Bill Sponsor
House Bill 1667
115th Congress(2017-2018)
Financial Institution Bankruptcy Act of 2017
Active
Active
Passed House on Apr 5, 2017
Overview
Text
Sponsor
Introduced
Mar 22, 2017
Latest Action
Apr 6, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1667
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Pennsylvania
Democrat
Michigan
Democrat
Rhode Island
House Votes (1)
Senate Votes (0)
checkPassed on April 5, 2017
Status
Passed
Type
Voice Vote
Voice Vote
A vote in which the presiding officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of senators voting on each side are not recorded.
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)
Summary

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.

Text (4)
April 6, 2017
April 5, 2017
April 5, 2017
March 22, 2017
Actions (14)
04/06/2017
Received in the Senate and Read twice and referred to the Committee on the Judiciary.
04/05/2017
Motion to reconsider laid on the table Agreed to without objection.
04/05/2017
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2715-2718)
04/05/2017
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)
04/05/2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 1667.
04/05/2017
Considered under suspension of the rules. (consideration: CR H2715-2720)
04/05/2017
Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.
04/05/2017
Placed on the Union Calendar, Calendar No. 46.
04/05/2017
Reported by the Committee on Judiciary. H. Rept. 115-80.
03/29/2017
Ordered to be Reported by Voice Vote.
03/29/2017
Committee Consideration and Mark-up Session Held.
03/22/2017
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
03/22/2017
Referred to the House Committee on the Judiciary.
03/22/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:35:33 PM