Taxpayer Protection and Responsible Resolution Act

Summary

Taxpayer Protection and Responsible Resolution Act This bill 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 subsidiaries predominantly engaged in activities that are financial in nature or incidental to such an activity. The bill adds "Chapter 14 - 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. A court may convert a case under chapter 14 to chapter 7 (Liquidation) if certain conditions are met. The Judicial Code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a bankruptcy case under chapter 14. The bill prescribes requirements for assignment of bankruptcy judges to chapter 14 cases. The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to repeal Title II (Orderly Liquidation Authority), governing the bankruptcy of financial institutions. Makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act. The Federal Reserve Act is amended to prohibit a Federal Reserve bank from making advances for the purpose of providing debtor-in-possession financing to either: (1) a bridge company, or (2) a covered financial corporation that is a debtor in a pending case under Chapter 14. No funds appropriated to the federal government may be paid to a covered financial corporation or to any of its creditors to satisfy a claim in a case under chapter 14.

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

Timeline

1. 22 July 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 22 July 2015

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5460-5464)

   Source: IntroReferral

3. 29 July 2015

   Committee

   Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. With printed Hearing: S.Hrg. 114-123.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 July 2015 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2015

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 22 July 2015

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cornyn, John [R-TX] · R · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• Sen. Lee, Mike [R-UT] · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → Taxpayer Protection and Responsible Resolution Act
• related to → Financial Institution Bankruptcy Act of 2016
• related to ← To repeal title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
• related to ← Financial Services and General Government Appropriations Act, 2017
• related to ← Financial CHOICE Act of 2016