US HB138 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on January 3 2017 - 25% progression, died in chamber
Action: 2018-03-15 - ASSUMING FIRST SPONSORSHIP - Mr. Norcross asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 138, a bill originally introduced by former Representative Conyers, for purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 3 2017 - 25% progression, died in chamber
Action: 2018-03-15 - ASSUMING FIRST SPONSORSHIP - Mr. Norcross asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 138, a bill originally introduced by former Representative Conyers, for purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Text: Latest bill text (Introduced) [PDF]
Summary
Protecting Employees and Retirees in Business Bankruptcies Act of 2017 This bill amends federal bankruptcy law to modify provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill modifies provisions governing: (1) employee and retiree recoveries and losses, and (2) executive compensation programs. With respect to employee and retiree recoveries and losses, the bill: increases the maximum value and age of specified wage and benefit claims entitled to priority payment; allows certain claims for losses related to defined contribution plans, if the employer or plan sponsor has committed fraud or otherwise breached its fiduciary duty; allows, as an administrative expense of the estate, severance pay owed to employees; establishes certain restrictions regarding the rejection or amendment of a collective bargaining agreement; revises specified procedures related to the reduction or denial of retiree benefits; requires a court, in approving a sale of business assets, to consider the extent to which a bidder has offered to maintain existing jobs and assume benefit obligations; and modifies other provisions. With respect to executive compensation, the bill: establishes specified limitations related to executive compensation enhancements, prohibits executives from receiving certain retiree benefits if such benefits were reduced or eliminated for other employees or retirees, and revises other requirements related to court approval of such compensation. In addition, the bill grants creditor status to labor organizations for purposes of filing a proof of claim.
Title
Protecting Employees and Retirees in Business Bankruptcies Act of 2017
Sponsors
Rep. John Conyers [D-MI] | Rep. Steve Cohen [D-TN] | Rep. Henry Johnson [D-GA] | Rep. Theodore Deutch [D-FL] |
Rep. Sheila Jackson-Lee [D-TX] |
History
Date | Chamber | Action |
---|---|---|
2018-03-15 | House | ASSUMING FIRST SPONSORSHIP - Mr. Norcross asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 138, a bill originally introduced by former Representative Conyers, for purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection. |
2017-01-23 | House | Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. |
2017-01-03 | House | Referred to the House Committee on the Judiciary. |
2017-01-03 | House | Introduced in House |
Same As/Similar To
SB2518 (Related) 2018-03-07 - Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1456-1460)
Subjects
Bankruptcy
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Health care costs and insurance
Labor-management relations
Securities
Unemployment
Wages and earnings
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Health care costs and insurance
Labor-management relations
Securities
Unemployment
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/138/all-info |
Text | https://www.congress.gov/115/bills/hr138/BILLS-115hr138ih.pdf |