S. 1840 · 114th Congress
Taxpayer Protection and Responsible Resolution Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CornynSponsor3 cosponsors · 3 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in Senate · Jul 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.
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 (Jul 29, 2015): Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 22, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.