S. 1861 · 113th Congress
Taxpayer Protection and Responsible Resolution Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CornynSponsor3 cosponsors · 3 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Taxpayer Protection and Responsible Resolution Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal Title II (Orderly Liquidation Authority), governing the bankruptcy of financial institutions.
What it does: CRS summary · Introduced in Senate · Dec 19, 2013
Taxpayer Protection and Responsible Resolution Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act 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.
Amends federal bankruptcy law to add "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.
Defines "covered financial corporation" as one 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) predominantly engaged in activities that the Board of Governors of the Federal Reserve System has determined are financial in nature or incidental to such financial activity.
Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least one district judge from each circuit to be available to hear appeals in a bankruptcy case concerning a covered financial corporation; and (2) a panel of at least 10 bankruptcy judges who are experts in title 11 cases in which a financial institution is a debtor, to be available also to hear a case under Chapter 14.
Prescribes requirements for the assignment of bankruptcy judges to Chapter 14 cases.
Amends the Federal Reserve Act 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxpayer Protection and Responsible Resolution Act
Latest action (Dec 19, 2013): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 19, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.