Financial Institution Bankruptcy Act of 2014
Latest action · Dec 2, 2014 Received in the Senate and Read twice and referred to the 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.
- IntroducedSep 9, 2014
- Passed HouseDec 1, 2014
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Institution Bankruptcy Act of 2014 - (Sec. 2) Amends federal bankruptcy law with respect to a "covered financial corporation" incorporated or organized under any federal or state law (other than a stockbroker, a commodity broker, or a domestic or foreign insurance company or financial institution meeting certain criteria) that is: (1) a bank holding company; or (2) a corporation that exists for the primary purpose of owning, controlling, and financing its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests.
Allows a case under subchapter V (established by this Act) to be converted to chapter 7 (Liquidation) if certain conditions are met, including: (1) a court-ordered appointment of a special trustee, and 2) the court finds that conversion is in the best interest of creditors and the estate.
(Sec. 3) Adds "Subchapter V - Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation," setting forth requirements and prohibitions regarding: (1) commencement of a case concerning a covered financial corporation; (2) a special trustee and bridge company; (3) special transfer of the property of the estate in bankruptcy; (4) treatment of qualified financial contracts and affiliate contracts; (5) licenses, permits, and registrations; (6) exemption from securities laws; and (7) inapplicability of certain avoiding powers.
Authorizes the Board of Governors of the Federal Reserve, the Securities Exchange Commission (SEC), the Office of the Comptroller of the Currency of the Department of the Treasury, and the Federal Deposit Insurance Corporation (FDIC) to raise and be heard on any issue in any case or proceeding under Subchapter V.
(Sec. 4) Amends the federal judicial code to require the Chief Justice of the United States to designate: (1) at least three appellate judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges to be available to hear a case under subchapter V.
Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.
Cosponsors 2
Members who signed on, in the order they did. All signed on Sep 9, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Bob Goodlatte | Original | Sep 9, 2014 |
| D-MI | John Conyers, Jr. | Original | Sep 9, 2014 |
Actions 15
Everything that happened, newest first.
- Dec 2, 2014Received in the Senate and Read twice and referred to the Committee on the Judiciary.
- Dec 1, 2014Considered under suspension of the rules. (consideration: CR H8174-8181)
- Dec 1, 2014DEBATE - The House proceeded with forty minutes of debate on H.R. 5421.
- Dec 1, 2014Motion to reconsider laid on the table Agreed to without objection.
- Dec 1, 2014Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1861 | Taxpayer Protection and Responsible Resolution Act | Related bill | Dec 19, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Dec 2, 2014Referred in Senate
- Dec 1, 2014Reported in House
- Dec 1, 2014Engrossed in House
- Sep 9, 2014Introduced 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.
