Financial Contracts Bankruptcy Reform Act of 2003

Summary

Financial Contracts Bankruptcy Reform Act of 2003 - Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to redefine specified contracts, agreements, and transfers entered into with an insolvent insured depository institution prior to the appointment of a conservator or receiver. Retains the right of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration Board (NCUAB) to: (1) accelerate a qualified financial contract with an insured depository institution in receivership status; and (2) transfer, disaffirm, or repudiate a qualified financial contract of a failed institution. Prohibits enforcement of a walkaway clause in a qualified financial contract of a failed insured depository institution. Revises guidelines pertaining to an insolvent insured depository institution and: (1) transfers of qualified financial contracts; and (2) the termination rights of counterparties to a qualified financial contract. Prescribes guidelines for: (1) the disaffirmance or repudiation of qualified financial contracts by the conservator or receiver for a failed depository institution; and (2) the treatment of a master agreement as a single agreement and a single qualified financial contract. Amends the Federal Bankruptcy Code to: (1) deny an automatic stay to set-offs under certain swap and netting agreements; and (2) restrict bankruptcy trustee avoidance power regarding certain master netting agreement transfers to those that are fraudulent in nature. Sets forth statutory guidelines governing: (1) the termination or acceleration of certain kinds of contracts and agreements; and (2) commodity broker and stockbroker liquidation with respect to the priority of unsecured claims, or customer property or distributions. Amends the FDIA and the FCUA to authorize more detailed recordkeeping requirements for qualified financial contracts if the pertinent institution is in a troubled condition. Exempts specified collateralization agreements involving bankruptcy estate funds, extensions of credit, or certain qualified financial contracts from the contemporaneous execution requirement, failure to meet which ordinarily renders invalid certain agreements found to be against FDIC interests in an asset acquisition. Amends the Securities Investor Protection Act of 1971 to prohibit a judicial protective decree, or one issued by the Securities Investor Protection Corporation, from operating as a stay of creditor's contract rights to liquidate, terminate, or accelerate designated contracts and agreements. Allows such a protective order, however, to operate as a stay of foreclosure on securities collateral pledged by the debtor.

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Timeline

1. 15 May 2003

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 15 May 2003

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 15 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

5. 21 May 2003

   Reported

   Ordered to be Reported by Voice Vote.

   Source: Committee

6. 21 May 2003

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

7. 25 June 2003

   Referred

   Referred to the Subcommittee on Commercial and Administrative Law.

   Source: Committee

8. 18 September 2003

   Introduced

   House Committee on Judiciary Granted an extension for further consideration ending not later than Oct. 3, 2003.

   Source: IntroReferral

9. 18 September 2003

   Reported

   Reported by the Committee on Financial Services. H. Rept. 108-277, Part I.

   Source: Committee

10. 18 September 2003

    Reported

    Reported by the Committee on Financial Services. H. Rept. 108-277, Part I.

    Source: Committee

11. 3 October 2003

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Oct. 31, 2003.

    Source: IntroReferral

12. 31 October 2003

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Nov. 7, 2003.

    Source: IntroReferral

13. 7 November 2003

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Nov. 21, 2003.

    Source: IntroReferral

14. 21 November 2003

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Jan. 31, 2004.

    Source: IntroReferral

15. 31 January 2004

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than March 2, 2004.

    Source: IntroReferral

16. 26 February 2004

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than June 1, 2004.

    Source: IntroReferral

17. 1 June 2004

    Calendars

    Placed on the Union Calendar, Calendar No. 297.

    Source: Calendars

18. 1 June 2004

    Discharge

    Committee on Judiciary discharged.

    Source: Discharge

19. 1 June 2004

    Committee

    Committee on Judiciary discharged.

    Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported in House · 1 June 2004 · Official file
• Introduced in House · 15 May 2003 · Official file

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 1 June 2004

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 1 June 2004

  ViewDownloadOpen at official source

• Reported to House without amendment, Part I

  summary · EN · 18 September 2003

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 15 May 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 May 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 May 2003

  Open at official source

Sponsors

• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Rep. Oxley, Michael G. [R-OH-4] · R · Sponsor
• Rep. Kanjorski, Paul E. [D-PA-11] · D · Sponsor
• Rep. Leach, James A. [R-IA-1] · R · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Bachus, Spencer [R-AL-6] · R · Sponsor
• Brad Sherman · D · Sponsor
• CAROLYN MALONEY · D · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Biggert, Judy [R-IL-13] · R · Sponsor
• Rep. Hart, Melissa A. [R-PA-4] · R · Sponsor
• Rep. Kelly, Sue W. [R-NY-19] · R · Sponsor
• Rep. Ney, Robert W. [R-OH-18] · R · Sponsor
• Rep. Ackerman, Gary L. [D-NY-7] · D · Sponsor
• JOSEPH CROWLEY · D · Sponsor
• Tim Murphy · R · Sponsor
• Pete Sessions · R · Sponsor
• Rep. Fossella, Vito [R-NY-13] · R · Sponsor
• Rep. Emanuel, Rahm [D-IL-5] · D · Sponsor
• Rep. Israel, Steve [D-NY-3] · D · Sponsor
• Rep. Hinojosa, Ruben [D-TX-15] · D · Cosponsor
• Rep. Watt, Melvin L. [D-NC-12] · D · Cosponsor
• Rep. Boucher, Rick [D-VA-9] · D · Cosponsor
• Rep. Dreier, David [R-CA-33] · R · Cosponsor
• · hsju00 · Standing
• · hsba00 · Standing

Related records

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