Regulatory Reform Subcommittee to Hold Hearing on Financial Institution Bankruptcy Legislation
Washington, D.C.— On Thursday, July 9, 2015, at 10:00 a.m., the Subcommittee on Regulatory Reform, Commercial and Antitrust Law will hold a hearing on the re-introduced H.R. 2947, the Financial Institution Bankruptcy Act of 2015 (FIBA).
FIBA is being led by a bipartisan group of House Judiciary Committee members including House Judiciary Committee Chairman Bob Goodlatte (R-Va.), Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Tom Marino (R-Pa.), Judiciary Committee member Rep. David Trott (R-Mich.), and Judiciary Committee Ranking Member John Conyers (D-Mich.). A similar version of FIBA received strong bipartisan support during the 113th Congress and was passed by voice vote.
FIBA is a 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 the bankruptcy laws for the resolution of financial institutions. The legislation incorporates the recommendations of hearing witnesses, regulators and experts from three Committee hearings on the subject over the past two years. The legislation specifically adds a new subchapter V to chapter 11 of the Bankruptcy Code to address the resolution of financial institutions, including large, multi-national financial firms.
The Subcommittee on Regulatory Reform, Commercial and Antitrust Law will hear testimony from an expert panel of witnesses to explore the merits of FIBA and whether any improvements can be made to the legislation.
The witnesses for Thursday’s hearing will be:
- Mr. Donald S. Bernstein, Esq., Partner, Davis Polk & Wardwell LLP
- Mr. Stephen E. Hessler, Esq., Partner, Kirkland & Ellis LLP
- Mr. Richard Levin, Esq., Partner, Jenner & Block LLP
House Judiciary Committee Chairman Bob Goodlatte (R-Va.), Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Tom Marino (R-Pa.), Judiciary member Rep. David Trott (R-Mich.), and Judiciary Committee Ranking Member John Conyers (D-Mich.) issued the following joint statement on the upcoming hearing:
“We are all pleased to see a bipartisan coalition within the Judiciary Committee come together to re-introduce the Financial Institution Bankruptcy Act of 2015. This bill was carefully calibrated to strengthen our nation’s bankruptcy laws and to ensure that the bankruptcy process is well equipped to resolve companies of all operations and sizes. This legislation enhances the Bankruptcy Code and its ability 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 legislation is an important step toward reforming the nation’s bankruptcy laws and reducing the potential for systemic risk in the financial marketplace as the result of the collapse of a large financial institution. We look forward to Thursday’s hearing on how we can further enhance this important legislation to make our Bankruptcy Code stronger for financial institutions.”
The hearing will take place in 2141 Rayburn House Office Building and will be webcast live at /.