Financial Institution Bankruptcy Act of 2017
Latest action · Apr 6, 2017 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.
- IntroducedMar 22, 2017
- Passed HouseApr 5, 2017
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Institution Bankruptcy Act of 2017
(Sec. 2) This bill amends federal bankruptcy law to allow certain large financial institutions to elect a new "Subchapter V" bankruptcy process specific to such institutions.
(Sec. 3) Under the new process, a debtor institution may request the bankruptcy court to order the transfer of the debtor's assets to a newly formed bridge company. The trust agreement governing such an assets transfer must meet specified requirements.
The court may order such an assets transfer only if it determines, by a preponderance of the evidence, that: (1) the transfer is necessary to prevent serious adverse effects on financial stability in the United States, (2) other specified requirements are met.
The bill imposes a temporary stay on actions to terminate or modify contracts with institutions that enter the Subchapter V bankruptcy process.
Members of the institution's board of directors shall have no liability to shareholders or creditors for a good faith filing of a petition to commence a Subchapter V bankruptcy case.
The bill specifies timelines with respect to the commencement of a case and the transfer of assets.
The Securities and Exchange Commission and the Federal Deposit Insurance Corporation, among other federal regulatory agencies, shall have standing in a Subchapter V bankruptcy case.
Under specified conditions, a Subchapter V bankruptcy case may be converted into a case in Chapter 7 bankruptcy (also known as "liquidation" bankruptcy).
(Sec. 4) The bill amends the federal judicial code to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear Subchapter V bankruptcy cases.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Mar 22, 2017 to Mar 30, 2017, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Bob Goodlatte | Original | Mar 22, 2017 |
| D-RI | David N. Cicilline | Original | Mar 22, 2017 |
| D-MI | John Conyers, Jr. | Original | Mar 22, 2017 |
| D-IL | Bradley Scott Schneider | Mar 30, 2017 |
Actions 14
Everything that happened, newest first.
- Apr 6, 2017Received in the Senate and Read twice and referred to the Committee on the Judiciary.
- Apr 5, 2017Considered under suspension of the rules. (consideration: CR H2715-2720)
- Apr 5, 2017DEBATE - The House proceeded with forty minutes of debate on H.R. 1667.
- Apr 5, 2017Motion to reconsider laid on the table Agreed to without objection.
- Apr 5, 2017Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
- Apr 5, 2017On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2715-2718)
- Apr 5, 2017Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2715-2718)
- Apr 5, 2017Placed on the Union Calendar, Calendar No. 46.
- Apr 5, 2017Reported by the Committee on Judiciary. H. Rept. 115-80.
- Mar 29, 2017Committee Consideration and Mark-up Session Held.
- Mar 29, 2017Ordered to be Reported by Voice Vote.
- Mar 22, 2017Introduced in House
- Mar 22, 2017Referred to the House Committee on the Judiciary.
- Mar 22, 2017Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 10 | Financial CHOICE Act of 2017 | Related bill | Jul 13, 2017 |
| HR 3280 | Financial Services and General Government Appropriations Act, 2018 | Related bill | Jul 26, 2017 |
| HR 3354 | Make America Secure and Prosperous Appropriations Act, 2018 | Related bill | Sep 27, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Apr 6, 2017Referred in Senate
- Apr 5, 2017Reported in House
- Apr 5, 2017Engrossed in House
- Mar 22, 2017Introduced 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.