S. 3505: Bankruptcy Fairness Act of 2016

114th Congress · introduced 2016-12-06 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on the Judiciary. (Sponsor introductory remarks on measure: CR S6760)

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Follow this bill, step by step

Where it came from: introduced 2016-12-06 · official record
Who proposed it: Sen. Reed, Jack [D-RI] · 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. (Sponsor introductory remarks on measure: CR S6760) 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

Bankruptcy Fairness Act of 2016

Plain summary

Bankruptcy Fairness Act of 2016 This bill requires the Administrative Office of the U.S. Courts, the Executive Office for U.S. Trustees, and the Federal Judicial Center to jointly develop and periodically update recommendations regarding the judicial expertise that is required to oversee the bankruptcy process for financial companies and other specified issues related to the bankruptcy process. After the recommendations are submitted, the U.S. Supreme Court must issue a rule that provides for the orderly appointment of a bankruptcy judge or district court judge with expertise in the resolution of financial companies under the federal bankruptcy code to oversee a bankruptcy case involving a financial company. The bill amends the federal bankruptcy code to permit specified financial regulators to raise, appear, and be heard on any issues in a bankruptcy case or proceeding in which the debtor is a financial company. The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation must nominate five disinterested individuals to serve as trustees for a financial company debtor. The U.S. trustee must appoint one of the nominees as a trustee, and the trustee is exempt from the requirements for residency or an office in the judicial district where the case is pending. The Office of Financial Research must submit to Congress a report summarizing and evaluating various analytical works that examine bankruptcy policies. The report must address the effectiveness of the bankruptcy code, a bridge company study, a financing and liquidity study, and a master netting agreement study. It must also include recommendations regarding any legislative or regulatory changes that could address gaps or vulnerabilities identified.

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

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A “Nay” vote

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What does this mean? (plain words)

Official text

Bankruptcy Fairness Act of 2016

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. Reed, Jack [D-RI] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI), Richard Blumenthal (D-CT)

Sponsor's campaign money: Sen. Reed, Jack [D-RI] reported raising $3.7 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 (4)

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.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

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-114s3505.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s3505 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114