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H.R. 7370: Protecting Employees and Retirees in Business Bankruptcies Act of 2020

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H.R. 7370: Protecting Employees and Retirees in Business Bankruptcies Act of 2020

116th Congress · introduced 2020-06-25 · Finance and Financial Sector · Latest: Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2020-06-25 · official record
  2. Who proposed it: Rep. Nadler, Jerrold [D-NY-10] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10. 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

Protecting Employees and Retirees in Business Bankruptcies Act of 2020

Plain summary

Protecting Employees and Retirees in Business Bankruptcies Act of 2020 This bill modifies provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill (1) expands available claims and priorities for employees and retirees, and (2) places additional restrictions on the compensation of executives and other high level employees. With respect to employee and retiree recoveries and losses, the bill increases the maximum value and age of specified wage and benefit claims entitled to priority payment; allows certain claims for losses related to defined contribution plans, if the employer or plan sponsor has committed fraud or otherwise breached its fiduciary duty; allows, as an administrative expense of the estate, severance pay owed to employees and contributions to an employee benefit plan; establishes certain restrictions regarding the rejection or amendment of a collective bargaining agreement; revises specified procedures related to the reduction or denial of retiree benefits; requires a court, in approving a sale of business assets, to consider the extent to which a bidder has offered to maintain existing jobs and assume benefit obligations; and allows claims related to pension losses. With respect to executive compensation, the bill establishes specified limitations related to executive compensation enhancements, prohibits executives from receiving certain retiree benefits if such benefits were reduced or eliminated for other employees or retirees, and revises other requirements related to court approval of such compensation.

Congressional Research Service summary (Introduced in House), 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

Protecting Employees and Retirees in Business Bankruptcies Act of 2020

Source: Congressional Research Service summary (Introduced in House)

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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: Rep. Nadler, Jerrold [D-NY-10] · 28 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Donald Norcross (D-NJ), Henry C. "Hank" Johnson, Jr. (D-GA), Pramila Jayapal (D-WA), Mary Gay Scanlon (D-PA), Madeleine Dean (D-PA), Sylvia R. Garcia (D-TX), Julia Brownley (D-CA), Mike Levin (D-CA), Danny K. Davis (D-IL), Mark Pocan (D-WI), Janice D. Schakowsky (D-IL), Chellie Pingree (D-ME), Joyce Beatty (D-OH), Ilhan Omar (D-MN), Veronica Escobar (D-TX), Ted Lieu (D-CA), Adam Smith (D-WA), Joe Neguse (D-CO)

Sponsor's campaign money: Rep. Nadler, Jerrold [D-NY-10] reported raising $258,402 (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 (2)
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).
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-hr7370 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116