Resolution Reform Act of 2009
Latest action · Jul 30, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561)
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.
- IntroducedJul 30, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Resolution Reform Act of 2009 - Amends the Federal Deposit Insurance Act to make it the responsibility of the Federal Deposit Insurance Corporation (FDIC) and its Board of Directors, using the powers and authorities conferred by this Act, to resolve depository institution holding companies of failed or failing insured depository institutions (including their affiliates and subsidiaries).
Requires the FDIC to accept appointment and act as receiver of a covered depository institution holding company if it determines, in its sole discretion, that such appointment will reduce the cost to the Deposit Insurance Fund, and that specified grounds exist.
Sets forth conditions for appointment of the FDIC as receiver.
Permits the FDIC to decline to accept appointment for a covered depository institution holding company, when, in its sole discretion, it determines that resolution of the company would be better accomplished under either federal bankruptcy law or state insurance law.
Shields the FDIC from direction or supervision of any other federal or state agency when in its status as receiver it exercises its rights, powers, and privileges.
States that: (1) appointment of the FDIC as receiver terminates any proceeding under either federal bankruptcy law or state insolvency law with respect to the subject holding company; and (2) no case or proceeding may be commenced against such holding company while the FDIC acts as receiver without the written agreement of the FDIC.
Permits judicial review regarding appointment of the FDIC as receiver.
Sets forth the powers and duties of the FDIC as receiver. Authorizes the FDIC to make a determination of troubled condition for any covered company that does not have an appropriate federal banking agency.
Authorizes the FDIC to cooperate and coordinate with foreign courts, foreign representatives, and foreign regulatory or supervisory authorities.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Jul 30, 2009 to Aug 6, 2009, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-VA | Mark R. Warner | Original | Jul 30, 2009 |
| R-MO | Christopher S. Bond | Aug 6, 2009 |
Actions 2
Everything that happened, newest first.
- Jul 30, 2009Introduced in Senate
- Jul 30, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561)
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jul 30, 2009Introduced in Senate
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.