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 benef more...it 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.

Sponsor

• Rep. John Conyers [D, MI-14]
• and 47 Co-Sponsors
  • Rep. Michael Arcuri [D, NY-24]
  • Rep. Tammy Baldwin [D, WI-2]
  • Rep. Robert Brady [D, PA-1]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Michael Capuano [D, MA-8]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. William Clay [D, MO-1]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Steve Cohen [D, TN-9]
  • Rep. Artur Davis [D, AL-7]
  • Rep. Diana DeGette [D, CO-1]
  • Rep. John Dingell [D, MI-15]
  • Rep. Lloyd Doggett [D, TX-25]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Al Green [D, TX-9]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Luis Gutierrez [D, IL-4]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Baron Hill [D, IN-9]
  • 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. Dale Kildee [D, MI-5]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. John Lewis [D, GA-5]
  • Rep. Daniel Lipinski [D, IL-3]
  • 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. R. Bradley Miller [D, NC-13]
  • Rep. George Miller [D, CA-7]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. James Oberstar [D, MN-8]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. Linda Sanchez [D, CA-39]
  • Rep. Albio Sires [D, NJ-13]
  • 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. 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

Make a Bill Status Widget (What's this?)(Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

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

Related Bills:

• S.2092

Related Issue Areas:

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

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Blog Coverage

September 24, 2007 HR 3652, To amend title 11, United States Code, to improve ...

HR 3652 would amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies....

Source: washingtonwatch.com - Welcome to washingtonwatc...
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

See highest rated blog posts

Information made available by: