Protecting Employees and Retirees in Business Bankruptcies Act of 2007

To amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies.

9/25/2007--Introduced.
Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporationof unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority. Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals.
Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan.
Permits within administrative expenses certain severance pay for termination or layoffs.
Prohibits certain senior executive compensation from being disproportionate in light of economic concessions by debtor's nonmanagement workforce.
Disallows as an administrative expense specified executive compensation enhancements. Revises requirements governing:
(1) rejection of collective bargaining agreements;
(2) insurance benefits for retired employees; and
(3) the status of certain employee benefits in a sale of business assets. Allows defined benefit plan participants to file claims for certain shortfalls in pension benefits.
Permits inclusion within the necessary costs and expenses of preserving property the mandatory recovery of unpaid obligations owed to employees.
Directs the court to consider the extent to which alternative reorganization plans maintain:
(1) jobs;
(2) defined benefit plans; and
(3) retiree health benefits.
Prohibits assumption of deferred compensation for the benefit of insiders or senior management if an employee defined benefit plan has been terminated. Limits the recovery of executive compensation if the debtor has reduced its contractual obligations under either a collective bargaining agreement or retiree benefits plan. Excepts from an automatic stay:
(1) a dispute resolution proceeding established by a collective bargaining agreement prior to commencement of bankruptcy; or
(2) an award or settlement under such proceeding.
Authorizes the bankruptcy trustee to avoid transfers made for the benefit of an insider or certain consultants in anticipation of bankruptcy. Revises prerequisites to court confirmation of a business reorganization plan which continues retiree benefits.


... morehide bill summary

Sponsor

• Rep. John Conyers [D, MI-14]
• and 73 Co-Sponsors
  • Rep. Michael Arcuri [D, NY-24]
  • Rep. Tammy Baldwin [D, WI-2]
  • Rep. Howard Berman [D, CA-28]
  • Rep. Sanford Bishop [D, GA-2]
  • Rep. Frederick Boucher [D, VA-9]
  • Rep. Robert Brady [D, PA-1]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Corrine Brown [D, FL-3]
  • Rep. Henry Brown [R, SC-1]
  • Rep. Lois Capps [D, CA-23]
  • Rep. Michael Capuano [D, MA-8]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. André Carson [D, IN-7]
  • Rep. William Clay [D, MO-1]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Steve Cohen [D, TN-9]
  • Rep. Joe Courtney [D, CT-2]
  • Rep. Artur Davis [D, AL-7]
  • Rep. Diana DeGette [D, CO-1]
  • Rep. William Delahunt [D, MA-10]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. John Dingell [D, MI-15]
  • Rep. Lloyd Doggett [D, TX-25]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Al Green [D, TX-9]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Luis Gutiérrez [D, IL-4]
  • Rep. John Hall [D, NY-19]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Baron Hill [D, IN-9]
  • Rep. Paul Hodes [D, NH-2]
  • Rep. Jesse Jackson [D, IL-2]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Patrick Kennedy [D, RI-1]
  • Rep. Dale Kildee [D, MI-5]
  • Rep. Carolyn Kilpatrick [D, MI-13]
  • Rep. Dennis Kucinich [D, OH-10]
  • Rep. James Langevin [D, RI-2]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. John Lewis [D, GA-5]
  • Rep. Daniel Lipinski [D, IL-3]
  • Rep. David Loebsack [D, IA-2]
  • Rep. Zoe Lofgren [D, CA-16]
  • Rep. Betty McCollum [D, MN-4]
  • Rep. James McDermott [D, WA-7]
  • Rep. James McGovern [D, MA-3]
  • Rep. Michael Michaud [D, ME-2]
  • Rep. Brad Miller [D, NC-13]
  • Rep. George Miller [D, CA-7]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Christopher Murphy [D, CT-5]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. James Oberstar [D, MN-8]
  • Rep. Edward Pastor [D, AZ-4]
  • Rep. Lucille Roybal-Allard [D, CA-34]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. Loretta Sanchez [D, CA-47]
  • Rep. Linda Sánchez [D, CA-39]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Carol Shea-Porter [D, NH-1]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Zachary Space [D, OH-18]
  • Rep. Fortney Stark [D, CA-13]
  • Rep. Bart Stupak [D, MI-1]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Bennie Thompson [D, MS-2]
  • Rep. Melvin Watt [D, NC-12]
  • Rep. Peter Welch [D, VT-0]
  • Rep. Robert Wexler [D, FL-19]
  close

Committees

• House Judiciary
• 1 more
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.3652

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
September 25, 2007

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All Bill Actions

• Oct 12, 2007: Referred to the Subcommittee on Commercial and Administrative Law.
• Sep 25, 2007: Sponsor introductory remarks on measure. (CR E1976)
• Sep 25, 2007: Referred to the House Committee on the Judiciary.
• Introduced on Sep 25, 2007.

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Related Bills:

• S.2092

Related Issue Areas:

• Finance
• Bankruptcy
• Business
• Collective bargaining
• 17 more
• Corporate reorganizations
• Defined benefit pension plans
• Defined contribution plans
• Employee benefit plans
• Executive compensation
• Fraud
• Health policy
• Labor
• Law
• Layoffs
• Medical care
• Pension funds
• Pensions
• Retiree health benefits
• Securities
• Severance pay
• Trusts and trustees

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Blog Coverage

September 23, 2008 House Passes H.R. 6694, Saving Down Payment Assistance! | Portland ...

Most people falsely believe that ALL DPA is gone when the only one that is gone (by this law from HR 3652) is the most highly regulated form — seller funded. Thanks for the article and keep up the good fight for the people in Washington ...

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Source: Portland Mortgage Broker

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August 26, 2008 Congressional Research Service Reports

Rejection of Collective Bargaining Agreements in Chapter 11 Bankruptcies: Legal Analysis of Changes to 11 USC Section 1113 Proposed in HR 3652 — The Protecting Employees and Retirees Act of 2007; NATO in Afghanistan: A Test of the ...

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August 26, 2008 [IWS] Weekly Bulletin, 27 August 2008

Congressional Research Service (CRS): Order Code RL34486: Rejection of Collective Bargaining Agreements in Chapter 11 Bankruptcies: Legal Analysis of Changes to 11 USC Section 1113 Proposed in HR 3652 — The Protecting Employees and ...

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