3.0.0 1540 2023-01-11T13:18:13Z 2023-01-11T13:18:13Z Senate S S 2009-07-30 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-07-30T14:44:57Z 2009-07-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561) IntroReferral 2009-07-30 Introduced in Senate IntroReferral 10000 9 Library of Congress C001071 Sen. Corker, Bob [R-TN] Bob Corker R TN N W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2009-07-30 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2009-08-06 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Federal Deposit Insurance Corporation (FDIC) Financial crises and stabilization Finance and Financial Sector 00 2009-07-30 Introduced in Senate 2009-11-05T20:08:12Z Resolution Reform Act of 2009 - Amends the Federal Deposit Insurance Act to make it the responsibility of the Federal Deposit Insurance Corporation (FDIC) and its Board of Directors, using the powers and authorities conferred by this Act, to resolve depository institution holding companies of failed or failing insured depository institutions (including their affiliates and subsidiaries).

Requires the FDIC to accept appointment and act as receiver of a covered depository institution holding company if it determines, in its sole discretion, that such appointment will reduce the cost to the Deposit Insurance Fund, and that specified grounds exist.

Sets forth conditions for appointment of the FDIC as receiver.

Permits the FDIC to decline to accept appointment for a covered depository institution holding company, when, in its sole discretion, it determines that resolution of the company would be better accomplished under either federal bankruptcy law or state insurance law.

Shields the FDIC from direction or supervision of any other federal or state agency when in its status as receiver it exercises its rights, powers, and privileges.

States that: (1) appointment of the FDIC as receiver terminates any proceeding under either federal bankruptcy law or state insolvency law with respect to the subject holding company; and (2) no case or proceeding may be commenced against such holding company while the FDIC acts as receiver without the written agreement of the FDIC.

Permits judicial review regarding appointment of the FDIC as receiver.

Sets forth the powers and duties of the FDIC as receiver. Authorizes the FDIC to make a determination of troubled condition for any covered company that does not have an appropriate federal banking agency.

Authorizes the FDIC to cooperate and coordinate with foreign courts, foreign representatives, and foreign regulatory or supervisory authorities.

]]> Resolution Reform Act of 2009 Display Title Resolution Reform Act of 2009 Official Title as Introduced A bill to provide for enhanced authority of the Federal Deposit Insurance Corporation to act as receiver for certain affiliates of depository institutions, and for other purposes. Introduced in Senate IS Short Titles as Introduced Resolution Reform Act of 2009 Introduced in Senate 2009-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1540is/xml/BILLS-111s1540is.xml 2009-07-30 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561) 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.