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S 396 101th Congress Senate Finance and Financial Sector Bankruptcy Contracts Debtor and creditor Foreign exchange Interest rates Money Trusts and trustees

An Act to amend title 11 of the United States Code, the Bankruptcy Code, regarding swap agreements and forward contracts.

Introduced: February 9, 1989 See on congress.gov
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 11, 1990
Message on Senate action sent to the House.
Jun 11, 1990
Held at the desk.
Jun 11, 1990
Received in the House.
Jun 6, 1990
Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Jun 6, 1990
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Voice Vote.
May 14, 1990
Placed on Senate Legislative Calendar under General Orders. Calendar No. 542.
May 14, 1990
Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute and an amendment to the title. With written report No. 101-285.
Mar 22, 1990
Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.
Jul 12, 1989
Subcommittee on Courts and Administrative Practice. Approved for full committee consideration with an amendment in the nature of a substitute favorably.
Apr 11, 1989
Subcommittee on Courts and Administrative Practice. Hearings held. Hearings printed: S.Hrg. 101-406.
Feb 24, 1989
Referred to Subcommittee on Courts and Administrative Practice.
Feb 9, 1989
Read twice and referred to the Committee on Judiciary.
Feb 9, 1989
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends Federal bankruptcy law to modify the definitions of forward contract and forward contract merchant to conform with the definition of "commodity" included in the Commodity Exchange Act and to define: (1) swap agreement; (2) swap participant; (3) margin payment; and (4) settlement payment.

Exempts various transactions in connection with 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 a forward contractor's rights whether in writing or not, arising under common law, under merchant law, or by reason of normal business practice cannot be stayed, avoided, or otherwise limited because of the insolvency or bankruptcy of the other party to the contract.

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 June 11, 1990

Message on Senate action sent to the House.

 Related & companion bills 1
  • HR 4612 Companion bill To amend title 11 of the United States Code regarding swap agreements and forward contracts.
 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Feb 9, 1989
Cite this page click to expand
APA
U.S. Congress. (2026). S. 396: An Act to amend title 11 of the United States Code, the Bankruptcy Code, regarding swap agreements and forward contracts.. 101st Congress. Open America. https://openamerica.io/bill/101-S-396/
MLA
"S. 396: An Act to amend title 11 of the United States Code, the Bankruptcy Code, regarding swap agreements and forward contracts.." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-S-396/.
Bluebook (legal)
S. 396, 101st Cong. (2026), https://openamerica.io/bill/101-S-396/.
Markdown link
[S. 396: An Act to amend title 11 of the United States Code, the Bankruptcy Code, regarding swap agreements and forward contracts.](https://openamerica.io/bill/101-S-396/)
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