Press Release - For Immediate Release
The Commercial Law League of America Responds to the Passing of HR 2947 Bankruptcy Bill by Voice VoteWauconda, IL 4/19/2016 — Peter Califano, Commercial Law League of America’s (CLLA) president states, “The CLLA supports the use of the bankruptcy system to address the financial ills of large financial institutions, as opposed to the non-bankruptcy resolution process provided under the Dodd-Frank Act. We believe that a process overseen by an experienced bankruptcy judge and guided by time-tested bankruptcy principles is invaluable."
The House passed HR 2947 on April 12 2016. The bill would overhaul the bankruptcy process for failing financial institutions. The measure passed in a voice vote, after the House Judiciary Committee moved it in a 25-0 vote.
The bill is designed to set up a specialized form of bankruptcy for large financial institutions that would be less disruptive to the economy than the process available under current law. House Financial Services Committee Jeb Hensarling said the bill "is the first step to ending 'too big to fail' once and for all."
Hensarling said the next step is the Financial Services Committee passing a bill later this week that would repeal part of the 2010 Dodd-Frank law that gives the government the power to unwind a failing financial firm outside of bankruptcy in a process known as orderly liquidation authority.
To view bill HR 2947, click here. The CLLA Newswire is your source for information on this and other legislation effecting the bankruptcy, insolvency, and commercial collection industry. Visit the Newswire or subscribe to the RSS Feed for automatic updates.
About the CLLA
Since 1895, the not-for-profit Commercial Law League of America has connected experienced attorneys with credit grantors, lending institutions and other commercial credit, bankruptcy and general finance industry members through networking, education, legislative advocacy and specialized legal services. The association’s members include attorneys, collection agencies, judges, accountants, trustees, turnaround managers and other credit and finance experts. For more information on the CLLA, please visit www.CLLA.org.