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S 2901 107th Congress Senate

Corporate Accountability in Bankruptcy Act

Official title: A bill to provide that bonuses and other extraordinary or excessive compensation of corporate insiders and wrongdoers may be included in the bankruptcy estate.

Introduced: September 3, 2002 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Finance and Financial Sector AccountingBankruptcyCommerceCorporate collapse
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Corporate corruptionCorporate financeCorporate governanceCorporation directorsCrime and Law EnforcementDebtor and creditorExecutive compensationFraudFringe benefitsGovernment Operations and PoliticsLabor and EmploymentLawLimitation of actionsLoansSecurities regulationState lawsTrusts and trustees
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 3, 2002
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S8100)
Sep 3, 2002
Sponsor introductory remarks on measure. (CR S8099-8100)
Sep 3, 2002
Introduced in Senate
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 Latest action September 3, 2002

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S8100)

 Plain-English summary Congressional Research Service
Corporate Accountability in Bankruptcy Act - Amends Federal bankruptcy law to authorize the bankruptcy trustee to avoid any transfer made within one year before the date of the bankruptcy petition if it was made to an insider, officer, or director for any bonuses, loans, or other extraordinary or excessive compensation.

Authorizes the bankruptcy trustee to avoid any transfer of debtor's interest in property, or of any obligation incurred by the debtor and paid to any officer, director, or employee of an issuer of securities, if: (1) the transfer was made, or the obligation was incurred within four years before the petition filing date; and (2) the officer, director, or employee committed either a securities violation, or committed fraud, deceit, or manipulation in a fiduciary capacity or in connection with a securities transaction, or engaged in illegal or deceptive accounting practices.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 2901: Corporate Accountability in Bankruptcy Act. 107th Congress. Open America. https://openamerica.io/bill/107-S-2901/
MLA
"S. 2901: Corporate Accountability in Bankruptcy Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-2901/.
Bluebook (legal)
S. 2901, 107th Cong. (2026), https://openamerica.io/bill/107-S-2901/.
Markdown link
[S. 2901: Corporate Accountability in Bankruptcy Act](https://openamerica.io/bill/107-S-2901/)
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