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

Titles (4)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

Financial Institution Bankruptcy Act of 2016

Short Titles as Reported to House

Financial Institution Bankruptcy Act of 2016

Short Titles as Introduced

Financial Institution Bankruptcy Act of 2015

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)

04/12/2016Passed/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)
03/23/2016Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477.
07/07/2015Introduced in House

All Actions (15)

Date Chamber
04/13/2016SenateReceived in the Senate and Read twice and referred to the Committee on the Judiciary.
04/12/2016-5:02pmHouseMotion to reconsider laid on the table Agreed to without objection.
04/12/2016-5:02pmHouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1605-1608)
04/12/2016-4:48pmHouseDEBATE - The House proceeded with forty minutes of debate on H.R. 2947.
04/12/2016-4:48pmHouseConsidered under suspension of the rules. (consideration: CR H1605-1610)
04/12/2016-4:47pmHouseMr. Goodlatte moved to suspend the rules and pass the bill, as amended.
03/23/2016HousePlaced on the Union Calendar, Calendar No. 363.
03/23/2016HouseReported (Amended) by the Committee on Judiciary. H. Rept. 114-477.
02/11/2016HouseOrdered to be Reported (Amended) by the Yeas and Nays: 25 - 0.
02/11/2016HouseCommittee Consideration and Mark-up Session Held.
02/05/2016HouseSubcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.
07/09/2015HouseSubcommittee Hearings Held.
Action By: House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law
07/08/2015HouseReferred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: Committee on the Judiciary
07/07/2015HouseReferred to the House Committee on the Judiciary.
07/07/2015HouseIntroduced in House

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Goodlatte, Bob [R-VA-6]* 07/07/2015
Rep. Conyers, John, Jr. [D-MI-13]* 07/07/2015
Rep. Marino, Tom [R-PA-10]* 07/07/2015
Rep. Ross, Dennis A. [R-FL-15] 03/21/2016

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 Judiciary07/07/2015 Referred to
02/11/2016 Markup by
03/23/2016 Reported by H. Rept. 114-477
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law07/08/2015 Referred to
07/09/2015 Hearings by
02/05/2016 Discharged from
Senate Judiciary04/13/2016 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 (3)

There are 3 summaries for H.R.2947. View summaries

Shown Here:
Passed House amended (04/12/2016)

(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.