US Congress House Bill 5421 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Engrossed on December 2 2014 - 50% progression, died in committee
Action: 2014-12-02 - Received in the Senate and Read twice and referred to the Committee on the Judiciary.
Pending: Senate Judiciary Committee
Text: Latest bill text (Engrossed) [PDF]

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.

Financial Institution Bankruptcy Act of 2014

Rep. Spencer Bachus [R-AL]

Rep. John Conyers [D-MI]

Rep. Bob Goodlatte [R-VA]

Date	Chamber	Action
2014-12-02	Senate	Received in the Senate and Read twice and referred to the Committee on the Judiciary.
2014-12-01	House	Motion to reconsider laid on the table Agreed to without objection.
2014-12-01	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8174-8177)
2014-12-01	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 5421.
2014-12-01	House	Considered under suspension of the rules. (consideration: CR H8174-8181)
2014-12-01	House	Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
2014-12-01	House	Placed on the Union Calendar, Calendar No. 470.
2014-12-01	House	Reported by the Committee on Judiciary. H. Rept. 113-630.
2014-09-10	House	Ordered to be Reported by Voice Vote.
2014-09-10	House	Committee Consideration and Mark-up Session Held.
2014-09-10	House	Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.
2014-09-09	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2014-09-09	House	Referred to the House Committee on the Judiciary.

SB1861 (Related) 2013-12-19 - Read twice and referred to the Committee on the Judiciary.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/5421/all-info
Text	https://www.congress.gov/113/bills/hr5421/BILLS-113hr5421ih.pdf
Text	https://www.congress.gov/113/bills/hr5421/BILLS-113hr5421rh.pdf
Text	https://www.congress.gov/113/bills/hr5421/BILLS-113hr5421eh.pdf