HR1667: Financial Institution Bankruptcy Act of 2017

By | December 6, 2017
Seal of the U.S. Bankruptcy Court for the Eastern District of California

Seal of the U.S. Bankruptcy Court for the Eastern District of California.

This bill amends federal bankruptcy law to allow certain large financial institutions to elect a new “Subchapter V” bankruptcy process specific to such institutions.  Under the new process, a debtor institution may request the bankruptcy court to order the transfer of the debtor’s assets to a newly formed bridge company.

Official Summary

Passed House
2017-04-05
Passed Senate
Signed by President
Became Public Law

Amendments

Amended in committee.

Sponsors

Original sponsor: Rep. Marino, Tom [R-PA-10]

Cosponsors: Rep. Goodlatte, Bob [R-VA-6], Rep. Conyers, John, Jr. [D-MI-13], Rep. Cicilline, David N. [D-RI-1], Rep. Schneider, Bradley Scott [D-IL-10]

Votes

Passed House by voice vote.

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