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This bill would establish a new bankruptcy process for financial institutions that have more than $50 billion in assets. It seeks to assist larger institutions that may be too complex to resolve a bankruptcy under existing law, and would apply to bank holding companies or other corporations that meet both the $50 billion asset threshold and annual revenue requirements.

The new process would be created within Chapter 11 of the bankruptcy code as subchapter five. It would begin with a covered financial institution filing for bankruptcy and the appointment of a bankruptcy judge to oversee proceedings. A bridge company would be created to receive the bank’s property, and could also receive the its unresolved contracts if certain conditions are met. Licenses, permits, and registrations belonging to the financial institution would be transferred to the bridge company — and would be exempt from securities laws. A special trustee would be appointed by the court to hold the financial institution’s equity securities for the institution’s benefit.

A subchapter five case could be converted to a Chapter 7 bankruptcy where the institutions assets are liquidated if a special trustee has been appointed, the court finds that it’d be in the best interest of creditors, and the transfer has been approved.

The Chief Justice of the U.S. Supreme Court would be required to designate at least three district judges in at least four circuits to serve on a panel to hear appeals in subchapter five bankruptcies. The Chief Justice would also be required to designate a panel of at least 10 bankruptcy judges.

","official_title":"To amend title 11 of the United States Code in order to facilitate the resolution of an insolvent financial institution in bankruptcy.","short_title":"Financial Institution Bankruptcy Act of 2016","popular_title":null,"short_summary":"(This measure has not been amended since it was reported to the House on March 23, 2016. The summary of that version is repeated here.)\n\nFinancial Institution Bankruptcy Act of 2016\n\n(Sec. 2) This bill 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.\n\n(Sec. 3) The bill 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 financia...","summarized":true,"cost":0,"cost_commentary":"The CBO estimates that enacting this bill wouldn’t increase spending.","impact":"Financial institutions with more than $50 billion in assets; courts; judges appointed by the Chief Justice to oversee these cases.","argument_for":"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.","argument_against":"There's no need to reform bankruptcy law for dealing with bankruptcies at systemically important financial institutions. 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Does Bankruptcy Law Need to be Reformed for Large Financial Institutions?