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

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Taxpayer Protection and Responsible Resolution Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend title 11, United States Code, to provide for the liquidation, reorganization, or recapitalization of a covered financial corporation, and for other purposes.


Actions Overview (1)

Date
07/22/2015Introduced in Senate

All Actions (2)

Date
07/29/2015Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
Action By: Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions
07/22/2015Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5460-5464)
Action By: Senate

Cosponsors (3)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Toomey, Pat [R-PA]* 07/22/2015
Sen. Crapo, Mike [R-ID]* 07/22/2015
Sen. Lee, Mike [R-UT]* 07/22/2015

Committees (1)

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
Senate Banking, Housing, and Urban Affairs07/22/2015 Referred to
Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions07/29/2015 Hearings by

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Latest Summary (1)

There is one summary for S.1840. View summaries

Shown Here:
Introduced in Senate (07/22/2015)

Taxpayer Protection and Responsible Resolution Act

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 subsidiaries predominantly engaged in activities that are financial in nature or incidental to such an activity.

The bill adds "Chapter 14 - 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 court may convert a case under chapter 14 to chapter 7 (Liquidation) if certain conditions are met.

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 bankruptcy case under chapter 14.

The bill prescribes requirements for assignment of bankruptcy judges to chapter 14 cases.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to repeal Title II (Orderly Liquidation Authority), governing the bankruptcy of financial institutions. Makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act.

The Federal Reserve Act is amended to prohibit a Federal Reserve bank from making advances for the purpose of providing debtor-in-possession financing to either: (1) a bridge company, or (2) a covered financial corporation that is a debtor in a pending case under Chapter 14.

No funds appropriated to the federal government may be paid to a covered financial corporation or to any of its creditors to satisfy a claim in a case under chapter 14.