Financial CHOICE Act of 2017

3.0.0 1667 2023-01-11T13:35:33Z 2023-01-11T13:35:33Z House HR 2017-03-22 115 [Congressional Record Volume 163, Number 50 (Wednesday, March 22, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MARINO:H.R. 1667.Congress has the power to enact this legislation pursuantto the following:Article , 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 the Indian tribes;''Article I, Section 8, clause 4 of the United StatesConstitution, in that the legislation exercises legislativepower granted to Congress by that clause ``to establish . . .uniform Laws on the subject of Bankruptcies throughout theUnited States;''Article I, Section 8, clause 9 of the United StatesConstitution, in that the legislation exercises legislativepower granted to Congress by that clause ``to constituteTribunals inferior to the Supreme Court;''Article I, Section 8, clause 18 of the United StatesConstitution, in that the legislation exercises legislativepower granted to Congress by that clause ``to make all Lawswhich shall be necessary and proper for carrying intoExecution the foregoing Powers, and all other Powers vestedby this Constitution in the Government of the United States,or in any Department of Officer thereof;'' andArticle III of the United States Constitution, in that thelegislation defines or affects powers of the Judiciary thatare subject to legislation by Congress.[Page H2349]]]> ssju00 Judiciary Committee Senate Standing Referred to 2017-04-06T14:35:50Z hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Referred to 2017-03-22T21:19:55Z Reported by 2017-04-05T14:23:47Z Markup by 2017-03-29T16:34:23Z Referred to 2017-03-22T14:01:15Z H. Rept. 115-80 Financial CHOICE Act of 2017 115 10 HR 2017-07-13 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108. Related bill CRS Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 115 3354 HR 2017-09-27 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230. Related bill CRS Financial Services and General Government Appropriations Act, 2018 115 3280 HR 2017-07-26 Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191. Related bill CRS 2017-04-06 ssju00 Judiciary Committee Senate Received in the Senate and Read twice and referred to the Committee on the Judiciary. IntroReferral 2017-04-05 13:33:54 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2017-04-05 13:33:51 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2715-2718) Floor H37300 2 House floor actions 2017-04-05 13:33:51 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2715-2718) Floor 8000 9 Library of Congress 2017-04-05 13:19:24 DEBATE - The House proceeded with forty minutes of debate on H.R. 1667. Floor H8D000 2 House floor actions 2017-04-05 13:19:22 Considered under suspension of the rules. (consideration: CR H2715-2720) Floor H30000 2 House floor actions 2017-04-05 13:18:58 Mr. Goodlatte moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2017-04-05 Placed on the Union Calendar, Calendar No. 46. Calendars H12410 2 House floor actions U00046 2017-04-05 Reported by the Committee on Judiciary. H. Rept. 115-80. Committee H12200 2 House floor actions hsju00 Judiciary Committee 2017-04-05 Reported by the Committee on Judiciary. H. Rept. 115-80. Committee 5000 9 Library of Congress hsju00 Judiciary Committee 2017-03-29 hsju00 Judiciary Committee 1 House committee actions Ordered to be Reported by Voice Vote. Committee 2017-03-29 hsju00 Judiciary Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-03-22 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2017-03-22 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2017-03-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-03-22 Introduced in House IntroReferral 1000 9 Library of Congress M001179 Rep. Marino, Tom [R-PA-10] Tom Marino R PA 10 N G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2017-03-22 True C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2017-03-22 True C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 2017-03-22 True S001190 Rep. Schneider, Bradley Scott [D-IL-10] Bradley Schneider D IL Scott 10 2017-03-30 False 2017-03-30T19:57:39Z H.R. 1667, Financial Institution Bankruptcy Act of 2017 https://www.cbo.gov/publication/52565 As ordered reported by the House Committee on the Judiciary on March 29, 2017 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 2017-03-22 Introduced in House 2017-04-05T19:03:36Z Financial Institution Bankruptcy Act of 2017

This bill amends federal bankruptcy law to allow certain large financial institutions to elect a new "Subchapter V" bankruptcy process specific to such institutions.

Under the new process, a debtor institution may request the bankruptcy court to order the transfer of the debtor's assets to a newly formed bridge company. The trust agreement governing such an assets transfer must meet specified requirements.

The court may order such an assets transfer only if it determines, by a preponderance of the evidence, that: (1) the transfer is necessary to prevent serious adverse effects on financial stability in the United States, (2) other specified requirements are met.

The bill imposes a temporary stay on actions to terminate or modify contracts with institutions that enter the Subchapter V bankruptcy process.

Members of the institution's board of directors shall have no liability to shareholders or creditors for a good faith filing of a petition to commence a Subchapter V bankruptcy case.

The bill specifies timelines with respect to the commencement of a case and the transfer of assets.

The Securities and Exchange Commission and the Federal Deposit Insurance Corporation, among other federal regulatory agencies, shall have standing in a Subchapter V bankruptcy case.

Under specified conditions, a Subchapter V bankruptcy case may be converted into a case in Chapter 7 bankruptcy (also known as "liquidation" bankruptcy).

The bill amends the federal judicial code to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear Subchapter V bankruptcy cases.

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36 2017-04-05 Passed House amended 2017-09-25T19:49:15Z Financial Institution Bankruptcy Act of 2017

(Sec. 2) This bill amends federal bankruptcy law to allow certain large financial institutions to elect a new "Subchapter V" bankruptcy process specific to such institutions.

(Sec. 3) Under the new process, a debtor institution may request the bankruptcy court to order the transfer of the debtor's assets to a newly formed bridge company. The trust agreement governing such an assets transfer must meet specified requirements.

The bill imposes a temporary stay on actions to terminate or modify contracts with institutions that enter the Subchapter V bankruptcy process.

Members of the institution's board of directors shall have no liability to shareholders or creditors for a good faith filing of a petition to commence a Subchapter V bankruptcy case.

The bill specifies timelines with respect to the commencement of a case and the transfer of assets.

The Securities and Exchange Commission and the Federal Deposit Insurance Corporation, among other federal regulatory agencies, shall have standing in a Subchapter V bankruptcy case.

Under specified conditions, a Subchapter V bankruptcy case may be converted into a case in Chapter 7 bankruptcy (also known as "liquidation" bankruptcy).

(Sec. 4) The bill amends the federal judicial code to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear Subchapter V bankruptcy cases.

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Financial Institution Bankruptcy Act of 2017 Display Title Financial Institution Bankruptcy Act of 2017 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 2017 Short Titles as Reported to House Financial Institution Bankruptcy Act of 2017 H House Short Titles as Passed House Financial Institution Bankruptcy Act of 2017 H House Referred in Senate 2017-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1667rfs/xml/BILLS-115hr1667rfs.xml Engrossed in House 2017-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1667eh/xml/BILLS-115hr1667eh.xml Reported in House 2017-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1667rh/xml/BILLS-115hr1667rh.xml Introduced in House 2017-03-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1667ih/xml/BILLS-115hr1667ih.xml 2017-04-06 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.