Financial Institution Bankruptcy Act of 2015
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 its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests.
Adds "Subchapter V - 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.
Allows conversion to chapter 7 (Liquidation) of a case under subchapter V if certain conditions are met.
Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least three district judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges.
Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-04-13 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on the Judiciary. | Senate |
| 2016-04-12 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2016-04-12 | Floor | On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1605-1608) | House floor actions |
| 2016-04-12 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 2947. | House floor actions |
| 2016-04-12 | Floor | Considered under suspension of the rules. (consideration: CR H1605-1610) | House floor actions |
| 2016-04-12 | Floor | Mr. Goodlatte moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2016-03-23 | Calendars | Placed on the Union Calendar, Calendar No. 363. | House floor actions |
| 2016-03-23 | Committee | Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477. | House floor actions |
| 2016-02-11 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 25 - 0. | House committee actions |
| 2016-02-11 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-02-05 | Committee | Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged. | House committee actions |
| 2015-07-09 | Committee | Subcommittee Hearings Held. | House committee actions |
| 2015-07-08 | Committee | Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. | House committee actions |
| 2015-07-07 | IntroReferral | Referred to the House Committee on the Judiciary. | House floor actions |
| 2015-07-07 | IntroReferral | Introduced in House | Library of Congress |