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House Panel Trims Federal Role in Bankruptcy Bill

Sharon Edmondson, Washington Legislative Team Member | February 11, 2016

The House Judiciary Committee approved a bipartisan bill that would overhaul the bankruptcy process for ailing financial institutions and lawmakers agreed to scale back powers the Federal Reserve had in an earlier version of HR 2947 that the House passed in the last Congress.

The panel moved HR 2497 in a 25-0 vote. Among the changes in an amendment to the bill, which can be read here, the committee agreed to do away with a provision that would let the Federal Reserve initiate bankruptcy involuntarily for a company.

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