US Congress House Bill 2947 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Engrossed on April 13 2016 - 50% progression, died in committee
Action: 2016-04-13 - 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 2016 (Sec. 2) This bill 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. (Sec. 3) The bill 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. A debtor holding company may transfer the assets (including executory contracts and unexpired leases) of a covered financial corporation, including the equity in all of its operating subsidiaries, to a newly-formed bridge company over a single weekend, during which a 48-hour stay of debt-collection proceedings (except payment and delivery obligations) shall apply. The bill permits conversion to chapter 7 (Liquidation) of a case under subchapter V if certain conditions are met. The Bankruptcy Court may not order an assets transfer unless it determines by a preponderance of the evidence that a transfer is necessary to prevent serious adverse effects on financial stability in the United States. (Sec. 4) The judicial code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a Subchapter V case in bankruptcy. Bankruptcy judges may request to be considered for such designation.

Financial Institution Bankruptcy Act of 2016

Rep. David Trott [R-MI]	Rep. Bob Goodlatte [R-VA]	Rep. John Conyers [D-MI]	Rep. Tom Marino [R-PA]
Rep. Dennis Ross [R-FL]

Date	Chamber	Action
2016-04-13	Senate	Received in the Senate and Read twice and referred to the Committee on the Judiciary.
2016-04-12	House	Motion to reconsider laid on the table Agreed to without objection.
2016-04-12	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1605-1608)
2016-04-12	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 2947.
2016-04-12	House	Considered under suspension of the rules. (consideration: CR H1605-1610)
2016-04-12	House	Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
2016-03-23	House	Placed on the Union Calendar, Calendar No. 363.
2016-03-23	House	Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477.
2016-02-11	House	Ordered to be Reported (Amended) by the Yeas and Nays: 25 - 0.
2016-02-11	House	Committee Consideration and Mark-up Session Held.
2016-02-05	House	Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.
2015-07-09	House	Subcommittee Hearings Held.
2015-07-08	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2015-07-07	House	Referred to the House Committee on the Judiciary.
2015-07-07	House	Introduced in House

SB1840 (Related) 2015-07-29 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
SB1841 (Related) 2015-07-22 - Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468)
HB5485 (Related) 2016-07-12 - Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 557.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2947/all-info
Text	https://www.congress.gov/114/bills/hr2947/BILLS-114hr2947ih.pdf
Text	https://www.congress.gov/114/bills/hr2947/BILLS-114hr2947rh.pdf
Text	https://www.congress.gov/114/bills/hr2947/BILLS-114hr2947eh.pdf