HR 2057
101th Congress
House
Finance and Financial Sector
Bankruptcy
Contracts
Debtor and creditor
Foreign exchange
Interest rates
Money
Trusts and trustees
To amend title 11 of the United States Code, the bankruptcy code, regarding swap agreements.
Introduced: April 18, 1989
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 25, 1990
See H.R.4612.
Feb 6, 1990
Subcommittee Hearings Held.
Apr 25, 1989
Referred to the Subcommittee on Economic and Commercial Law.
Apr 18, 1989
Referred to the House Committee on Judiciary.
Apr 18, 1989
Introduced in House
Plain-English summary
Amends Federal bankruptcy law to define "swap agreement" and "swap participant."
Exempts various transactions in connection with interest rate and currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.
Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.
Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.
What's happening now
See H.R.4612.
Committees of jurisdiction
2