S. 1861: Taxpayer Protection and Responsible Resolution Act

113th Congress · introduced 2013-12-19 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on the Judiciary.

federal

Follow this bill, step by step

Where it came from: introduced 2013-12-19 · official record
Who proposed it: Sen. Cornyn, John [R-TX] · 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 the Judiciary. 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

Taxpayer Protection and Responsible Resolution Act

Plain summary

Taxpayer Protection and Responsible Resolution Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal Title II (Orderly Liquidation Authority), governing the bankruptcy of financial institutions. Makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act. Amends federal bankruptcy law to add "Chapter 14 - 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. Defines "covered financial corporation" as one 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) predominantly engaged in activities that the Board of Governors of the Federal Reserve System has determined are financial in nature or incidental to such financial activity. Amends the Judicial Code to require the Chief Justice of the United States to designate: (1) at least one district judge from each circuit to be available to hear appeals in a bankruptcy case concerning a covered financial corporation; and (2) a panel of at least 10 bankruptcy judges who are experts in title 11 cases in which a financial institution is a debtor, to be available also to hear a case under Chapter 14. Prescribes requirements for the assignment of bankruptcy judges to Chapter 14 cases. Amends the Federal Reserve Act to prohibit a Federal Reserve bank from making advances for the purpose of providing debtor-in-possession financing to either: (1) a bridge company, or (2) a covered financial corporation that is a debtor in a pending case under Chapter 14.

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

Taxpayer Protection and Responsible Resolution Act

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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

Officials and money

Sponsor: Sen. Cornyn, John [R-TX] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mike Crapo (R-ID), Mike Lee (R-UT)

Sponsor's campaign money: Sen. Cornyn, John [R-TX] reported raising $8.6 million (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.

Words on this page, explained (3)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
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.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

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-113s1861.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s1861 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113