S. 1840: Taxpayer Protection and Responsible Resolution Act

114th Congress · introduced 2015-07-22 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

federal

Follow this bill, step by step

Where it came from: introduced 2015-07-22 · 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: Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. 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 This bill 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 subsidiaries predominantly engaged in activities that are financial in nature or incidental to such an activity. The bill adds "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. A court may convert a case under chapter 14 to chapter 7 (Liquidation) if certain conditions are met. The Judicial Code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a bankruptcy case under chapter 14. The bill prescribes requirements for assignment of bankruptcy judges to chapter 14 cases. The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended 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. The Federal Reserve Act is amended 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. No funds appropriated to the federal government may be paid to a covered financial corporation or to any of its creditors to satisfy a claim in a 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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The strongest published arguments

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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 (5)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
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-114s1840.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s1840 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114