3.0.0 3505 2023-01-11T13:34:44Z 2023-01-11T13:34:44Z Senate S 2016-12-06 114 ssju00 Judiciary Committee Senate Standing Referred to 2016-12-06T19:44:04Z 2016-12-06 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (Sponsor introductory remarks on measure: CR S6760) IntroReferral 2016-12-06 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2016-12-06 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2016-12-06 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2016-12-06 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2016-12-06 True Finance and Financial Sector Banking and financial institutions regulation Bankruptcy Business investment and capital Congressional oversight Corporate finance and management Financial services and investments Government studies and investigations Judges Judicial procedure and administration Supreme Court Finance and Financial Sector 00 2016-12-06 Introduced in Senate 2017-07-06T14:49:20Z Bankruptcy Fairness Act of 2016

This bill requires the Administrative Office of the U.S. Courts, the Executive Office for U.S. Trustees, and the Federal Judicial Center to jointly develop and periodically update recommendations regarding the judicial expertise that is required to oversee the bankruptcy process for financial companies and other specified issues related to the bankruptcy process.

After the recommendations are submitted, the U.S. Supreme Court must issue a rule that provides for the orderly appointment of a bankruptcy judge or district court judge with expertise in the resolution of financial companies under the federal bankruptcy code to oversee a bankruptcy case involving a financial company.

The bill amends the federal bankruptcy code to permit specified financial regulators to raise, appear, and be heard on any issues in a bankruptcy case or proceeding in which the debtor is a financial company.

The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation must nominate five disinterested individuals to serve as trustees for a financial company debtor. The U.S. trustee must appoint one of the nominees as a trustee, and the trustee is exempt from the requirements for residency or an office in the judicial district where the case is pending.

The Office of Financial Research must submit to Congress a report summarizing and evaluating various analytical works that examine bankruptcy policies. The report must address the effectiveness of the bankruptcy code, a bridge company study, a financing and liquidity study, and a master netting agreement study. It must also include recommendations regarding any legislative or regulatory changes that could address gaps or vulnerabilities identified.

]]> Bankruptcy Fairness Act of 2016 Display Title Bankruptcy Fairness Act of 2016 Official Title as Introduced A bill to require analysis of various bankruptcy proposals in order to determine whether those proposals would reduce systemic risk and moral hazard, and for other purposes. Introduced in Senate IS Short Titles as Introduced Bankruptcy Fairness Act of 2016 Introduced in Senate 2016-12-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3505is/xml/BILLS-114s3505is.xml 2016-12-06 Read twice and referred to the Committee on the Judiciary. (Sponsor introductory remarks on measure: CR S6760) 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.