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CLLA Update - Bankruptcy Bills

Sharon Edmondson, Washington Legislative Team Member | March 06, 2015

Thomas Hoenig, Vice Chairman of the FDIC, in a statement insists regulators must enforce Title I by requiring firms to be positioned so they can find resolution through bankruptcy. With the passage in December of HR 5421, a bill that would make an addition to Chapter 11 of the US Bankruptcy Code meant to improve the bankruptcy process for financial firms, including large banks whose resolutions could have far-reaching implications for domestic and global economies and S. 1861, a bill which seeks not only to adjust the code but also calls for the elimination of the OLA, bankruptcy proceedings for larger firms become possible.

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