house Bill H.R. 2947
Does Bankruptcy Law Need to be Reformed for Large Financial Institutions?
Argument in favor
This bill is a commonsense, bipartisan fix to bankruptcy law that will let courts resolve the complex bankruptcies of financial institutions that have over $50 billion in assets in an equitable manner.
04/12/2016
If this would stop big banks from ripping off taxpayers and continuing their bonuses...do it!
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04/11/2016
I am not usually in favor of more government regulations, but large corporations need to be kept from taking advantage of loopholes in the laws.
04/11/2016
This piece of legislation streamlines the process for larger financial institutions in the event of bankruptcy. While this is a good step toward preventing an economic collapse as a result of the collapse of a large financial institution, we need to also work to keep large financial institutions accountable for their actions. I believe that we should increase transparency among large financial institutions so that the customers which use them are able to effectively regulate them (customers will pick the financial institutions which operate effectively/without high risk investments). We should also work to ban bailouts of any business or financial institution that goes bankrupt; we need to allow the businesses/financial institutions which operate poorly to fail (let the free market work).
Argument opposed
There's no need to reform bankruptcy law for dealing with bankruptcies at systemically important financial institutions. Just because a bill has bipartisan support doesn't mean it's a valid policy proposal.
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04/10/2016
Seriously? These are the institutions that decimated our economy. Protect them? NO! Prosecute them!
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04/11/2016
This bill perpetuates the existence of financial monopolies. By extending the safety net for these large corporations we are hurting the American people more. Instead of legislation to protect these large companies we need to bust the trusts.
If this would stop big banks from ripping off taxpayers and continuing their bonuses...do it!
Absolutely not, they need tighter reigns not a bigger safety net.
I am not usually in favor of more government regulations, but large corporations need to be kept from taking advantage of loopholes in the laws.
Seriously? These are the institutions that decimated our economy. Protect them? NO! Prosecute them!
This piece of legislation streamlines the process for larger financial institutions in the event of bankruptcy. While this is a good step toward preventing an economic collapse as a result of the collapse of a large financial institution, we need to also work to keep large financial institutions accountable for their actions. I believe that we should increase transparency among large financial institutions so that the customers which use them are able to effectively regulate them (customers will pick the financial institutions which operate effectively/without high risk investments). We should also work to ban bailouts of any business or financial institution that goes bankrupt; we need to allow the businesses/financial institutions which operate poorly to fail (let the free market work).
This bill perpetuates the existence of financial monopolies. By extending the safety net for these large corporations we are hurting the American people more. Instead of legislation to protect these large companies we need to bust the trusts.
This sounds like it would actually hurt consumers since it would shield the failing institution even more.
Let's make sure that too big too fail is NEVER again. Fail them.
Not a solution to the problem. Look to leaders like Teddy Roosevelt and FDR and follow their example. Too big to fail? Break them up.
why should the American people pay for Veterns problems they had before they started in uniform. I just watched a friend for mine get a lot more than I did when I had cancer , He smoked and I did not. He had free check ups and free free free, what its wrong with the system is people comment crimes to get to be thrown in Jail so the tax payer can pay for their problems. Not fair one damn bit. Let them pay their own way if it is their habits that get them sick not the tax payer. PERIOD. I love the men and woman who serve this is a fact but facts are facts.
This is well reasoned and proactive legislation. Consider this a bowshot over "too big to fail". The ten member panel of experienced financial bankruptcy judges should leverage vast experience. There should be strong provisions for bonus recapture and suspension privileges as well as aggressive penalties for fiduciary negligence.
The process seems to make sense. Any company shouldn't have an easy bankruptcy and bail out.
The government, and ultimately tax payers, should not have to pay to bail out multi-million or multi-billion dollar entities when the file for bankruptcy. Maybe the CEOS with their obscenely large salaries should pay off the debt of their company.
The secret is probably in the fine print!! Anything put forward by the GOP will surely only benefit the corporations!! Since when have they done anything for the people!!!
Here is where the Republican Party jumps in bed with big banking. The RNC should be raising Cain about this bill instead of giving a smile, wink and a nod. This is the kind of thing that really pisses off Republican supporters. Knock it off Republicans, we are onto this kind of stuff.
It's important to establish a process for bankruptcy that applies to "too big to fail" institutions. This is much more attractive than pumping more "stimulus" money into them instead.
Absolutely. Trump is the perfect example how the current bankruptcy laws benefit huge businesses.