US Congress Senate Bill 1841 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on July 22 2015 - 25% progression, died in committee
Action: 2015-07-22 - Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468)
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [PDF]

Taxpayer Protection and Responsible Resolution Act 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 subsidiaries predominantly engaged in activities that are financial in nature or incidental to such an activity. The bill adds "Chapter 14 - 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 court may convert a case under chapter 14 to chapter 7 (Liquidation) if certain conditions are met. 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 bankruptcy case under chapter 14 . The bill prescribes requirements for assignment of bankruptcy judges to chapter 14 cases. No funds appropriated to the federal government may be paid to a covered financial corporation or to any of its creditors to satisfy a claim in a case under chapter 14.

Taxpayer Protection and Responsible Resolution Act

Sen. John Cornyn [R-TX]

Sen. Pat Toomey [R-PA]

Date	Chamber	Action
2015-07-22	Senate	Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468)

SB1840 (Related) 2015-07-29 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
HB2947 (Related) 2016-04-13 - Received in the Senate and Read twice and referred to the Committee on the Judiciary.
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/senate-bill/1841/all-info
Text	https://www.congress.gov/114/bills/s1841/BILLS-114s1841is.pdf