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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

13 April 2016 · Introduced

Status

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

Sponsors

David Trott, Rep. Goodlatte, Bob [R-VA-6], Rep. Conyers, John, Jr. [D-MI-13], Rep. Marino, Tom [R-PA-10], Rep. Ross, Dennis A. [R-FL-15]

Subjects

Discovery layer

Source updated

10 August 2026

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 7 July 2015

    Introduced

    Referred to the House Committee on the Judiciary.

    Source: IntroReferral

  2. 7 July 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 7 July 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 8 July 2015

    Referred

    Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

    Source: Committee

  5. 9 July 2015

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 5 February 2016

    Committee

    Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.

    Source: Committee

  7. 11 February 2016

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 25 - 0.

    Source: Committee

  8. 11 February 2016

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  9. 23 March 2016

    Calendars

    Placed on the Union Calendar, Calendar No. 363.

    Source: Calendars

  10. 23 March 2016

    Reported

    Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477.

    Source: Committee

  11. 23 March 2016

    Reported

    Reported (Amended) by the Committee on Judiciary. H. Rept. 114-477.

    Source: Committee

  12. 12 April 2016

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  13. 12 April 2016

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1605-1608)

    Source: Floor

  14. 12 April 2016

    Floor

    Mr. Goodlatte moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  15. 12 April 2016

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1605-1608)

    Source: Floor

  16. 12 April 2016

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2947.

    Source: Floor

  17. 12 April 2016

    Floor

    Considered under suspension of the rules. (consideration: CR H1605-1610)

    Source: Floor

  18. 13 April 2016

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 13 April 2016

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 13 April 2016

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  • Engrossed in House (text)

    Engrossed in House · EN · 12 April 2016

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 12 April 2016

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  • Passed House amended

    summary · EN · 12 April 2016

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  • Reported in House (text)

    Reported in House · EN · 23 March 2016

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  • Reported in House (PDF)

    Reported in House · EN · 23 March 2016

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  • Reported to House with amendment(s)

    summary · EN · 23 March 2016

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  • Introduced in House (text)

    Introduced in House · EN · 7 July 2015

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  • Introduced in House (PDF)

    Introduced in House · EN · 7 July 2015

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  • Introduced in House

    summary · EN · 7 July 2015

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Sponsors

Related records

Sources

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