United States Code · Section
§ 4401 — Findings And Purpose
12 U.S.C. § 4401
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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.
Implementing Regulations
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§ 3.2 Definitions.12 C.F.R. § 3.2
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§ 217.2 Definitions.12 C.F.R. § 217.2
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§ 380.51 Consent to certain actions.12 C.F.R. § 380.51
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§ 628.2 Definitions.12 C.F.R. § 628.2