# 114-hr-2947: Financial Institution Bankruptcy Act of 2016

114-hr-2947, Financial Institution Bankruptcy Act of 2016, is a 114th Congress bill sponsored by Rep. Trott, David A. [R-MI-11] (R-MI); status Received in the Senate and Read twice and referred to the Committee on the Judiciary. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-2947
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-2947
- Congress: 114
- Title: Financial Institution Bankruptcy Act of 2016
- Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary.
- Introduced: 2015-07-07
- Sponsor: Rep. Trott, David A. [R-MI-11] (R-MI)
- Cosponsors: 4
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Financial Institution Bankruptcy Act of 2015 Amends federal bankruptcy law with respect to a "covered financial corporation" incorporated or organized under any federal or state law (other than a stockbroker, a commodity broker, or a domestic or foreign insurance company or financial institution meeting certain criteria) that is: (1) a bank holding company; or (2) a corporation that exists for the primary purpose of owning, controlling, and financing its subsidiaries, has total consolidated assets of $50 billion or greater, and whose annual gross revenues or consolidated assets meet specified tests. Adds "Subchapter V - Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation," setting forth requirements and prohibitions regarding: (1) commencement of a case concerning a covered financial corporation; (2) a special trustee and bridge company; (3) special transfer of the property of the estate in bankruptcy; (4) treatment of qualified financial contracts and affiliate contracts; (5) licenses, permits, and registrations; (6) exemption from securities laws; and (7) inapplicability of certain avoiding powers. Allows conversion to chapter 7 (Liquidation) of a case under subchapter V if certain conditions are met. Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least three district judges in at least four circuits to serve on an appellate panel available to hear appeals in a bankruptcy case concerning a covered financial corporation, and (2) a panel of at least 10 bankruptcy judges. Prescribes requirements for the assignment of bankruptcy judges to subchapter V cases.

## Cosponsors (4)

- ROBERT GOODLATTE (R-VA), 2015-07-07T00:00:00.000Z
- JOHN CONYERS (D-MI), 2015-07-07T00:00:00.000Z
- Rep. Marino, Tom [R-PA-10] (R-PA), 2015-07-07T00:00:00.000Z
- Rep. Ross, Dennis A. [R-FL-15] (R-FL), 2016-03-21T00:00:00.000Z

## Related bills

- 114-hr-1475: Korean War Veterans Memorial Wall of Remembrance Act
- 114-hr-5931: Prohibiting Future Ransom Payments to Iran Act
- 114-hr-4773: Protecting Workplace Advancement and Opportunity Act
- 114-hr-4768: Separation of Powers Restoration Act of 2016
- 114-hr-3706: Reach Every Mother and Child Act of 2015
- 114-hr-3119: Palliative Care and Hospice Education and Training Act

## Sources
- [114-hr-2947 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/2947)

## Related
- [114-hr-1475: Korean War Veterans Memorial Wall of Remembrance Act](https://policyrisk.com/legislation/114-hr-1475)
- [114-hr-5931: Prohibiting Future Ransom Payments to Iran Act](https://policyrisk.com/legislation/114-hr-5931)
- [114-hr-4773: Protecting Workplace Advancement and Opportunity Act](https://policyrisk.com/legislation/114-hr-4773)
- [114-hr-4768: Separation of Powers Restoration Act of 2016](https://policyrisk.com/legislation/114-hr-4768)
- [114-hr-3706: Reach Every Mother and Child Act of 2015](https://policyrisk.com/legislation/114-hr-3706)
- [114-hr-3119: Palliative Care and Hospice Education and Training Act](https://policyrisk.com/legislation/114-hr-3119)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-2947 (as of 2025-11-18).