WASHINGTON – Today, House Judiciary Committee Chairman Bob Goodlatte (R- VA), Ranking Member John Conyers Jr. (D-MI), and House Judiciary Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Spencer Bachus (R-Ala.) introduced H.R. 5421, the Financial Institution Bankruptcy Act of 2014.
The Financial Institution Bankruptcy Act is a bipartisan product of the Judiciary Committee’s long-standing oversight of our nation’s bankruptcy laws as well as the Committee’s recent examination into improving bankruptcy laws for the resolution of financial institutions. The Committee conducted three hearings over the past year on whether and how to enhance bankruptcy laws to better address the unique challenges presented by the resolution of financial institutions through bankruptcy. H.R. 5421 The Financial Institution Bankruptcy Actincorporates the recommendations of hearing witnesses, regulators and experts by adding a new subchapter V to Chapter 11 of the Bankruptcy Code to address specifically the resolution of financial institutions, including large, multi-national financial firms.
Chairman Bob Goodlatte (VA-06)), Ranking Member John Conyers Jr. (MI-13), and House Judiciary Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Spencer Bachus (AL-06) issued the following joint statement:
“The House Judiciary Committee has a long history of vigilant oversight of our nation’s bankruptcy laws. The Financial Institution Bankruptcy Act is a reflection of the Committee’s continued commitment to this oversight and to ensuring that the bankruptcy process is best equipped to resolve companies of varying operations and sizes. The legislation enhances the Bankruptcy Code in order to resolve financial institutions in an efficient and value-maximizing manner for the benefit of the U.S. and global economies, employees, creditors, and customers. This bill has been calibrated carefully to provide transparency, predictability and judicial oversight to a process that must be executed quickly and in a manner responsive to potential systemic risks. We strongly support this bipartisan legislation that will strengthen the bankruptcy process for financial institutions.”
The Judiciary Committee is scheduled to markup this bipartisan legislation tomorrow, September 10, 2014.
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