US Congress House Bill 1667 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on April 6 2017 - 50% progression, died in committee
Action: 2017-04-06 - 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 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.

Financial Institution Bankruptcy Act of 2017

Rep. Tom Marino [R-PA]	Rep. Bob Goodlatte [R-VA]	Rep. John Conyers [D-MI]	Rep. David Cicilline [D-RI]
Rep. Bradley Schneider [D-IL]

Date	Chamber	Action
2017-04-06	Senate	Received in the Senate and Read twice and referred to the Committee on the Judiciary.
2017-04-05	House	Motion to reconsider laid on the table Agreed to without objection.
2017-04-05	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2715-2718)
2017-04-05	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 1667.
2017-04-05	House	Considered under suspension of the rules. (consideration: CR H2715-2720)
2017-04-05	House	Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
2017-04-05	House	Placed on the Union Calendar, Calendar No. 46.
2017-04-05	House	Reported by the Committee on Judiciary. H. Rept. 115-80.
2017-03-29	House	Ordered to be Reported by Voice Vote.
2017-03-29	House	Committee Consideration and Mark-up Session Held.
2017-03-22	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2017-03-22	House	Referred to the House Committee on the Judiciary.
2017-03-22	House	Introduced in House

HB10 (Related) 2017-07-13 - Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
HR375 (Similar To) 2017-06-07 - Motion to reconsider laid on the table Agreed to without objection.
HB3280 (Related) 2017-07-26 - Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.
HB3354 (Related) 2017-09-27 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/1667/all-info
Text	https://www.congress.gov/115/bills/hr1667/BILLS-115hr1667ih.pdf
Text	https://www.congress.gov/115/bills/hr1667/BILLS-115hr1667rh.pdf
Text	https://www.congress.gov/115/bills/hr1667/BILLS-115hr1667eh.pdf