► In This Issue:

• Addressing Large Financial Institutions: Competing Proposals to Supplement (and Replace) Dodd-Frank
• Learn More about Secured Credit Under the Code and Commission Report
• Have You Visited the new abi.org Yet?

Addressing Large Financial Institutions: Competing Proposals to Supplement (and Replace) Dodd-Frank

Christopher J. Giaimo BakerHostetler Washington, D.C.

Dena S. Kessler BakerHostetler Washington, D.C.

While there are several important differences between the pending proposals to revise the system to resolve failing large financial institutions, they all have at least one thing in common: the belief that chapter 11 isn’t up to the task.

The U.S. House of Representatives recently passed a bill that would amend the Bankruptcy Code to provide a new way to resolve failing systemically important financial institutions, known as SIFIs. The House’s Financial Institution Bankruptcy Act of 2014 differs from a related Senate bill—the Taxpayer Protection and Responsive Resolution Act, which was introduced in December 2013. And both bills differ from the proposal issued by the Hoover Institution in 2012 to amend the Bankruptcy Code by adopting a new chapter 14 to address SIFIs. All of these proposals came on the heels the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is considered the largest and most comprehensive financial regulatory reform since the Great Depression.

Congress adopted Dodd-Frank in 2011, in the wake of Lehman Brothers’s 2008 chapter 11 bankruptcy filing and the federal government’s bailout of Bear Sterns and AIG. Among other things, Dodd-Frank created a system to serve as an alternative to bankruptcy to resolve SIFIs. Title II of Dodd-Frank established the Orderly Liquidation Authority (OLA), which is designed to provide a process to quickly and efficiently liquidate a large, complex financial company. Under OLA, the Federal Deposit Insurance Corporation (FDIC) is appointed as a receiver to carry out the liquidation and wind up the company.
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Learn More about Secured Credit Under the Code and Commission Report

The Legislation Committee will be teaming up with the Secured Credit Committee at this year’s Annual Spring Meeting to discuss secured credit issues under the code and commission report. Speakers for this panel include Patricia Redmond of Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA in Miami (Moderator); Anthony Grossi of the Committee on the Judiciary, U.S. House of Representatives in Washington, D.C.; Jonathan Helfat of Otterbourg P.C. in New York; Daniel Kamensky of Paulson & Co. Inc. in New York; and James Millstein of Millstein & Co. in Washington, D.C.

Join us on April 16 at the Renaissance Washington D.C.!

In the above video, see Judge Rhodes describe his Annual Spring Meeting discussion of the Detroit case—another feature at this year’s event.

Have You Visited the New abi.org Yet?

In early 2015, ABI introduced a new flagship website, abi.org, to continue to deliver better services and online resources for members to meet their professional needs. The new website provides a cleaner, more user-friendly interface for members to find the latest information on bankruptcy news and developments, register for ABI events and access other member resources. The membership directory is all new as well, complete with your photo and a enhanced listings of your experience and ABI activity. To update your member profile, click here (login required).

Should you have any questions or difficulty using the site, please go to support.abi.org to seek assistance.