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United States · Bill · HR

H.R. 7370 (116th)

Protecting Employees and Retirees in Business Bankruptcies Act of 2020

reportedUnited States· United States Congress· EN

Introduced

25 June 2020

Last action

29 September 2020 · Committee

Status

Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10.

Sponsors

Rep. Nadler, Jerrold [D-NY-12], Donald Norcross, David Cicilline, Val Demings, Rep. Johnson, Henry C. "Hank" [D-GA-4], Rep. Jayapal, Pramila [D-WA-7], Rep. Scanlon, Mary Gay [D-PA-5], Rep. Dean, Madeleine [D-PA-4], Rep. Garcia, Sylvia R. [D-TX-29], Julia Brownley, PETER VISCLOSKY, Mike Levin, Grace Napolitano, Rep. Davis, Danny K. [D-IL-7], JAMES COOPER, Rep. Pocan, Mark [D-WI-2], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Pingree, Chellie [D-ME-1], Rep. Beatty, Joyce [D-OH-3], Alan Lowenthal, Rep. Omar, Ilhan [D-MN-5], Rep. Escobar, Veronica [D-TX-16], Eric Swalwell, ALCEE HASTINGS, Rep. Lieu, Ted [D-CA-36], Sheila Jackson Lee, Rep. Smith, Adam [D-WA-9], Rep. Neguse, Joe [D-CO-2], Daniel Kildee

Subjects

Discovery layer

Source updated

20 January 2026

Official sourceDownload fileView documentsShare

Summary

Protecting Employees and Retirees in Business Bankruptcies Act of 2020 This bill modifies provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill (1) expands available claims and priorities for employees and retirees, and (2) places additional restrictions on the compensation of executives and other high level employees. With respect to employee and retiree recoveries and losses, the bill increases the maximum value and age of specified wage and benefit claims entitled to priority payment; allows certain claims for losses related to defined contribution plans, if the employer or plan sponsor has committed fraud or otherwise breached its fiduciary duty; allows, as an administrative expense of the estate, severance pay owed to employees and contributions to an employee benefit plan; establishes certain restrictions regarding the rejection or amendment of a collective bargaining agreement; revises specified procedures related to the reduction or denial of retiree benefits; requires a court, in approving a sale of business assets, to consider the extent to which a bidder has offered to maintain existing jobs and assume benefit obligations; and allows claims related to pension losses. With respect to executive compensation, the bill establishes specified limitations related to executive compensation enhancements, prohibits executives from receiving certain retiree benefits if such benefits were reduced or eliminated for other employees or retirees, and revises other requirements related to court approval of such compensation.

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

Timeline

  1. 25 June 2020

    Introduced

    Referred to the House Committee on the Judiciary.

    Source: IntroReferral

  2. 25 June 2020

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 25 June 2020

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 15 September 2020

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  5. 29 September 2020

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10.

    Source: Committee

  6. 29 September 2020

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

View fileDownload file

Sponsors

Related records

Sources

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