House votes to create new bankruptcy rules for banks

By Joseph Lawler

Published April 5, 2017 6:13pm ET

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House votes to create new bankruptcy rules for banks — House Judiciary Committee Chairman Bob Goodlatte aid that the legislation "will better equip our bankruptcy laws to resolve failing firms, while also encouraging greater private counter-party diligence in order to reduce the likelihood of another financial crisis." | (AP Photo/Alex Brandon)

The House of Representatives voted Wednesday to add a new section to the bankruptcy code just for banks, a measure meant to allow banks to fail without needing taxpayer bailouts or setting off a crisis.

The lower chamber passed the Financial Institution Bankruptcy Act of 2017 on a voice vote, a week after the bill cleared the Judiciary Committee also on a voice vote.

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Bankruptcy Finance House Judiciary Committee Joseph Lawler Minusextra