S 2901 · 107th Congress 2001–2003, ended

Corporate Accountability in Bankruptcy Act

Introduced Sep 3, 2002 Originated Senate Sponsor Chuck Grassley R-IA

Latest action · Sep 3, 2002 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S8100)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedSep 3, 2002
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Corporate Accountability in Bankruptcy Act - Amends Federal bankruptcy law to authorize the bankruptcy trustee to avoid any transfer made within one year before the date of the bankruptcy petition if it was made to an insider, officer, or director for any bonuses, loans, or other extraordinary or excessive compensation.

Authorizes the bankruptcy trustee to avoid any transfer of debtor's interest in property, or of any obligation incurred by the debtor and paid to any officer, director, or employee of an issuer of securities, if: (1) the transfer was made, or the obligation was incurred within four years before the petition filing date; and (2) the officer, director, or employee committed either a securities violation, or committed fraud, deceit, or manipulation in a fiduciary capacity or in connection with a securities transaction, or engaged in illegal or deceptive accounting practices.

Cosponsors 1

Members who signed on, in the order they did. All signed on Sep 10, 2002.

Seat	Cosponsor		Signed on
D-VT	Patrick J. Leahy		Sep 10, 2002

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
Senate	Judiciary Committee	Referred Sep 3, 2002

Actions 3

Everything that happened, newest first.

Sep 3, 2002Introduced in Senate
Sep 3, 2002Sponsor introductory remarks on measure. (CR S8099-8100)
Sep 3, 2002Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S8100)

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Senate	Debate and remarks S8099Text printed S8100	Chuck Grassley R-IA (text)	Sep 3, 2002

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: A bill to provide that bonuses and other extraordinary or excessive compensation of corporate insiders and wrongdoers may be included in the bankruptcy estate.
Short Titles as Introduced: Corporate Accountability in Bankruptcy Act

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Sep 3, 2002Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.