Key Votes
S Amdt 3832 - Establishing Bankruptcy Process for Non-bank Financial Institutions - Key Vote
National Key Votes
Debbie Stabenow voted Nay (Amendment Vote) on this legislation.
Read recent statements Debbie Stabenow made in this general time period.
Stages
Family
- S Amdt 3826 - Consumer Financial Protection Division Within The FDIC
- S Amdt 3839 - Termination of Fannie Mae and Freddie Mac Conservatorships
- S Amdt 3938 - Study on Ending the Conservatorships of Fannie Mae and Freddie Mac
- S Amdt 3760 - Federal Reserve Audit
- S Amdt 3816 - Derivatives Regulation Modifications
- S Amdt 3962 - Home Loan Regulation Modifications
- S Amdt 3955 - Establishing New Mortgage Underwriting Requirements and Eliminating a Risk Retention Requirement
- S Amdt 3991 - Credit Rating Agency Board
- S Amdt 3832 - Establishing Bankruptcy Process for Non-bank Financial Institutions
- S Amdt 3989 - Debit Card Fee Regulations
- S Amdt 3987 - Bureau of Consumer Financial Protection Termination
- S Amdt 4051 - Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt
- S Amdt 4034 - Federal Preemption Over State Consumer Financial Laws
- S Amdt 4071 - Amending State Authority to Enforce Consumer Financial Regulations
- S Amdt 4114 - Credit Default Swap Regulations
- S Amdt 4072 - Inspector General Appointment Modification
- S Amdt 3746 - Allowing States to Limit Credit Card Interest Rates
Issues
Stage Details
Amendment - Amendment Rejected (Senate) (42-58) - May 13, 2010 (Key vote)
Title: Establishing Bankruptcy Process for Non-bank Financial Institutions
Vote to adopt an amendment to S Amdt 3739 to S 3217 that creates a process for the debt adjustment and bankruptcy of non-bank financial institutions.
- Deletes provisions that provide guidelines and authorization for the Federal Deposit Insurance Corporation to take failing financial companies into receivership (Title II).
- Specifies that Subchapters I-III (with the exception of Secs. 1104(d), 1109, 1112(a), 1115, and 1116) of Chapter 11 (Reorganization) of U.S. Code Title 11 (Bankruptcy) shall apply to cases under the new addition to Title 11 that is created by this amendment in Chapter 14 (Adjustment to the Debts of a Non-Bank Financial Institution) (Sec. 203).
- Prohibits a non-bank financial institution from becoming a debtor under Chapter 14 unless, at least 10 days prior to the filing of the petition, it has taken part in a prepetition consultation (Sec. 203)
- Prohibits a creditor from commencing an involuntary case under Chapter 14 unless, at least 10 days prior to the filing of the petition, it has notified the non-bank financial institution, the functional regulator, and the Financial Stability Oversight Council of its intent to file the petition and has requested a prepetition consultation (Sec. 203).
- Specifies that a prepetition consultation shall include the non-bank financial institution, the functional regulator, the Financial Stability Oversight Council, and any agency charged with administering a nonbankruptcy insolvency regime for any component of the debtor, and that the aim of the consultation shall be to attempt to avoid the need for the institution's liquidation or reorganization in bankruptcy, to make any liquidation or reorganization more orderly, or to aid in the nonbankruptcy resolution of any of the institution's components under its nonbankruptcy insolvency regime (Sec. 203).
Amendment - Introduced (Senate) - May 13, 2010
Title: Establishing Bankruptcy Process for Non-bank Financial Institutions
Sponsors
Co-sponsors
- Scott P. Brown (MA - R) (Out Of Office)
- Jim Bunning (KY - R) (Out Of Office)
- John Cornyn (TX - R)
- James W. 'Jim' DeMint (SC - R) (Out Of Office)
- John Eric Ensign (NV - R) (Out Of Office)
- John R. Thune (SD - R)
- David B. Vitter (LA - R)
