3.0.0 5585 2023-01-31T21:43:26Z 2023-01-31T21:43:26Z House H HR 2006-06-12 109 hsju00 Judiciary Committee House Standing Discharged from 2006-09-22T19:41:26Z Referred to 2006-06-12T16:31:35Z hsba00 Financial Services Committee House Standing Reported by 2006-09-13T00:00:45Z Markup by 2006-06-14T16:03:32Z Referred to 2006-06-12T16:31:30Z H. Rept. 109-648 2006-12-12 Became Public Law No: 109-390. President E40000 2 House floor actions 2006-12-12 Became Public Law No: 109-390. BecameLaw 36000 9 Library of Congress 2006-12-12 Signed by President. President E30000 2 House floor actions 2006-12-12 Signed by President. BecameLaw 36000 9 Library of Congress 2006-12-04 Presented to President. Floor E20000 2 House floor actions 2006-12-04 Presented to President. President 28000 9 Library of Congress 2006-11-15 11:39:37 Motion to reconsider laid on the table Agreed to without objection. ResolvingDifferences H41931 2 House floor actions 2006-11-15 11:39:36 On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 522). (text as House agreed to Senate amendment: CR H8650) ResolvingDifferences H41610 2 House floor actions 522 https://clerk.house.gov/evs/2006/roll522.xml House 109 2006-11-15T16:39:36Z 2 2006-11-15 Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 522).(text as House agreed to Senate amendment: CR H8650) NotUsed 19500 9 Library of Congress 522 https://clerk.house.gov/evs/2006/roll522.xml House 109 2006-11-15T16:39:36Z 2 2006-11-15 11:12:38 Considered as unfinished business. (consideration: CR H8654-8655) Floor H8D000 2 House floor actions 2006-11-15 10:56:43 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed. ResolvingDifferences H40142 2 House floor actions 2006-11-15 10:47:17 DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendments to H.R. 5585. Floor H8D000 2 House floor actions 2006-11-15 10:46:01 Mr. McHenry moved that the House suspend the rules and agree to the Senate amendments. (consideration: CR H8650-8651) ResolvingDifferences H40140 2 House floor actions 2006-09-30 Senate Message on Senate action sent to the House. Floor 2006-09-30 Senate Passed Senate with amendments by Unanimous Consent. Floor 2006-09-30 Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent. Floor 17000 9 Library of Congress 2006-09-30 Senate Measure laid before Senate by unanimous consent. (consideration: CR 9/29/2006 S10769) Floor 2006-09-28 Senate Received in the Senate, read twice. IntroReferral 2006-09-27 19:50:20 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-09-27 19:50:17 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7598-7600) Floor H37300 2 House floor actions 2006-09-27 19:50:17 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7598-7600) Floor 8000 9 Library of Congress 2006-09-27 19:41:49 DEBATE - The House proceeded with forty minutes of debate on H.R. 5585. Floor H8D000 2 House floor actions 2006-09-27 19:41:46 Considered under suspension of the rules. (consideration: CR H7598-7601) Floor H30000 2 House floor actions 2006-09-27 19:41:33 Mr. McHenry moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2006-09-22 Placed on the Union Calendar, Calendar No. 403. Calendars H12410 2 House floor actions U00403 2006-09-22 Committee on Judiciary discharged. Discharge H12300 2 House floor actions hsju00 Judiciary Committee 2006-09-22 Committee on Judiciary discharged. Committee 5500 9 Library of Congress hsju00 Judiciary Committee 2006-09-12 House Committee on Judiciary Granted an extension for further consideration ending not later than Sept. 22, 2006. IntroReferral H11210 2 House floor actions hsju00 Judiciary Committee 2006-09-12 Reported by the Committee on Financial Services. H. Rept. 109-648, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2006-09-12 Reported by the Committee on Financial Services. H. Rept. 109-648, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2006-06-14 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported by Voice Vote. Committee 2006-06-14 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2006-06-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2006-06-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2006-06-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-06-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-06-12 Introduced in House IntroReferral 1000 9 Library of Congress M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 N W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2006-06-12 True 2006-07-12T04:00:00Z H.R. 5585, Financial Netting Improvements Act of 2006 http://www.cbo.gov/publication/17968 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 14, 2006</p> 2006-07-12T04:00:00Z H.R. 5585, Financial Netting Improvements Act of 2006 https://www.cbo.gov/publication/17968 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 14, 2006 Public Law 109-390 Finance and Financial Sector Administrative fees Bank failures Bankruptcy Collection of accounts Compensation (Law) Contracts Credit unions Economics and Public Finance Futures trading Law Loan defaults Securities Securities regulation Swaps (Finance) Trusts and trustees Finance and Financial Sector 00 2006-06-12 Introduced in House 2006-07-05T20:21:28Z Financial Netting Improvements Act of 2006 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, swap agreements, and certain walkaway clauses.

