SLAP Act
Latest action · Oct 30, 2019 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.
- IntroducedOct 30, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Looting American Pensions Act of 2019 or the SLAP Act
This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy.
Specifically, the bill
- revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed;
- increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy;
- expands restrictions on executive pay;
- places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and
- extends look back periods regarding fraudulent transfers from two years to six years.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Oct 30, 2019Introduced in Senate
- Oct 30, 2019Read twice and referred to the Committee on the Judiciary.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Oct 30, 2019Introduced 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.