S. 5097 · 117th Congress
SLAP Act
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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.
D
ManchinSponsorNo cosponsors.
This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy.
What it does: CRS summary · Introduced in Senate · Nov 15, 2022
Stop Looting American Pensions Act of 2022 or the SLAP Act
This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy.
Specifically, the bill
- revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed;
- increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy;
- expands restrictions on executive pay;
- places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and
- extends look back periods regarding fraudulent transfers from two years to six years.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SLAP Act
Also known as: Stop Looting American Pensions Act of 2022
Latest action (Nov 15, 2022): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 15, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.