Fabio
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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 4401 | Findings and purpose | us | united_states_code | code_section | 12 | BANKS AND BANKING | 45 | PAYMENT SYSTEM RISK REDUCTION | 4401 | 12 U.S.C. § 4401 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip | /us/usc/t12/s4401 | data/legal/raw/us/code/title-12/usc12.xml | da1fd3e7b30761e7e4f780cda411cd1047caf12ed9385dff5ae7fda6612c55e3 | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | 5cdc762cb24ca8b975822a9090a6a06c6e152e84e0ffac5d99816c53dc399ee5 | 2026-07-04 | official |
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12 U.S.C. § 4401 - Findings and purpose
Text
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.)
Notes
Statutory Notes and Related Subsidiaries
SeparabilityIf any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.