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HR 1667 115th Congress House Finance and Financial Sector Banking and financial institutions regulation Bankruptcy Federal Reserve System Federal appellate courts Financial services and investments Judges Judicial review and appeals Securities

Financial Institution Bankruptcy Act of 2017

Introduced: March 22, 2017 See on congress.gov
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 Everywhere this bill has been 14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2017
Received in the Senate and Read twice and referred to the Committee on the Judiciary.
Apr 5, 2017
Motion to reconsider laid on the table Agreed to without objection.
Apr 5, 2017
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2715-2718)
Apr 5, 2017
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2715-2718)
Apr 5, 2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 1667.
Apr 5, 2017
Considered under suspension of the rules. (consideration: CR H2715-2720)
Apr 5, 2017
Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
Apr 5, 2017
Placed on the Union Calendar, Calendar No. 46.
Apr 5, 2017
Reported by the Committee on Judiciary. H. Rept. 115-80.
Mar 29, 2017
Ordered to be Reported by Voice Vote.
Mar 29, 2017
Committee Consideration and Mark-up Session Held.
Mar 22, 2017
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Mar 22, 2017
Referred to the House Committee on the Judiciary.
Mar 22, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Financial Institution Bankruptcy Act of 2017

(Sec. 2) This bill amends federal bankruptcy law to allow certain large financial institutions to elect a new "Subchapter V" bankruptcy process specific to such institutions.

(Sec. 3) Under the new process, a debtor institution may request the bankruptcy court to order the transfer of the debtor's assets to a newly formed bridge company. The trust agreement governing such an assets transfer must meet specified requirements.

The court may order such an assets transfer only if it determines, by a preponderance of the evidence, that: (1) the transfer is necessary to prevent serious adverse effects on financial stability in the United States, (2) other specified requirements are met.

The bill imposes a temporary stay on actions to terminate or modify contracts with institutions that enter the Subchapter V bankruptcy process.

Members of the institution's board of directors shall have no liability to shareholders or creditors for a good faith filing of a petition to commence a Subchapter V bankruptcy case.

The bill specifies timelines with respect to the commencement of a case and the transfer of assets.

The Securities and Exchange Commission and the Federal Deposit Insurance Corporation, among other federal regulatory agencies, shall have standing in a Subchapter V bankruptcy case.

Under specified conditions, a Subchapter V bankruptcy case may be converted into a case in Chapter 7 bankruptcy (also known as "liquidation" bankruptcy).

(Sec. 4) The bill amends the federal judicial code to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear Subchapter V bankruptcy cases.

What's happening now April 6, 2017

Received in the Senate and Read twice and referred to the Committee on the Judiciary.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1