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. 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

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

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

• Introduced in Senate

  summary · EN · 22 July 2015

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.