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12 U.S.C. § 5382 — International policy coordination

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5382 — International policy coordination

**(a) By the President** The President, or a designee of the President, may coordinate through all available international policy channels, similar policies as those found in United States law relating to limiting the scope, nature, size, scale, concentration, and interconnectedness of financial companies, in order to protect financial stability and the global economy. **(b) By the Council** The Chairperson of the Council, in consultation with the other members of the Council, shall regularly consult with the financial regulatory entities and other appropriate organizations of foreign governments or international organizations on matters relating to systemic risk to the international financial system. **(c) By the Board of Governors and the Secretary** The Board of Governors and the Secretary shall consult with their foreign counterparts and through appropriate multilateral organizations to encourage comprehensive and robust prudential supervision and regulation for all highly leveraged and interconnected financial companies.

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Source file: Laws/federal/codes/united-states-code/title-12/section-5382-international-policy-coordination--4a8f580705.md
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Source location: Title 12, Chapter 53, § 5382; chapter-053-wall-street-reform-and-consumer-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5387 — Orderly liquidation of covered financial companies

**(a) Purpose of orderly liquidation authority** It is the purpose of this subchapter to provide the necessary authority to liquidate failing financial companies that pose a significant risk to the financial stability of the United States in a manner that mitigates such risk and minimizes moral hazard. The authority provided in this subchapter shall be exercised in the manner that best fulfills such purpose, so that— (1) creditors and shareholders will bear the losses of the financial company; (2) management responsible for the condition of the financial company will not be retained; and (3) the Corporation and other appropriate agencies will take all steps necessary and appropriate to assure that all parties, including management, directors, and third parties, having responsibility for the condition of the financial company bear losses consistent with their responsibility, including actions for damages, restitution, and recoupment of compensation and other gains not compatible with such responsibility. **(b) Corporation as receiver** Upon the appointment of the Corporation under [section 5382 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5382&num=0&edition=prelim), the Corporation shall act as the receiver for the covered financial company, with all of the rights and obligations set forth in this subchapter. **(c) Consultation** The Corporation, as receiver— (1) shall consult with the primary financial regulatory agency or agencies of the covered financial company and its covered subsidiaries for purposes of ensuring an orderly liquidation of the covered financial company; (2) may consult with, or under subsection (a)(1)(B)(v) or (a)(1)(L) of [section 5390 of this title](https://uscode.house.gov/view.xhtml?req=granule

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5391 — Dismissal and exclusion of other actions

**(a) In general** Effective as of the date of the appointment of the Corporation as receiver for the covered financial company under [section 5382 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5382&num=0&edition=prelim) or the appointment of SIPC as trustee for a covered broker or dealer under [section 5385 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5385&num=0&edition=prelim), as applicable, any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code or the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.) shall be dismissed, upon notice to the bankruptcy court (with respect to a case commenced under the Bankruptcy Code), and upon notice to SIPC (with respect to a covered broker or dealer) and no such case or proceeding may be commenced with respect to a covered financial company at any time while the orderly liquidation is pending. **(b) Revesting of assets** Effective as of the date of appointment of the Corporation as receiver, the assets of a covered financial company shall, to the extent they have vested in any entity other than the covered financial company as a result of any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code, the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.), or any similar provision of State liquidation or insolvency law applicable to the covered financial company, revest in the covered financial company. **(

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5393 — Powers and duties of the Corporation

**(a) Powers and authorities** (1) **General powers** (A) *Successor to covered financial company* — The Corporation shall, upon appointment as receiver for a covered financial company under this subchapter, succeed to— (i) all rights, titles, powers, and privileges of the covered financial company and its assets, and of any stockholder, member, officer, or director of such company; and (ii) title to the books, records, and assets of any previous receiver or other legal custodian of such covered financial company. (B) *Operation of the covered financial company during the period of orderly liquidation* — The Corporation, as receiver for a covered financial company, may— (i) take over the assets of and operate the covered financial company with all of the powers of the members or shareholders, the directors, and the officers of the covered financial company, and conduct all business of the covered financial company; (ii) collect all obligations and money owed to the covered financial company; (iii) perform all functions of the covered financial company, in the name of the covered financial company; (iv) manage the assets and property of the covered financial company, consistent with maximization of the value of the assets in the context of the orderly liquidation; and (v) provide by contract for assistance in fulfilling any function, activity, action, or duty of the Corporation as receiver. (C) *Functions of covered financial company officers, directors, and shareholders* — The Corporation may provide for the exercise of any function by any member or stockholder, director, or officer of any covered financial company for which the Corporation has been appointed as receiver under this subchapter. (D) *Additional powers as rec

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5622 — Additional related matters

**(a) Suspension of parallel Federal Deposit Insurance Act authority** Effective upon July 21, 2010, the Corporation may not exercise its authority under [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) to establish any widely available debt guarantee program for which [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) would provide authority. **(b) Omitted** **(c) Effect of default on an FDIC guarantee** If an insured depository institution or depository institution holding company (as those terms are defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) participating in a program under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), or any participant in a debt guarantee program established pursuant to [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) to resolve the company under [section 53

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5382 — Judicial review

Page 1871 TITLE 12—BANKS AND BANKING § 5382 (C) a covered broker or dealer. (10) Definitions relating to covered brokers and dealers The terms ‘‘customer’’, ‘‘customer name se- curities’’, ‘‘customer property’’, and ‘‘net eq- uity’’ in the context of a covered broker or dealer, have the same meanings as in section 78lll of title 15. (11) Financial company The term ‘‘financial company’’ means any company that— (A) is incorporated or organized under any provision of Federal law or the laws of any State; (B) is— (i) a bank holding company, as defined in section 1841(a) of this title; (ii) a nonbank financial company super- vised by the Board of Governors; (iii) any company that is predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of section 1843(k) of this title other than a company described in clause (i) or (ii); or (iv) any subsidiary of any company de- scribed in any of clauses (i) through (iii) that is predominantly engaged in activi- ties that the Board of Governors has deter- mined are financial in nature or incidental thereto for purposes of section 1843(k) of this title (other than a subsidiary that is an insured depository institution or an in- surance company); and (C) is not a Farm Credit System institu- tion chartered under and subject to the pro- visions of the Farm Credit Act of 1971, as amended (12 U.S.C. 2001 et seq.), a govern- mental entity, or a regulated entity, as de- fined under section 4502(20) of this title. (12) Fund The term ‘‘Fund’’ means the Orderly Liq- uidation Fund established under section 5390(n) of this title. (13) Insurance company The term ‘‘insurance company’’ means any entity that is— (A) engaged in the business o

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