S. 1540: Resolution Reform Act of 2009

111th Congress · introduced 2009-07-30 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561)

federal

Follow this bill, step by step

Where it came from: introduced 2009-07-30 · official record
Who proposed it: Sen. Corker, Bob [R-TN] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8559-8561) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Resolution Reform Act of 2009

Plain summary

Resolution Reform Act of 2009 - Amends the Federal Deposit Insurance Act to make it the responsibility of the Federal Deposit Insurance Corporation (FDIC) and its Board of Directors, using the powers and authorities conferred by this Act, to resolve depository institution holding companies of failed or failing insured depository institutions (including their affiliates and subsidiaries). Requires the FDIC to accept appointment and act as receiver of a covered depository institution holding company if it determines, in its sole discretion, that such appointment will reduce the cost to the Deposit Insurance Fund, and that specified grounds exist. Sets forth conditions for appointment of the FDIC as receiver. Permits the FDIC to decline to accept appointment for a covered depository institution holding company, when, in its sole discretion, it determines that resolution of the company would be better accomplished under either federal bankruptcy law or state insurance law. Shields the FDIC from direction or supervision of any other federal or state agency when in its status as receiver it exercises its rights, powers, and privileges. States that: (1) appointment of the FDIC as receiver terminates any proceeding under either federal bankruptcy law or state insolvency law with respect to the subject holding company; and (2) no case or proceeding may be commenced against such holding company while the FDIC acts as receiver without the written agreement of the FDIC. Permits judicial review regarding appointment of the FDIC as receiver. Sets forth the powers and duties of the FDIC as receiver. Authorizes the FDIC to make a determination of troubled condition for any covered company that does not have an appropriate federal banking agency. Authorizes the FDIC to cooperate and coordinate with foreign courts, foreign representatives, and foreign regulatory or supervisory authorities.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Resolution Reform Act of 2009

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Corker, Bob [R-TN] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mark R. Warner (D-VA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s1540.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s1540 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111