Protecting Employees and Retirees in Business Bankruptcies Act of 2020
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HR 7370 — Protecting Employees and Retirees in Business Bankruptcies Act of 2020
Last action — Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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Died in session
This bill died with 116th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
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.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 7370 on the official United States source →Action History
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Ordered to be Reported (Amended) by the Yeas and Nays: 20 - 10.
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Committee Consideration and Mark-up Session Held.
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Committee Consideration and Mark-up Session Held.
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Referred to the House Committee on the Judiciary.
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Introduced in House
Sponsors
- Jerrold Nadler · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 7370 do?
- 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.
- Who sponsors HR 7370?
- HR 7370 is sponsored by Jerrold Nadler (D).
- What is the current status of HR 7370?
- This bill died with 116th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 7370?
- Track HR 7370 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes about 15 hours ago · updated continuously
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