12 USC 1811 - Federal Deposit Insurance Corporation

(a) Establishment of Corporation 
There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the Corporation) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
(b) Asset disposition division 

(1) Establishment 
The Corporation shall have a separate division of asset disposition.
(2) Management 
The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.

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(3) Responsibilities of division 
The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.