31, 2020. “(b) Direct Appropriation.—Upon the expiration of the period described in subsection (a), there is appropriated, out of amounts in the Treasury not otherwise appropriated, such sums as may be necessary to reimburse the fund established under section 5302(a)(1) of title 31, United States Code, for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry to the extent a claim payment made exceeds the balance of fees collected by the fund.”

§5236 Exchange Stabilization Fund reimbursement