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H.R. 2096 · 117th Congress

SACKLER Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

CMD MaloneySponsor
63 cosponsors · 63 D
MDD DeSaulnier KCD Clark AKD Kuster JBD Bowman CBD Bush JCD Cooper ACD Carson GCD Connolly CCD Crist RDD DeLauro JGD Gomez JHD Hayes RKD Khanna SLD Lynch JMD McGovern END Norton AOD Ocasio-Cortez MPD Pocan APD Pressley JSD Schakowsky JSD Speier RTD Tlaib RTD Torres PWD Welch KPD Porter DTD Trone DDD Davis PTD Tonko LDD Doggett JRD Raskin SMD Moulton CPD Pappas DCD Cicilline MJD Jones AKD Kirkpatrick JLD Langevin MSD Scanlon HJD Johnson ALD Lowenthal MTD Takano JSD Sarbanes MDD Dean RKD Krishnamoorthi ALD Levin DSD Scott LTD Trahan DWD Wasserman Schultz AKD Kim BLD Lawrence KMD Mfume MQD Quigley ASD Spanberger CGD García RKD Kelly RND Neal SWD Wild LBD Blunt Rochester FPD Pallone JAD Auchincloss BLD Lee KCD Castor PDD DeFazio WKD Keating

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act

What it does: CRS summary · Introduced in House · Mar 19, 2021

Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act

This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim.

Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: SACKLER Act

Also known as: Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act

Latest action (Oct 19, 2021): Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 19, 2021

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.