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United States · Law · HR

H.R. 5585 (109th)

Financial Netting Improvements Act of 2006

enactedUnited States· United States Congress· EN

Introduced

12 June 2006

Last action

12 December 2006 · President

Status

Became Public Law No: 109-390.

Sponsors

Patrick McHenry, Rep. Wasserman Schultz, Debbie [D-FL-25]

Subjects

Discovery layer

Source updated

9 March 2026

Official sourceDownload fileView documentsShare

Summary

Financial Netting Improvements Act of 2006 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to revise treatment of certain agreements entered into before appointment of depository institution conservators or receivers, including securities contracts, forward contracts, swap agreements, and certain walkaway clauses. Makes conforming amendments to: (1) the Federal Deposit Insurance Corporation Improvement Act of 1991; (2) federal bankruptcy law; and (3) the Securities Investor Protection Act of 1970. Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to state that the meanings of terms used in the Act are applicable for its purposes only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws, and the Commodity Exchange Act. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to repeal the declaration that no walkaway clause shall be enforceable in a qualified financial contract of an insured depository institution in default. Declares any payment or delivery obligation otherwise due from a party pursuant to a qualified financial contract suspended from the time a receiver is appointed until the earlier of: (1) the time a party receives notice that the contract has been transferred; or (2) 5 p.m. (eastern time) on the business day after the receiver's appointment. Amends federal bankruptcy law and the judicial code to increase chapter 7 trustee compensation and filing fees.

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

Timeline

  1. 12 June 2006

    Introduced

    Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  2. 12 June 2006

    Introduced

    Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  3. 12 June 2006

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 12 June 2006

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 14 June 2006

    Reported

    Ordered to be Reported by Voice Vote.

    Source: Committee

  6. 14 June 2006

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 12 September 2006

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Sept. 22, 2006.

    Source: IntroReferral

  8. 12 September 2006

    Reported

    Reported by the Committee on Financial Services. H. Rept. 109-648, Part I.

    Source: Committee

  9. 12 September 2006

    Reported

    Reported by the Committee on Financial Services. H. Rept. 109-648, Part I.

    Source: Committee

  10. 22 September 2006

    Calendars

    Placed on the Union Calendar, Calendar No. 403.

    Source: Calendars

  11. 22 September 2006

    Discharge

    Committee on Judiciary discharged.

    Source: Discharge

  12. 22 September 2006

    Committee

    Committee on Judiciary discharged.

    Source: Committee

  13. 27 September 2006

    Passed

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

    Source: Floor

  14. 27 September 2006

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7598-7600)

    Source: Floor

  15. 27 September 2006

    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 H7598-7600)

    Source: Floor

  16. 27 September 2006

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5585.

    Source: Floor

  17. 27 September 2006

    Floor

    Considered under suspension of the rules. (consideration: CR H7598-7601)

    Source: Floor

  18. 27 September 2006

    Floor

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

    Source: Floor

  19. 28 September 2006

    Introduced

    Received in the Senate, read twice.

    Source: IntroReferral

  20. 30 September 2006

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR 9/29/2006 S10769)

    Source: Floor

  21. 30 September 2006

    Passed

    Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.

    Source: Floor

  22. 15 November 2006

    Passed

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

    Source: ResolvingDifferences

  23. 15 November 2006

    Vote

    On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 522). (text as House agreed to Senate amendment: CR H8650)

    Source: ResolvingDifferences

  24. 15 November 2006

    Vote

    Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 522).(text as House agreed to Senate amendment: CR H8650)

    Source: NotUsed

  25. 15 November 2006

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed.

    Source: ResolvingDifferences

  26. 15 November 2006

    Floor

    DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendments to H.R. 5585.

    Source: Floor

  27. 15 November 2006

    ResolvingDifferences

    Mr. McHenry moved that the House suspend the rules and agree to the Senate amendments. (consideration: CR H8650-8651)

    Source: ResolvingDifferences

  28. 4 December 2006

    Floor

    Presented to President.

    Source: Floor

  29. 4 December 2006

    President

    Presented to President.

    Source: President

  30. 12 December 2006

    Became law

    Became Public Law No: 109-390.

    Source: President

  31. 12 December 2006

    Became law

    Signed by President.

    Source: BecameLaw

  32. 12 December 2006

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

Documents

18 official files

Enrolled Bill (text)

View fileDownload file

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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