 |
United States Code (Last Updated: May 24, 2014) |
 |
Title 12. BANKS AND BANKING |
|
Chapter 53. WALL STREET REFORM AND CONSUMER PROTECTION |
|
SubChapter I. FINANCIAL STABILITY |
|
Part B. Office of Financial Research |
§ 5345. Funding
-
(a) Financial Research Fund (1) Fund established There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”.
(2) Fund receipts All amounts provided to the Office under subsection (c), and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund.
(3) Investments authorized (A) Amounts in fund may be invested The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office.
(B) Eligible investments Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director.
(4) Interest and proceeds credited The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund.
(b) Use of funds (1) In general Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office.
(2) Fees, assessments, and other funds not Government funds Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys.
(3) Amounts not subject to apportionment Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose.
(c) Interim funding During the 2-year period following
July 21, 2010 , the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office.(d) Permanent self-funding Beginning 2 years after
July 21, 2010 , the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $50,000,000,000 or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under section 5325 of this title, to collect assessments equal to the total expenses of the Office.