Fairness and Accountability in Reorganizations Act of 2006
Latest action · Apr 6, 2006 Referred to the House Committee on the Judiciary.
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.
- IntroducedApr 6, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fairness and Accountability in Reorganizations Act of 2006 - Revises federal bankruptcy law to add to the conditions for court confirmation of a corporate reorganization plan that the compensation of an insider who will be employed or retained by the reorganized debtor has been approved by, or is subject to the approval of, the court, as reasonable.
Prohibits the payment of a compensation enhancement in order to induce an insider of the debtor to remain with the debtor's business, unless the court finds that any transfers or obligations to or for the insider's benefit are essential to the survival of the business, or to the orderly liquidation and maximization of the value of the debtor's assets.
Revises requirements for collective bargaining agreements and retiree health benefits to instruct the court to take into account the ongoing impact on the debtor of the debtor's relationship with all subsidiaries and affiliates, regardless of whether domestic or foreign, or whether any such subsidiary or affiliate is a debtor entity.
Cosponsors 43
Members who signed on, in the order they did. Signatures ran from Apr 25, 2006 to Sep 6, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Apr 25, 2006 | |
| D-MS | Bennie G. Thompson | Apr 25, 2006 | |
| D-MA | Bill Delahunt | Apr 25, 2006 | |
| D-MI | Dale E. Kildee | Apr 25, 2006 | |
| D-OH | Dennis J. Kucinich | Apr 25, 2006 | |
| D-NJ | Donald M. Payne | Apr 25, 2006 | |
| D-IL | Janice D. Schakowsky | Apr 25, 2006 | |
| D-GA | John Lewis | Apr 25, 2006 | |
| D-IN | Julia Carson | Apr 25, 2006 | |
| D-OH | Marcy Kaptur | Apr 25, 2006 | |
| D-IN | Peter J. Visclosky | Apr 25, 2006 | |
| D-AZ | Raúl M. Grijalva | Apr 25, 2006 | |
| D-CA | Sam Farr | Apr 25, 2006 | |
| D-OH | Sherrod Brown | Apr 25, 2006 | |
| D-OH | Ted Strickland | Apr 25, 2006 | |
| D-NY | Carolyn B. Maloney | Apr 27, 2006 | |
| D-IL | Danny K. Davis | Apr 27, 2006 | |
| D-CA | Linda T. Sánchez | Apr 27, 2006 | |
| D-CA | Lynn C. Woolsey | Apr 27, 2006 | |
| D-MI | Sander M. Levin | Apr 27, 2006 | |
| D-CA | Grace F. Napolitano | May 3, 2006 | |
| D-MI | John D. Dingell | May 3, 2006 | |
| D-NY | Jose E. Serrano | May 3, 2006 | |
| D-TX | Lloyd Doggett | May 3, 2006 | |
| D-NY | Timothy H. Bishop | May 3, 2006 | |
| D-CA | Adam B. Schiff | May 4, 2006 | |
| D-CA | Fortney Pete Stark | May 9, 2006 | |
| D-CA | George Miller | May 9, 2006 | |
| D-WA | Brian Baird | May 10, 2006 | |
| D-NY | Brian Higgins | May 11, 2006 | |
| D-MI | Carolyn C. Kilpatrick | May 11, 2006 | |
| D-MD | Chris Van Hollen | May 11, 2006 | |
| D-ME | Michael H. Michaud | May 11, 2006 | |
| D-VA | Robert C. "Bobby" Scott | May 11, 2006 | |
| D-MD | Elijah E. Cummings | May 18, 2006 | |
| D-MA | John W. Olver | May 18, 2006 | |
| D-GA | Cynthia A. McKinney | May 23, 2006 | |
| D-NJ | Frank Pallone, Jr. | May 23, 2006 | |
| D-WI | Gwen Moore | May 23, 2006 | |
| D-NJ | Rush Holt | May 23, 2006 | |
| D-OH | Tim Ryan | Jun 9, 2006 | |
| D-MO | Russ Carnahan | Jul 24, 2006 | |
| D-MA | John F. Tierney | Sep 6, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Judiciary Committee | Referred Apr 6, 2006 |
Actions 3
Everything that happened, newest first.
- Apr 6, 2006Introduced in House
- Apr 6, 2006Sponsor introductory remarks on measure. (CR E545)
- Apr 6, 2006Referred to the House Committee on the Judiciary.
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 |
|---|---|---|---|
| Extensions | Debate and remarks E545 | John Conyers, Jr. D-MI | Apr 6, 2006 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2556 | Fairness and Accountability in Reorganizations Act of 2006 | Identical bill | Apr 6, 2006 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend title 11, United States Code, with respect to reform of executive compensation in corporate bankruptcies.
- Short Titles as Introduced
- Fairness and Accountability in Reorganizations Act of 2006
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Affiliated corporations
- Bankruptcy
- Bankruptcy courts
- Collective bargaining
- Commerce
- Consultants
- Corporate reorganizations
- Corporation directors
- Debtor and creditor
- Evidence (Law)
- Executive compensation
- Finance and Financial Sector
- Foreign corporations
- Foreign Trade and International Finance
- Fringe benefits
- Health
- Labor contracts
- Law
- Retiree health benefits
- Subsidiary corporations
Text 1
Each version as it was printed, newest first.
- Apr 6, 2006Introduced in House
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.