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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

Financial Institution Bankruptcy Act of 2014

Short Titles as Introduced

Financial Institution Bankruptcy Act of 2014

Official Titles

Official Titles - House of Representatives

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.


Actions Overview (3)

Date
12/01/2014Passed/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)
12/01/2014Reported by the Committee on Judiciary. H. Rept. 113-630.
09/09/2014Introduced in House

All Actions (14)

Date Chamber
12/02/2014SenateReceived in the Senate and Read twice and referred to the Committee on the Judiciary.
12/01/2014-4:23pmHouseMotion to reconsider laid on the table Agreed to without objection.
12/01/2014-4:23pmHouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8174-8177)
12/01/2014-4:01pmHouseDEBATE - The House proceeded with forty minutes of debate on H.R. 5421.
12/01/2014-4:01pmHouseConsidered under suspension of the rules. (consideration: CR H8174-8181)
12/01/2014-4:01pmHouseMr. Goodlatte moved to suspend the rules and pass the bill, as amended.
12/01/2014HousePlaced on the Union Calendar, Calendar No. 470.
12/01/2014HouseReported by the Committee on Judiciary. H. Rept. 113-630.
Action By: Committee on the Judiciary
09/10/2014HouseOrdered to be Reported by Voice Vote.
Action By: Committee on the Judiciary
09/10/2014HouseCommittee Consideration and Mark-up Session Held.
Action By: Committee on the Judiciary
09/10/2014HouseSubcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.
Action By: Committee on the Judiciary
09/09/2014HouseReferred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: Committee on the Judiciary
09/09/2014HouseReferred to the House Committee on the Judiciary.
09/09/2014HouseIntroduced in House

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Goodlatte, Bob [R-VA-6]* 09/09/2014
Rep. Conyers, John, Jr. [D-MI-13]* 09/09/2014

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Judiciary09/09/2014 Referred to
09/10/2014 Markup by
12/01/2014 Reported by H. Rept. 113-630
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law09/09/2014 Referred to
09/10/2014 Discharged from
Senate Judiciary12/02/2014 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (2)

There are 2 summaries for H.R.5421. View summaries

Shown Here:
Passed House amended (12/01/2014)

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.