US SB2737 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 30 2019 - 25% progression, died in committee
Action: 2019-10-30 - Read twice and referred to the Committee on the Judiciary.
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 30 2019 - 25% progression, died in committee
Action: 2019-10-30 - Read twice and referred to the Committee on the Judiciary.
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy. Specifically, the bill revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed; increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy; expands restrictions on executive pay; places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and extends look back periods regarding fraudulent transfers from two years to six years.
Title
SLAP Act Stop Looting American Pensions Act of 2019
Sponsors
Sen. Joe Manchin [D-WV] |
History
Date | Chamber | Action |
---|---|---|
2019-10-30 | Senate | Read twice and referred to the Committee on the Judiciary. |
Subjects
Bankruptcy
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Fraud offenses and financial crimes
Wages and earnings
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Fraud offenses and financial crimes
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2737/all-info |
Text | https://www.congress.gov/116/bills/s2737/BILLS-116s2737is.pdf |