3.0.0 2947 2023-01-11T13:30:35Z 2023-01-11T13:30:35Z House HR 2015-07-07 114 [Congressional Record Volume 161, Number 104 (Tuesday, July 7, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. TROTT:H.R. 2947.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 H4861]]]> ssju00 Judiciary Committee Senate Standing Referred to 2016-04-13T16:17:03Z hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Discharged from 2016-02-05T22:50:25Z Hearings by 2015-07-09T14:09:05Z Referred to 2015-07-08T14:06:59Z Reported by 2016-03-23T16:41:30Z Markup by 2016-02-11T22:51:40Z Referred to 2015-07-07T18:01:05Z H. Rept. 114-477 Financial Services and General Government Appropriations Act, 2017 114 5485 HR 2016-07-12 Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 557. Related bill CRS Taxpayer Protection and Responsible Resolution Act 114 1840 S 2015-07-29 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. Related bill CRS Taxpayer Protection and Responsible Resolution Act 114 1841 S 2015-07-22 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468) Related bill CRS Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2016-04-13 ssju00 Judiciary Committee Senate Received in the Senate and Read twice and referred to the Committee on the Judiciary. IntroReferral 2016-04-12 17:02:46 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2016-04-12 17:02:42 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1605-1608) Floor H37300 2 House floor actions 2016-04-12 17:02:42 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1605-1608) Floor 8000 9 Library of Congress 2016-04-12 16:48:21 DEBATE - The House proceeded with forty minutes of debate on H.R. 2947. Floor H8D000 2 House floor actions 2016-04-12 16:48:18 Considered under suspension of the rules. (consideration: CR H1605-1610) Floor H30000 2 House floor actions 2016-04-12 16:47:07 Mr. Goodlatte moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2016-03-23 Placed on the Union Calendar, Calendar No. 363. Calendars H12410 2 House floor actions U00363 2016-03-23 Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477. Committee H12200 2 House floor actions hsju00 Judiciary Committee 2016-03-23 Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477. Committee 5000 9 Library of Congress hsju00 Judiciary Committee 2016-02-11 hsju00 Judiciary Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 25 - 0. Committee 2016-02-11 hsju00 Judiciary Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2016-02-05 hsju00 Judiciary Committee 1 House committee actions Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged. Committee 2015-07-09 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2015-07-08 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2015-07-07 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2015-07-07 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-07-07 Introduced in House IntroReferral 1000 9 Library of Congress T000475 Rep. Trott, David A. [R-MI-11] David Trott R MI A. 11 N G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2015-07-07 True C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2015-07-07 True M001179 Rep. Marino, Tom [R-PA-10] Tom Marino R PA 10 2015-07-07 True R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2016-03-21 False 2016-03-21T14:39:36Z H.R. 2947, Financial Institution Bankruptcy Act of 2016 https://www.cbo.gov/publication/51401 As ordered reported by the House Committee on the Judiciary on February 11, 2016 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 2015-07-07 Introduced in House 2015-07-10T20:45:28Z Financial Institution Bankruptcy Act of 2015

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.

]]> 17 2016-03-23 Reported to House with amendment(s) 2016-04-14T20:42:37Z Financial Institution Bankruptcy Act of 2016

(Sec. 2) This bill 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.

(Sec. 3) The bill 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.

A debtor holding company may transfer the assets (including executory contracts and unexpired leases) of a covered financial corporation, including the equity in all of its operating subsidiaries, to a newly-formed bridge company over a single weekend, during which a 48-hour stay of debt-collection proceedings (except payment and delivery obligations) shall apply.

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

The Bankruptcy Court may not order an assets transfer unless it determines by a preponderance of the evidence that a transfer is necessary to prevent serious adverse effects on financial stability in the United States.

(Sec. 4) The judicial code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a Subchapter V case in bankruptcy. Bankruptcy judges may request to be considered for such designation.

]]> 36 2016-04-12 Passed House amended 2016-04-19T20:42:28Z (This measure has not been amended since it was reported to the House on March 23, 2016. The summary of that version is repeated here.)

Financial Institution Bankruptcy Act of 2016

(Sec. 2) This bill 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.

(Sec. 3) The bill 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.

A debtor holding company may transfer the assets (including executory contracts and unexpired leases) of a covered financial corporation, including the equity in all of its operating subsidiaries, to a newly-formed bridge company over a single weekend, during which a 48-hour stay of debt-collection proceedings (except payment and delivery obligations) shall apply.

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

The Bankruptcy Court may not order an assets transfer unless it determines by a preponderance of the evidence that a transfer is necessary to prevent serious adverse effects on financial stability in the United States.

(Sec. 4) The judicial code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a Subchapter V case in bankruptcy. Bankruptcy judges may request to be considered for such designation.

]]> Financial Institution Bankruptcy Act of 2016 Display Title Financial Institution Bankruptcy Act of 2016 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 2015 Short Titles as Reported to House Financial Institution Bankruptcy Act of 2016 H House Short Titles as Passed House Financial Institution Bankruptcy Act of 2016 H House Referred in Senate 2016-04-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2947rfs/xml/BILLS-114hr2947rfs.xml Engrossed in House 2016-04-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2947eh/xml/BILLS-114hr2947eh.xml Reported in House 2016-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2947rh/xml/BILLS-114hr2947rh.xml Introduced in House 2015-07-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2947ih/xml/BILLS-114hr2947ih.xml 2016-04-13 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.