One overarching certainty of federal debt collection law seems to be prolonged uncertainty over its appropriate scope. Is this scope about to change yet again? One recent bill called the Practice of Law Technical Clarification Act of 2017, H.R. 1849, seeks to do just that.

On April 20, the House Committee on Financial Services held a hearing to discuss public policy issues raised by last month’s report of court-appointed bankruptcy examiner for Lehman Brothers Holdings Inc. (Lehman Brothers), Mr. Anton R. Valukas. The Committee heard testimony from the following witnesses:

Panel One:

President Barack Obama gave his imprimatur to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 on July 21. Relatively few of the provisions in the new law implicate the Bankruptcy Code. However, among other things, the law does call on the Board of Governors of the Federal Reserve System, in consultation with the Administrative Office of the U.S. Courts (the "Administrative Office"), to conduct two bankruptcy-related studies.

TRIA Renewal Legislation Considered by the House Financial Services Committee

The US House of Representatives Financial Services Subcommittee on Oversight and Investigations (Committee) has released a report on the collapse of MF Global (Report). The Report finds that Jon Corzine, MF Global’s Chairman and CEO, made a number of decisions that ultimately caused MF Global’s bankruptcy. The Committee also found fault with the regulatory agencies, rating agencies and the New York Federal Reserve Board, among others.

This week, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services held a second round of hearings, as a follow-up to the hearings held

Yesterday, the Big Three U.S. auto chief executives submitted restructuring plans to the Senate Banking Committee and the House Financial Services Committee, in response to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid’s November 21st request calling on the auto executives to “submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments” by December 2nd.

Reports on the White House administration and members of Congress have suggested that the Treasury Department is nearing a decision to provide assistance to at least two of the Big Three U.S. automakers.

Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities.

Testifying at the hearing were the following witnesses:

Panel One:

Yesterday, Daniel K. Tarullo, a governor of the Federal Reserve System, continued his vigorous speaking schedule with a speech at the Institute of International Bankers Conference on Cross-Border Insolvency Issues in New York.