House votes to create new bankruptcy rules for banks

Published April 5, 2017 6:13pm ET



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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