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S. 2370: Small Business Reorganization Efficiency and Clarity Act

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S. 2370: Small Business Reorganization Efficiency and Clarity Act

112th Congress · introduced 2012-04-26 · Finance and Financial Sector · Latest: Placed on Senate Legislative Calendar under General Orders. Calendar No. 416.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2012-04-26 · official record
  2. Who proposed it: Sen. Whitehouse, Sheldon [D-RI] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Placed on Senate Legislative Calendar under General Orders. Calendar No. 416. Not final yet: this can still change. We check for updates every day.
  5. 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

Small Business Reorganization Efficiency and Clarity Act

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Small Business Reorganization Efficiency and Clarity Act - (Sec. 2) Amends federal bankruptcy law to extend from 45 to 90 days the time within which the bankruptcy court must confirm a small business bankruptcy plan under chapter 11 (Reorganization). (Sec. 3) Modifies small business debtor reporting requirements to repeal the requirement for periodic filing of financial and other reports containing such other matters as are in the best interests of the debtor and creditors and in the public interest. (Sec. 4) Modifies restrictions on employment by a trustee of professional persons to declare a person is not disqualified for such employment by a small business debtor solely because the person holds a claim of less than $5,000 that arose before commencement of the case in bankruptcy. (Sec. 5) Modifies requirements for debtor conversion from chapter 11 to chapter 7 (Liquidation), or for dismissal in chapter 11, for cause to include within the scope of "cause" the failure of a small business debtor to designate itself as a small business debtor. (Sec. 6) Instructs the Comptroller General to report to Congress detailing: (1) the number and percentage of all cases filed under chapter 11 in which the debtor is a small business debtor, and (2) recommendations for improving the confirmation rate for small business debtors.

Congressional Research Service summary (Reported to Senate without amendment), 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

Small Business Reorganization Efficiency and Clarity Act

Source: Congressional Research Service summary (Reported to Senate without amendment)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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

Officials and money

Sponsor: Sen. Whitehouse, Sheldon [D-RI] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chuck Grassley (R-IA)

Sponsor's campaign money: Sen. Whitehouse, Sheldon [D-RI] reported raising $652,856 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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.

Sources

Record fed-us-cong112-s2370 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112