House Bill 2096
117th Congress(2021-2022)
SACKLER Act
Introduced
Introduced in House on Mar 19, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2096
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Carolyn B. Maloney
grade
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No House votes have been held for this bill.
Summary
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act
This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim.
Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).
March 19, 2021
10/19/2021
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
04/16/2021
Sponsor introductory remarks on measure. (CR H1879)
03/19/2021
Referred to the House Committee on the Judiciary.
03/19/2021
Introduced in House
Public Record
Record Updated
May 11, 2023 3:46:24 PM