12 USC § 5236 - Exchange Stabilization Fund reimbursement

---
identifier: "/us/usc/t12/s5236"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 5236 - Exchange Stabilization Fund reimbursement"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "5236"
section_name: "Exchange Stabilization Fund reimbursement"
chapter_number: 52
chapter_name: "EMERGENCY ECONOMIC STABILIZATION"
subchapter_number: "I"
subchapter_name: "TROUBLED ASSETS RELIEF PROGRAM"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.)"
---


# § 5236. Exchange Stabilization Fund reimbursement

**(a)** **Reimbursement** section 5302 of title 31

The Secretary shall reimburse the Exchange Stabilization Fund established under  for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry, from funds under this chapter.

**(b)** **Limits on use of Exchange Stabilization Fund** The Secretary is prohibited from using the Exchange Stabilization Fund for the establishment of any future guaranty programs for the United States money market mutual fund industry.

---

**Source Credit**: (Pub. L. 110–343, div. A, title I, § 131, Oct. 3, 2008, 122 Stat. 3797.)

## Editorial Notes

### References in Text

This chapter, referred to in subsec. (a), was in the original “this Act” and was translated as reading “this division”, meaning div. A of , , , known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under  and Tables.

## Statutory Notes and Related Subsidiaries

### Non-Applicability of Restrictions on ESF During National Emergency

> **“(a)** **In General.—** Section 131 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5236) shall not apply during the period beginning on the date of enactment of this Act [Mar. 27, 2020] and ending on December 31, 2020. Any guarantee established as a result of the application of subsection (a) shall—
> 
> **“(1)** be limited to a guarantee of the total value of a shareholder’s account in a participating fund as of the close of business on the day before the announcement of the guarantee; and
> 
> **“(2)** terminate not later than December 31, 2020.
> 
> **“(b)** **Direct Appropriation.—** Upon the expiration of the period described in subsection (a), there is appropriated, out of amounts in the Treasury not otherwise appropriated, such sums as may be necessary to reimburse the fund established under section 5302(a)(1) of title 31, United States Code, for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry to the extent a claim payment made exceeds the balance of fees collected by the fund.”

, , , provided that: