We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/9/2014--Introduced.
Financial Institution Bankruptcy Act of 2014 - 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 its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests.
Adds "Subchapter V - 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.
Allows conversion to chapter 7 (Liquidation) of a case under subchapter V if certain conditions are met.
Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least three district judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges.
Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
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