Amends Federal bankruptcy law to define "swap agreements" and "swap participant."
Exempts various transactions in connection with interest rate and currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.
Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.
Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.
Introduced in Senate
Read twice and referred to the Committee on Judiciary.
Referred to Subcommittee on Courts and Administrative Practice.
Subcommittee on Courts and Administrative Practice. Hearings held.
Committee on Judiciary. Ordered to be reported without amendment favorably.
Committee on Judiciary. Reported to Senate by Senator Biden without amendment. Without written report.
Committee on Judiciary. Reported to Senate by Senator Biden without amendment. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 1074.
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
Passed Senate without amendment by Voice Vote.
Message on Senate action sent to the House.
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Monopolies and Commercial Law.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line