§ 4401. Findings and purpose
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/usc/title-12/section-4401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Congress finds that—
(1)many financial institutions engage daily in thousands of transactions with other financial institutions directly and through clearing organizations;
(2)the efficient processing of such transactions is essential to a smoothly functioning economy;
(3)such transactions can be processed most efficiently if, consistent with applicable contractual terms, obligations among financial institutions are netted;
(4)such netting procedures would reduce the systemic risk within the banking system and financial markets; and
(5)the effectiveness of such netting procedures can be assured only if they are recognized as valid and legally binding in the event of the closing of a financial institution participating in the netting procedures.
(Pub. L. 102–242, title IV, § 401, Dec. 19, 1991, 105 Stat. 2371.)
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Cited by 21 sections
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- Public Law 102–242To require the least-cost resolution of insured depository institutions, to improve supervision and examinations, to provide additional resources to the Bank Insurance Fund, and for other purposes
- Public Law 109–351To provide regulatory relief and improve productivity for insured depository institutions, and for other purposes
- Public Law 109–8To amend title 11 of the United States Code, and for other purposes
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
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- Pub. L. 102–242, title IV, § 401
- 105 Stat. 2371
- Pub. L. 102–242
- section 481 of Pub. L. 102–242
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§ 4401
Findings and purpose
Fed. Reg.×7
C.F.R.×4
Stat.×4
Stat. Comp.×3
U.S.C.×2
Bills×1
Pub. L.Pub. L. 102–242, title IV, § 401
Stat.105 Stat. 2371
Pub. L.Pub. L. 102–242
Pub. L.section 481 of Pub. L. 102–242
Cites 5Cited by 21 across 6 sources