Makes conforming amendments to: (1) the Federal Deposit Insurance Corporation Improvement Act of 1991; (2) federal bankruptcy law; and (3) the Securities Investor Protection Act of 1970.

Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the declaration that no walkaway clause shall be enforceable in a qualified financial contract of an insured depository institution in default. Declares any payment or delivery obligation otherwise due from a party pursuant to a qualified financial contract suspended from the time a receiver is appointed until the earlier of: (1) the time a party receives notice that the contract has been transferred; or (2) 5 p.m. (eastern time) on the business day after the receiver's appointment.

Amends federal bankruptcy law and the judicial code to increase chapter 7 trustee compensation and filing fees.

]]> 36 2006-09-27 Passed House amended 2006-11-14T22:45:05Z Financial Netting Improvements Act of 2006 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, and swap agreements.

(Sec. 3) Defines "person" to include any governmental entity.

(Sec. 4) Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to revise certain requirements pertinent to bilateral netting to declare that the covered contractual payment obligations and the covered contractual payment entitlements between any two financial institutions shall be terminated, liquidated, accelerated, and netted in accordance with, and subject to the conditions of, the terms of any applicable netting contract.

Declares, with respect to clearing organization netting, that the covered contractual payment obligations and the covered contractual payment entitlements of a member of a clearing organization to and from all other organization members shall be terminated, liquidated, accelerated, and netted in accordance with and subject to the conditions of any applicable netting contract.

(Sec. 5) Makes conforming amendments to the FDICIA, federal bankruptcy law, and the Securities Investor Protection Act of 1970.

Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act.

(Sec. 6) Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the non-enforceability of a walkaway clause (thus making it enforceable) in a qualified financial contract of an insured depository institution in default.

States that any payment or delivery obligation otherwise due from a party pursuant to a qualified financial contract is suspended from the time a receiver is appointed until the earlier of: (1) the time a party receives notice that the contract has been transferred; or (2) 5 p.m. (eastern time) on the business day after the receiver's appointment.

(Sec. 7) Amends federal bankruptcy law and the judicial code to increase chapter 7 (Liquidation) trustee compensation and filing fees.

Raises trustee compensation, paid from the filing fee in a case, from $45 to $100, adjusted by the amount (if any) of such filing fee waived for a low-income individual.

Increases the filing fee in a chapter 7 case from $245 to $300.

Requires the district court or the bankruptcy court to waive $40 of the filing fee in a chapter 7 case for an individual with an income between 150% and 175% of the income official poverty line applicable to a family of the size involved.

Revises the formula for determining the deposit amount of offsetting collections to the U.S. Trustee System Fund appropriation from 40.46% of collected chapter 7 filing fees to 29.87% of such fees plus the total amount of waived $40 portions of the filing fee for low-income individuals.

Revises the formula for determining the deposit amount of offsetting collections to the Fund appropriation with respect to certain fees under the bankruptcy miscellaneous fee schedule. Changes the portion of the formula pertinent to collected chapter 7 filing fees from 28.87% of such fees to 21.17% of them plus the total amount of waived $40 portions of the filing fee for low-income individuals.

]]> 35 2006-09-30 Passed Senate amended 2006-11-14T22:52:29Z Financial Netting Improvements Act of 2006 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, and swap agreements.

(Sec. 3) Defines "person" to include any governmental entity.

(Sec. 4) Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to revise certain requirements pertinent to bilateral netting to declare that the covered contractual payment obligations and the covered contractual payment entitlements between any two financial institutions shall be terminated, liquidated, accelerated, and netted in accordance with, and subject to the conditions of, the terms of any applicable netting contract.

Declares, with respect to clearing organization netting, that the covered contractual payment obligations and the covered contractual payment entitlements of a member of a clearing organization to and from all other organization members shall be terminated, liquidated, accelerated, and netted in accordance with and subject to the conditions of any applicable netting contract.

(Sec. 5) Makes conforming amendments to the FDICIA, federal bankruptcy law, and the Securities Investor Protection Act of 1970.

Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act.

(Sec. 6) Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the non-enforceability of a walkaway clause (thus making it enforceable) in a qualified financial contract of an insured depository institution in default.

States that any payment or delivery obligation otherwise due from a party pursuant to a qualified financial contract is suspended from the time a receiver is appointed until the earlier of: (1) the time a party receives notice that the contract has been transferred; or (2) 5 p.m. (eastern time) on the business day after the receiver's appointment.

]]> 49 2006-12-12 Public Law 2006-12-19T16:18:54Z (This measure has not been amended since it was passed by the Senate on September 30, 2006. The summary of that version is repeated here.)

Financial Netting Improvements Act of 2006 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, and swap agreements.

(Sec. 3) Defines "person" to include any governmental entity.

(Sec. 4) Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to revise certain requirements pertinent to bilateral netting to declare that the covered contractual payment obligations and the covered contractual payment entitlements between any two financial institutions shall be terminated, liquidated, accelerated, and netted in accordance with, and subject to the conditions of, the terms of any applicable netting contract.

Declares, with respect to clearing organization netting, that the covered contractual payment obligations and the covered contractual payment entitlements of a member of a clearing organization to and from all other organization members shall be terminated, liquidated, accelerated, and netted in accordance with and subject to the conditions of any applicable netting contract.

(Sec. 5) Makes conforming amendments to the FDICIA, federal bankruptcy law, and the Securities Investor Protection Act of 1970.

Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act.

(Sec. 6) Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the non-enforceability of a walkaway clause (thus making it enforceable) in a qualified financial contract of an insured depository institution in default.

States that any payment or delivery obligation otherwise due from a party pursuant to a qualified financial contract is suspended from the time a receiver is appointed until the earlier of: (1) the time a party receives notice that the contract has been transferred; or (2) 5 p.m. (eastern time) on the business day after the receiver's appointment.

]]> Financial Netting Improvements Act of 2006 Display Title Financial Netting Improvements Act of 2006 Official Title as Introduced To improve the netting process for financial contracts, and for other purposes. Introduced in House IH Short Titles as Introduced Financial Netting Improvements Act of 2006 Short Titles as Passed House Financial Netting Improvements Act of 2006 H House Short Titles as Enacted Financial Netting Improvements Act of 2006 Short Titles as Passed Senate for portions of this bill Financial Netting Improvements Act of 2006 S Senate 5114 109 SAMDT To strike a provision relating to compensation of trustees and filing fees. 2022-02-03T05:32:19Z 2006-09-30 Amendment SA 5114 agreed to in Senate by Unanimous Consent. SA 5114 https://www.congress.gov/amendment/109th-congress/senate-amendment/5114 B000382 Sen. Bennett, Robert F. [R-UT] ROBERT BENNETT R UT F. 2006-09-29T04:00:00Z 2006-09-29T04:00:00Z Senate 109 HR House H 5585 Financial Netting Improvements Act of 2006 2023-01-31T21:43:26Z 6 2006-09-30 0 Senate Amendment SA 5114 agreed to in Senate by Unanimous Consent. Floor 2006-09-30 0 Senate Amendment SA 5114 proposed by Senator Frist for Senator Bennett. (consideration: CR S10769; text: CR S10769) To strike a provision relating to compensation of trustees and filing fees. Floor 2006-09-30 Senate amendment proposed (on the floor): Amendment SA 5114 proposed by Senator Frist for Senator Bennett.(consideration: CR S10769; text: CR S10769) Floor 93000 9 Library of Congress 2006-09-30 Senate amendment agreed to: Amendment SA 5114 agreed to in Senate by Unanimous Consent. Floor 94000 9 Library of Congress 2006-09-29 Senate amendment submitted Floor 91000 9 Library of Congress Enrolled Bill https://www.govinfo.gov/content/pkg/BILLS-109hr5585enr/xml/BILLS-109hr5585enr.xml Engrossed Amendment Senate 2006-10-01T04:00:00Z Received in Senate 2006-09-28T04:00:00Z Engrossed in House 2006-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5585eh/xml/BILLS-109hr5585eh.xml Reported in House 2006-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5585rh/xml/BILLS-109hr5585rh.xml Introduced in House 2006-06-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5585ih/xml/BILLS-109hr5585ih.xml 2006-12-13T04:59:59Z Public Law 2006-12-12 Became Public Law No: 109-390. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.