CLLA Update GAO Report on Financial Company Bankruptcies
Sharon Edmondson, Washington Legislative Team Member | April 14, 2015
As a follow up to a previous update, here
is a copy of the GAO Report entitled, “Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination”, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Action. The report addresses recent changes to the Bankruptcy Code. According to the report, HR 5421 and S 1861, two bills introduced in the 113th Congress would have expanded the powers of the Board of Governors of the Federal Reserve and would have imposed a temporary stay on financial derivatives. Neither of these bills has been reintroduced in the 114th Congress.