S 2901
107th Congress
Senate
Finance and Financial Sector
Accounting
Bankruptcy
Commerce
Corporate collapse
Corporate corruption
Corporate finance
Corporate governance
Corporation directors
Crime and Law Enforcement
Debtor and creditor
Executive compensation
Fraud
Fringe benefits
Government Operations and Politics
Labor and Employment
Law
Limitation of actions
Loans
Securities regulation
Corporate Accountability in Bankruptcy Act
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
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S8100)
Committees of jurisdiction
1