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United States · Bill · HR

H.R. 2947 (114th)

Financial Institution Bankruptcy Act of 2016

referredUnited States· United States Congress· EN

Introduced

7 July 2015

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on the Judiciary.

Sponsors

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Subjects

Discovery layer

Source updated

10 August 2026

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Summary

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.

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Documents

11 official files

Referred in Senate (text)

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