3.0.0 5421 2023-01-11T13:25:16Z 2023-01-11T13:25:16Z House H HR 2014-09-09 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BACHUS:H.R. 5421.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 3 of the United StatesConstitution, in that the legislation exercises legislativepower granted to Congress by that clause ``to regulateCommerce with foreign Nations, and among the several States,and with Indian tribes;'' Article I, Section 8, clause 4 ofthe United States Constitution, in that the legislationexercises legislative power granted to Congress by thatclause ``to establish ... uniform Laws on the subject ofBankruptcies throughout the United States;'' Article I,Section 8, clause 9 of the United States Constitution, inthat the legislation exercises legislative power granted toCongress by that clause ``to constitute Tribunals inferior tothe Supreme Court;'' Article I, Section 8, clause 18 of theUnited States Constitution, in that the legislation exerciseslegislative power granted to Congress by that clause ``tomake all Laws which shall be necessary and proper forcarrying into Execution the foregoing Powers, and all otherPowers vested by this Constitution in the Government of theUnited States, or in any Department or Officer thereof;''and, Article III of the United States Constitution, in thatthe legislation defines or affects powers of the Judiciarythat are subject to legislation by Congress.[Page H7388]]]> ssju00 Judiciary Committee Senate Standing Referred to 2014-12-02T20:09:12Z hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Discharged from 2014-09-10T20:50:28Z Referred to 2014-09-09T20:06:10Z Reported by 2014-12-01T21:00:28Z Markup by 2014-09-10T21:40:32Z Referred to 2014-09-09T14:00:54Z H. Rept. 113-630 Taxpayer Protection and Responsible Resolution Act 113 1861 S 2013-12-19 Read twice and referred to the Committee on the Judiciary. Related bill CRS 2014-12-02 ssju00 Judiciary Committee Senate Received in the Senate and Read twice and referred to the Committee on the Judiciary. IntroReferral 2014-12-01 16:23:39 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2014-12-01 16:23:36 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8174-8177) Floor H37300 2 House floor actions 2014-12-01 16:23:36 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8174-8177) Floor 8000 9 Library of Congress 2014-12-01 16:01:43 DEBATE - The House proceeded with forty minutes of debate on H.R. 5421. Floor H8D000 2 House floor actions 2014-12-01 16:01:41 Considered under suspension of the rules. (consideration: CR H8174-8181) Floor H30000 2 House floor actions 2014-12-01 16:01:25 Mr. Goodlatte moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2014-12-01 Placed on the Union Calendar, Calendar No. 470. Calendars H12410 2 House floor actions U00470 2014-12-01 Reported by the Committee on Judiciary. H. Rept. 113-630. Committee H12200 2 House floor actions hsju00 Judiciary Committee 2014-12-01 Reported by the Committee on Judiciary. H. Rept. 113-630. Committee 5000 9 Library of Congress hsju00 Judiciary Committee 2014-09-10 hsju00 Judiciary Committee 1 House committee actions Ordered to be Reported by Voice Vote. Committee 2014-09-10 hsju00 Judiciary Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2014-09-10 hsju00 Judiciary Committee 1 House committee actions Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged. Committee 2014-09-09 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2014-09-09 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2014-09-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-09-09 Introduced in House IntroReferral 1000 9 Library of Congress B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 N G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2014-09-09 True C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2014-09-09 True 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 Finance and Financial Sector 00 2014-09-09 Introduced in House 2014-10-24T20:12:31Z Financial Institution Bankruptcy Act of 2014 - Amends federal bankruptcy law with respect to a "covered financial corporation" incorporated or organized under any federal or state law (other than a stockbroker, a commodity broker, or a domestic or foreign insurance company or financial institution meeting certain criteria) that is: (1) a bank holding company; or (2) a corporation that exists for the primary purpose of owning, controlling, and financing its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests.

Adds "Subchapter V - Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation," setting forth requirements and prohibitions regarding: (1) commencement of a case concerning a covered financial corporation; (2) a special trustee and bridge company; (3) special transfer of the property of the estate in bankruptcy; (4) treatment of qualified financial contracts and affiliate contracts; (5) licenses, permits, and registrations; (6) exemption from securities laws; and (7) inapplicability of certain avoiding powers.

Allows conversion to chapter 7 (Liquidation) of a case under subchapter V if certain conditions are met.

Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least three district judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges.

Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.

]]> 36 2014-12-01 Passed House amended 2014-12-19T22:30:30Z Financial Institution Bankruptcy Act of 2014 - (Sec. 2) Amends federal bankruptcy law with respect to a "covered financial corporation" incorporated or organized under any federal or state law (other than a stockbroker, a commodity broker, or a domestic or foreign insurance company or financial institution meeting certain criteria) that is: (1) a bank holding company; or (2) a corporation that exists for the primary purpose of owning, controlling, and financing its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests.

Allows a case under subchapter V (established by this Act) to be converted to chapter 7 (Liquidation) if certain conditions are met, including: (1) a court-ordered appointment of a special trustee, and 2) the court finds that conversion is in the best interest of creditors and the estate.

(Sec. 3) Adds "Subchapter V - Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation," setting forth requirements and prohibitions regarding: (1) commencement of a case concerning a covered financial corporation; (2) a special trustee and bridge company; (3) special transfer of the property of the estate in bankruptcy; (4) treatment of qualified financial contracts and affiliate contracts; (5) licenses, permits, and registrations; (6) exemption from securities laws; and (7) inapplicability of certain avoiding powers.

Authorizes the Board of Governors of the Federal Reserve, the Securities Exchange Commission (SEC), the Office of the Comptroller of the Currency of the Department of the Treasury, and the Federal Deposit Insurance Corporation (FDIC) to raise and be heard on any issue in any case or proceeding under Subchapter V.

(Sec. 4) Amends the federal judicial code to require the Chief Justice of the United States to designate: (1) at least three appellate judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges to be available to hear a case under subchapter V.

Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.

]]> Financial Institution Bankruptcy Act of 2014 Display Title Financial Institution Bankruptcy Act of 2014 Official Title as Introduced To amend title 11 of the United States Code in order to facilitate the resolution of an insolvent financial institution in bankruptcy. Introduced in House IH Short Titles as Introduced Financial Institution Bankruptcy Act of 2014 Short Titles as Passed House Financial Institution Bankruptcy Act of 2014 H House Referred in Senate 2014-12-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5421rfs/xml/BILLS-113hr5421rfs.xml Engrossed in House 2014-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5421eh/xml/BILLS-113hr5421eh.xml Reported in House 2014-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5421rh/xml/BILLS-113hr5421rh.xml Introduced in House 2014-09-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5421ih/xml/BILLS-113hr5421ih.xml 2014-12-02 Received in the Senate and Read twice and referred to the Committee on the Judiciary. 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.